On February 20th, 2019, the directors of the Shanghai Blockchain Technology Association were invited to participate in Metaverse’s workshop— “Blockchain+” Innovative Technology Solutions. Shanghai Blockchain Technology Association (SHBTA) was highly interested in this event hosted by Metaverse, and we invited experts from the blockchain industry to discuss innovative solutions for the blockchain industry. The board members of SHBTA in attendance are from Shanghai Longchuang Technology, Junyi Holdings, Matrix Yuan, Shanghai Tongyuan Technology Co., Ltd., Chain View World, SAIC Group, Qiongge Information, Shanghai Distributed Information Technology, Ernst & Young, Shanghai Jijin Asset Management Co., Ltd., Chengfang Capital, Fudan University, Blockchain Ventures, SNZ, HPB, and other institutions of SHBTA members.
Professor Zheng Lirong from Fudan University brought us his research topic — “The Frontiers and Trends of the Electronic Information Industry: From Internet of Things and Artificial Intelligence to Blockchain.” The second part of the workshop is hosted by Chen Hao, Chief Technology Officer of Metaverse, who introduced the contributions of Metaverse to the innovation of blockchain infrastructure. Finally, the participants had a heated discussion with Chen Hao, CTO of Metaverse, regarding the newest upgrade “Pillars of Creation” and competitive advantages of Metaverse compared to other public blockchains.
Prof. Zheng Lirong shared his vision of the industry and the circulation ecosystem for distributing value across a decentralized “media.” Decentralized systems, like DigiCash and Ecash, use the public and private keys to allow transaction behavior to be recorded on the blockchain, and the block enables further broadcasting to the entire network, just like the traditional media network that enables information travels through electronic devices. An increasing number of users are producing and consuming digital media content to form an existing social ecosystem, such as Spotify, WeChat, Facebook, and so on.
Prof. Zheng also shared his analysis and insights on the failure of the Digicash (DC) project. The main value of DC’s project is to protect the buyer’s privacy, to allow all transaction records to be retrieved, and to prevent fraudulent data from being used. However, the shortcomings are: it lacks incentives to propel the collaboration with banks since issuing credit cards is comparatively more profitable for the banks, users in the ecosystem lack incentives to use the system due to the higher costs of lending compared to traditional banks, personal privacy issues were not taken seriously at that time, and the information infrastructure network was still underdeveloped.
Chen Hao introduced the theoretical basis and development process of the Metaverse digital identity, from the identity concept of a physical identification seal to the identity on the ID card based on electronic chips, the identity based on the Internet, and the identity based on the blockchain (uPort, Netki, Avatar, Civic). Chen Hao described how to solve the problem of theft or loss in the era of Internet identity and talked about the pain points of personal data collection and application in the social system constructed by people. He talked about a drag-and-drop incident involving digital identities in hotels that happened in China, the problems in the internal system and management, and the process of updating and repeating the technology’s development. Enterprises and individuals are facing numerous challenges and risks of network security issues. Based on these challenges, public institutions can propose a blockchain identity system, which provides everyone in the society with the opportunity to access the future of the New Reality.
The Metaverse Pillars Of Creation (MPC) is the next release after SuperNova, which will support the consensus mechanism of the simultaneous implementation of the hybrid consensus algorithm (PoW+PoS+DPoS). With this consensus, you can avoid the 51% attack of PoW, and you can avoid the Nothing-at-Stake attack of PoS. While supporting the hybrid consensus, these consensus calculations can also support MST mining. At the same time, we will open a new MARS system based on the digital identity (Metaverse Avatar Reputation System — MARS).
The MARS system is an open decentralized social credit system based on Metaverse. In the first release, we will describe smart assets, and the implementation of smart assets will be based on verifiable smart contract templates. After confirming the parameters, we will implement this programmable smart asset in MPC. While designing and implementing the above functions, we will provide Binary-Port-Chain for Metaverse, which will provide standard digital identity services and container services based on the Metaverse smart contract, helping enterprises to quickly connect to the Metaverse main chain. This chain system, we call it the Metaverse Binary System.
So far in 2019, the Metaverse public blockchain garnered the attention of experts in the blockchain industry. Experts in the field of research and scholars passed on the most cutting-edge viewpoints of blockchain technology to Metaverse. Regarding an in-depth interpretation of the industry, they sense the significance of the growth of the blockchain industry. They want to participate in this development of the technology and have impetus to do so. The future value network of Metaverse will have a broader branch of ecosystems and accelerate the technological development of the industry.
What is Metaverse
Metaverse is an open-source public blockchain that provides digital assets, digital identities and Oracles as a foundational infrastructure for social and enterprise needs. Through Blockchain-as-a-Service (BaaS), we make convenient, secure digital financial services accessible to all applications at virtually no cost.
Founded in 2016, Metaverse went live in February 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.
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