A General Guide to Metaverse (ETP)
What is Metaverse ETP?
Metaverse is an open-source blockchain platform comprising of digital identities and smart properties. CEO Eric Gu and CTO Chen Hao founded Metaverse in 2016 and launched in 2017 with the aim of creating a decentralized exchange for a smart and secure infrastructure. Gu is renowned as a co-founder of Neo, as well as being involved in other crypto projects.
Metaverse provides its digital financial services via a protocol called Blockchain as a Service (Baas) and combines different ideas into a single platform. With a ‘Blockchain as a Service’ design, blockchain applications can be created easily and deployed on the platform.
Transactions on the network are paid for with Metaverse ETP. They are also used as a measure of the value of smart properties in Metaverse. Users can create unique digital identities with Metaverse as well as see the currently registered items on the blockchain.
What really differentiates Metaverse from other blockchain projects like Ethereum and EOS is that, unlike developers, they are focused on delivering value for business enterprises.
What Are the Problems That Metaverse Solves?
What the Metaverse project sets out to do is put blockchain assets where they can be accessed in a secure, transparent and cost-effective manner by the user. The ecosystem is comprehensive and builds a web of interconnected smart properties. In an increasingly digital world where assets and identities are going online, a platform that is safe and quick needs to be provided for value transfer. Secure digital identities (Avatars) and intermediaries (Oracles) are provided by Metaverse.
Instead of the traditional smart contracts seen in other ecosystems, in the Metaverse ecosystem, smart contracts that are built-in are used, which ensures reduced risks for enterprise applications. Also enabled are peer to peer asset operations. It also uses a proof of work mining system, with network fees paid to miners and community developers.
What Metaverse is capable of is quite broad. In fact, they have been accused of trying to do it all without really differing from the competition. However, almost all coins are guilty of this to certain extents. In March 2018, the Metaverse network was severely attacked for a long period of time which forced it to hard fork. Recently, on the Metaverse blockchain, ZenGold was launched, which allows people to indirectly buy and sell gold as the ZenGold tokens are backed by physical gold.
Many have wondered about the legitimacy of Metaverse. Metaverse is completely legitimate. They have entered into agreements with Lexit, Agrello and Draper Dragon, and are listed on virtually all major exchanges. The Metaverse project code is open source and available on Github. Metaverse is a non-profit foundation and they are very active with their updates.
It has been able to grow steadily even in bear markets and, until recently, demonstrated an increase in price above VeChain, Thor, and other cryptocurrencies from Asia.
How Metaverse is Trading in the Market
There a total of 100,000,000 ETP. On June 6, 2017, it reached a peak price of $5.96 and later spiked again in October. It went on to hit two more peaks, though not nearly as high as the previous two.
Metaverse ETP is considered unique in that it existed just before the price spike in Q4, but it had a higher ICO price than the peaks it experienced within that time. In late 2018, it also experienced huge gains.
Smart contracts are valued or collateralized by Metaverse ETP on the Metaverse blockchain network. Transaction/gas fees can also be paid with it. ETP was first generated mainly through PoW mining, but in January 2019, a hybrid model which includes Proof-of-Stake (PoS) was introduced, with plans for Delegated Proof-of-Stake, (DPoS) to be introduced before years end.
On September 5, 2016, the Metaverse ETP ICO held at a rate of 6000 BTC per 1 ETP. Another ICO was held thereafter with the release of the mainnet and wallet in early 2017. In both ICOs, a combined 50,000,000 ETP was sold.
How to Buy and Store the ETP Token
Entropy (ETP) is the native token of the Metaverse blockchain. It is a utility token and a cryptocurrency that rewards miners and developers on its blockchain. ETP can also be used as collateral in the blockchain ecosystem. ETP is used in paying transaction fees for transactions on the network.
Users of the blockchain can freely issue the Metaverse Smart Token. Its value is read in ETP. Although MST is not a cryptocurrency in itself, instead it is a form by which digital assets are found on the Metaverse blockchain. ETP can be purchased on major exchanges such as Bitfinex, Bit-Z, HitBTC, TOPBTC, and Coinsuper.
Like any PoW coin, ETP can be mined. There are a total of 56 million coins in supply and there are over 44 million tokens that are still to be mined. Of the 100 million tokens in supply, there are a total of 56 million in total supply and over 53 million ETPs in circulation at the moment.
ETP can be stored in the Metaverse wallet. There is a desktop version, a web and mobile version for both Android and iOS. Currently, there are no hardware wallets that support ETP. Presently, the only place to store your ETP tokens is in the Metaverse wallet.
The approach to BaaS by Metaverse is unique. While this gives it an edge over other platforms, its value is derived from individuals and organizations use the platform. There’s still a lot for Metaverse to do if it is going to compete with the big names in blockchain smart contract platforms.
However, as they continue to build a solid ecosystem, they are well on their way to success. They may not be getting the hype that other cryptos yet, but their potential for real-world change is very appealing especially when their partnership with Zengold is considered.