Do you want to know what is metaverse ETP? Metaverse is a public and open-source blockchain with a smart contract network that offers digital assets, digital identities, and oracles. The idea is to build a network of smart properties and a decentralized exchange for a smart and safe infrastructure.
Metaverse was started by CEO Eric Gu and CTO Chen Hao in 2016 and went live in February 2017. Gu is well-known because he was one of the first to start Neo and has worked on other high-profile blockchain projects.
The Supernova upgrade is already running on the mainnet, and Pillars of Creation is in the test net. Metaverse also made the Metaverse Smart Token (MST) token standard, similar to ERC-20 and NEP-5 on Ethereum and NEO.
Will Metaverse kill Ethereum, or is it more likely to work with Ethereum to stop NEO and Gas from taking over?
Let’s start by looking at the cryptocurrency market for Entropy, the ETP in Metaverse ETP.
Breakdown Of Entropy (There’s An Ironic Phrase)
There are a total of 100,000,000 ETPs in Metaverse. So far, its highest price was $5.96 on June 6, 2017, and there was also a spike in October.
When the rest of the industry peaked in December and January 2017, it had two more peaks, but neither was as high as the first two.
Metaverse ETP is a unique cryptocurrency because it was around before the Q4 price spike, but its ICO price was higher than its highest price. It also made huge gains at the end of 2018.
Metaverse ETP is used on the Metaverse blockchain network to value or back up smart contracts.
It can also be used to pay gas and transaction fees. At first, Proof-of-Work (PoW) mining was used to make ETP. In January 2019, a hybrid model with Proof-of-Stake (PoS) was introduced, and there are plans to add a third (Delegated Proof-of-Stake, or DPoS) by the end of the year.
On September 5, 2016, the Metaverse ETP ICO took place, and 1 ETP cost 6000 BTC. In February 2017, when the main net and wallet were released, it also held a second ICO. Between the two ICOs, 50,000,000 ETP were sold.
ETP can be traded on many different exchanges, such as TOPBTC, Bitfinex, RightBTC, HitBTC, Bit-Z, and Coinsuper. But the price of ETP is nothing like the price of Bitcoin.
ETP can be stored in several wallets, including the official Metaverse Wallet for desktop, web, and mobile devices, and wallets made by third parties like Cloud Wallet and MyETPWallet Metaverse Lightwallet.
Reinventing The Wheel?
Metaverse blockchain is difficult to forget because it isn’t as well-known as Ethereum or Neo. Its three-pronged approach to blockchains could be more scalable than others on the market.
First, the Metaverse Smart Token is used to tokenize smart contracts (MST). You can spend, register, transfer, issue, deposit, or burn these decentralized assets.
Next, Metaverse uses Avatars, which are digital identities, to get a score on the network. Last, oracles are companies that offer services and act as network middlemen.
Metaverse made the Metaverse Foundation to help encourage on-chain development. The Metaverse Foundation invests in and helps grow Metaverse-based startups.
It’s selling its platform as a Blockchain as a Service (BaaS) solution, and one of the first projects to use it is Zen Gold, which backs crypto assets with physical gold that can be bought, sold, and tracked all over the world.
At the moment, governance is only based on PoW, but in the next year, a hybrid PoS model will be added to the main net.
Many of Metaverse’s tokenization features seem like they were made for financial services. Metaverse is almost made just for you. It can help you with real estate, loans, and money transfers.
Forging The Right Partnerships
Since the project is based in China, there isn’t much English information, but the team does its best to reach people worldwide.
Metaverse doesn’t have many partners, but the ones it does have work well so far. It is working with Lexit to turn intellectual property into a digital token. This would make it easier to track down digital content and give rights.
It also teamed up with Kickico, a crowdfunding blockchain project based in Moscow, and CyberTrust, an investment bank focusing on Russian and Chinese markets.
It’s counting on the partnerships it’s made to kick off an ecosystem of tools that a wide range of people can use. Many crypto startups have tried this risky method. Metaverse ETP will have to wait and see if it pays off in the long run.
What Is Metaverse ETP?
Metaverse ETP is a Chinese competitor to Ethereum. But it’s also competing for the crown with other “Ethereum killers” like Neo.
The project isn’t making much progress because it doesn’t have enough partnerships, but it’s still a rare cryptocurrency that wasn’t fully tied to Bitcoin’s price in 2017 and 2018. Metaverse also has a couple of other tricks up its sleeve.
- Metaverse is a flexible blockchain 3.0 solution that works with digital identities, assets, oracles, and exchanges.
- There is already a gold-backed crypto trading app on the market that is part of the Metaverse development ecosystem. Many more are being made and will come out before 2020.
- ETP can be bought and sold on a wide range of cryptocurrency exchanges. It will soon have a PoS model along with its current PoW model.
Metaverse will have a successful project in its hands if it can find the right government or business partners. So far, it’s not clear, even though the technology exists and seems to be getting better. But if no one uses it, it could get caught up in the blockchain bubble.