Metaverse is a decentralized network of interconnected digital spaces (or metaverses) powered by artificial intelligence, virtual reality, and blockchain technology. Its primary purpose is to create a more immersive and unique VR experience for users by allowing them to explore different locations from the comfort of their own home. To achieve this, Metaverse uses what it calls “digital asset” tokens as its currency. Users can pay with these tokens to enter different virtual locations, buy new avatars or accessories, attend events, and anything else that may be available at that location or within that metaverse. These tokens are built on top of the Ethereum ERC-20 token standard and can be stored in any ERC-20 compatible wallet.
How Metaverse Works
Metaverse is a peer-to-peer network built on top of the blockchain. Its primary function is to create and host virtual reality environments (or “metaverses”) where users can interact. The network is made up of three core components: – Digital Assets: Digital assets are symbols used to represent items or value in the Metaverse system. They can be used to represent real-world assets such as stocks, bonds, commodities, or other financial instruments, as well as virtual items such as avatars, access rights, or items in video games. The primary token on the Metaverse network is called the Metaverse Smart Token (MST), or “MVS” for short. MVS is a utility token that provides holders with voting rights, discounts, and other rewards. You can exchange MVS tokens for other digital assets using the built-in decentralized exchange. MVS tokens can be stored in any Ethereum-compatible wallet, such as Metaverse’s own web wallet. – Virtual Reality Spaces (or “Metaverses”): An interconnected network of virtual reality environments that users can travel between. These are hosted on servers run by different parties or “hosts.” Anyone can become a host simply by running a node on the Metaverse network. – Hosting Protocol: Every Metaverse host must follow the hosting protocol, which guarantees their location and events are unique to their “metaverse.” The hosting protocol also ensures the overall stability and security of the network.
The Metaverse Ecosystem
Metaverse’s ecosystem consists of three entities: users, developers, and hosts. The users are anyone who wants to participate in the Metaverse network by visiting virtual reality environments, buying digital assets, or attending events. Users can either pay with cryptocurrency or earn “virtual credits” by participating in the network and helping to grow the ecosystem. These credits can be used to enter virtual locations and buy digital assets without owning cryptocurrency. Users can also earn credits by hosting their own Metaverse location. Developers can use Metaverse’s built-in programming language to create customized virtual reality environments and host them on the network. The output of this process is a “Digital Asset Contract” that can be used to create virtual items and purchase rights. Hosts can then use these contracts to create new digital assets, manage licensing rights, and determine how users can interact with them.
Why You Should Be Excited About Metaverse
Even though it’s still in beta, the Metaverse network already boasts some impressive numbers. It has a total network capacity of over 1,000 transactions per second, a transaction confirmation time of just 7 seconds, and a total supply of over 3 million MVS tokens. There are also 13,000 active users spread across thousands of different virtual environments. Users can visit spaces like the Forest Temple, the Luxury Hotel, or the Snowflake Castle and explore them to their heart’s content. They can also host their own events and invite other users to attend. The combination of all these features makes the Metaverse network a truly immersive and unique VR experience. There’s really nothing else like it. If you’re interested in VR and want to explore a whole new world, you should definitely keep an eye on Metaverse.
How to Buy and Store Metaverse Tokens (MVS)
If you’re interested in purchasing MVS tokens, you’ll first need to find a cryptocurrency exchange. As of July 2019, you can purchase MVS tokens most easily on Bitfinex, Binance, or Bittrex. Once you’ve purchased MVS tokens, you’ll need to find a secure wallet to store them. Since MVS tokens are built on top of the Ethereum network, you can store them in any ERC-20 compatible wallet. There are a lot of different options, so you can do some research to find one that works best for you.
As VR technology continues to improve, it’s becoming increasingly clear that the Metaverse network is well-positioned to be a leader in the industry. Beyond its initial goal of creating a more immersive VR experience, the Metaverse network is also working to facilitate the creation of new decentralized applications and blockchain ecosystems. If you’re interested in VR, this is an exciting time to be alive. There is a lot of opportunity to transform the way we consume entertainment and create new experiences for others to enjoy. If you’re getting into VR development and you’re looking for a project to sink your teeth into, Metaverse is a great place to start!
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