Metaverse Monthly Report — July 2021
In the month of July, the Metaverse core development team has focused its efforts on finalizing the updates to the Hyperspace chain, which is described in detail below.
The current release of the chain is Hyperspace. It was deployed on March 10th, 2021, successfully running the EVM on Parity Substrate for its Ethereum compatible Metaverse Virtual Machine (MVM), on which smart contracts built using Solidity can be deployed. This has permitted the launch of DeFi and NFT platforms on Metaverse.
As a result of evaluation and testing over the past month, it became clear that certain measures needed to be taken to ensure proper scalability as a major next step for the project is to reach consensus through a Proof of Work (PoW) + Proof of Stake (PoS) hybrid consensus algorithm which is, in theory, more demanding performance-wise. Hence, a migration to a leaner Parity Frontier EVM: New-Frontiers will fulfill the increased power needs of POW by increasing performance. Also, New-Frontiers already has its Ethash PoW branch and can produce blocks with an external miner.
Over the past month, the Metaverse core development team has focused its efforts on finalizing the updates to the Hyperspace chain needed for the migration to New-frontiers. The team has also been working on a protocol for executing migrations and improving testing methodology by simulating the existing network with Kubernetes for these migrations (and more!). For this, the Parity Frontier team has shown interest in collaborating and we plan to validate our steps with them.
Metaverse is an open-source public blockchain creating a decentralized ecosystem of digitized assets, identities, and applications.
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