Metaverse ETP is an ambitious project based in China that is setting out to rival a host of cryptocurrencies. The project is called Metaverse, and the token is the Metaverse ETP. The project went live in 2017.
What is Metaverse ETP?
Metaverse is providing digital financial services through Blockchain as a Service (BaaS), and are combining a number of different ideas into one platform. BaaS means that blockchain applications can be easily created and deployed on the platform.
Metaverse ETP is used to pay for transactions on the network and to measure the value of smart properties in Metaverse. Using Metaverse, users can create their own digital identity and see the assets that are currently registered on the Metaverse blockchain.
The main differentiation between Metaverse and other blockchain projects (such as Ethereum and EOS) is that they focus on delivering value for business enterprises as opposed to developers.
What do they do?
What the project is doing is putting assets on the blockchain where they can be associated with the user, in a secure, transparent, and cost-effective manner. It is a comprehensive ecosystem and is building a web of interconnected smart properties. As the world becomes more digital, and identities and assets go online, a safe and quick platform needs to be provided for value transfer. Metaverse provides secure online digital identities (Avatars) and value intermediaries (Oracles).
Built-in smart contracts (BISC) are used instead of standard smart contracts seen in other ecosystems, which can reduce the risk of enterprise applications. Peer to peer asset operations are enabled, and it is not limited to DApp creation. A proof of work mining system is used, and the small network fees are used to pay miners and community developers.
The ambit of Metaverse is wide, and they have been accused of trying to do it all without delivering much thus far. But practically all coins are guilty of this, in varying degrees. The Metaverse network underwent a sustained attack in March and was forced to hard fork. ZenGold was recently launched on the Metaverse blockchain, which allows people to indirectly buy and sell gold. The ZenGold tokens are backed by physical gold.
Metaverse is definitely legitimate. They are partnered with Lexit, Agrello, and Draper Dragon, and are listed on most major exchanges. The code for the Metaverse project is open source on Github, and Metaverse is very active in their updates. Metaverse is a non-profit foundation.
More interesting is the fact the Metaverse ETP is actually proving to be less correlated to bitcoin than other coins. It can enjoy a steady growth even in bear markets and has recently demonstrated prices increases above VeChain Thor and other Asian cryptocurrencies.
This is significant. Usually, even if you have the best project in the world, it will go down along with BTC. Coins that can break this correlation are to be commended, being liberated from the cycle. This breakaway from BTC correlation was stated as an aim in the Metaverse ETP whitepaper. As more coins break from bitcoin correlation, it can be taken as a sign of maturity and growth in the industry.
The difficulty, of course, lies in the fact that we can never truly be sure whether a coin is gold or garbage, and it is easy to argue either way in such a preliminary industry. Bitcoin was laughed at for nearly a decade based on promises of replacing the fiat financial infrastructure, which it is now doing. The truth of the matter is that at one time, it was also no more than a whitepaper.
The only real defense is to spread investments over a number of blockchain projects. Some will be gold, others will be garbage, but your portfolio is sure to increase in a disruptive sector. Metaverse ETP is as good a bet as any, and it could be the next Stellar, Ripple, or Bitcoin.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.