Metaverse is a public blockchain that has been initiated in China as an alternative to the Ethereum and NEO cryptocurrencies. The basic aim of the Metaverse ETP is to provide a secure and decentralized smart contract ecosystem that allows free circulation of digital values. The idea is to involve and encourage individuals, institutions, government agencies, organizations etc. transact with one another. Metaverse ETP does not have any fixed procedure and intends to be as flexible as possible. The progress is built on two principal algorithms of Proof of Work(PoW) and the Proof of Stake.
Metaverse ETP is not a type of digital currency but is an equity of Metaverse. Metaverse uses a token called Entropy (ETP) like the ether that is sold in Ethereum. ETP can be used in several ways such as to measure the value of smart properties in Metaverse, as a collateral in financial dealings, to pay for licenses and fees that are applicable in Metaverse.
Metaverse ETP evolves around three main divisions of
A total of 100 million ETP are being issued through Initial Coin Offerings(ICO) and PoW mining. About 30 million ETP were distributed during the first ICO, another 15to 30 million in another ICO and the balance through the Proof of Work mining process.
Users can lock up portions of the ETP in a deposit and earn interest that is calculated taking some factors into consideration like the current supply of ETP in circulation. The average block time is around 24 seconds which roughly means that if a user deposits 100ETP, they are likely to get 100.10 ETP after 7 days on maturity. The Coinlock mechanism system is unique as it tries to resolve the issues of loss due to accidents or destruction and control deflation. Metaverse has the potential to grasp a significant position in the blockchain industry.
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