Hi Metaverse Community,
We have exciting news to share with you all! Our next major upgrade, Pillars of Creation, is ready to go on the testnet. At block height 990,000 on the testnet, Pillars will be live. We welcome you all to go on the testnet at https://testnet.mvs.org/ to explore this new upgrade. The https://explorer-testnet.mvs.org/ link will show you a preview for the Pillars explorer also. In the coming days, we will officially notify you for the public testing of Pillars of Creation.
What is Pillars of Creation?
Pillars of Creation is the name of this upgrade. Why Pillars? As you can see in the poster above, Pillars of Creation is part of the Galaxy formation, with 3 distinct columns. These “Pillars” represent the hybrid consensus mechanisms that will underline the foundation of Metaverse moving forward, namely PoW, PoS, and DPoS. Previous network upgrades have been given other names such as SuperNova.
What are the key features of Pillars of Creation?
In Phase 1 of Pillars, we will implement a hybrid consensus of PoW + PoS, which will effectively prevent selfish mining and 51% attacks on the network. Nothing at Stake and Long Range attacks will also be impossible due to the fact that both PoW and PoS miners will generate the blocks in a random order. For PoW miners, there will be a significantly faster adjustment of mining difficulty than in SuperNova, and overall there will be more stability in the network. Previous instances of spikes in hash power causing unnaturally fast block generation will no longer appear.
You will also see an increase in block creation speed due to the hybrid consensus, so for community members who have locked ETP for their deposit lock rewards, you will see the lock time shortened, meaning you will get the deposit faster! In Phase 2 of Pillars, you will see the decentralized Avatar reputation scoring system come to life with the 3rd consensus DPoS. This system, called Metaverse Avatar Reputation System (MARS), will bring a new experience and functionalities to digital identities and allow a credit rating system to apply to online identities. As we fine tune the specifications, we will share more information.
What can you test in the Phase 1 version on the testnet?
1.) PoS Mining: Instead of the ETP deposit lock reward mechanism, users will now be able to “mine” ETP by simply holding a certain amount of ETP within their wallets for a certain amount of time.
2.) MST Mining: In addition to ETP mining, all Metaverse Smart Tokens (MST) can now be mined through PoW andPoS. The ability to mine MST will give MST issuers further freedom to design their tokens, thus providing more flexibility to the MST token standard and allowing creative minds to think about innovative ways to put their businesses on the blockchain.
What is next?
Right now, the testnet is available for developers to try out, using the 0.9.0 version code. For the open interface test, look out for further announcements coming soon, and we will give you free testnet ETP to come give feedback and suggestions! Thank you Metaverse community for giving us your thoughts and ideas as we move forwards together!
What is Metaverse
Founded in 2016, Metaverse went live in February of 2017. We strongly believe that blockchain technology is the catalyst for a better future — the New Reality.
MST + Avatar + Oracles + On-chain Exchange = The New Reality
Digital assets (Metaverse Smart Token aka. MST) on Metaverse blockchain are trust-free, traceable and immutable decentralized smart properties that can be freely registered, transferred, issued, deposited, used as collateral and burnt.
Digital identities (Avatar) are self-sovereign identity ledgers on the Metaverse blockchain. Digital credit is created through interactions with assets and other identities.
Oracles are service providers with digital identities. Rather than decentralization, Metaverse integrates intermediaries into the blockchain, providing rapid and transparent supervision.
Metaverse allows value to be exchanged freely and easily. Control of assets is returned to the user, preventing asset theft.
We would like to hear your opinion about Metaverse.
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