Metaverse Foundation The 4th International Blockchain Summit Ends Successfully

The 4th International Blockchain Summit kicked off at Shanghai International Convention Center on August, 15, 2017. Metaverse Foundation, as one of the sponsors, was invited to attend the Summit. Actually, Metaverse team has participated in this event for four consecutive years.

This Summit mainly focused hot topics, such as the policy of blockchain industry, investment environment, technological innovation and application innovation. Metaverse team carried out friendly exchanges with more than 1,000 blockchain practitioners, investors of financial institutions, technology developers as well as blockchain investment enthusiasts at home and abroad.

Eric Gu, founder Metaverse Foundation, delivered an amazing speech “Blockchain is Becoming Popular” during the event.

Mr. Eric, as one of the core members among bitcoin entrepreneurs, said, “I’m glad that I have witnessed and participated in the tremendous development and expansion of blockchain industry in China over the past four years. Blockchain, as a part of fintech, is becoming increasingly popular. Our team’s vision is to adopt the BaaS (Blockchain As A Service) model, and to make the blockchain better serve people’s financial life. Based on Metaverse, anyone can use blockchain technology. This is the value of the block chain, which is also our expectation — NewReality”.

Metaverse Foundation will be devoted to realizing the BaaS (Blockchain As A Service) model, with the aim of helping more business projects be launched on the Metaverse Blockchain platform.

During the Summit, Mr. Eric received interviews with Yicai.com and Gongxiangcj.com respectively. For more follow-up reports, please visit Metaverse official social media platform.

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Chinese Startup Seeking to Be a Major Blockchain Infrastructure Raised Over $2 mln

The ICO crowdfunding of a Blockchain decentralised platform for smart properties and digital identities under the MIT licenses agreement closed on September 5 far exceeding the set target.

The target for  Shanghai-based Metaverse was to raise RMB10m but it closed at RMB14.7m (over $2 million), which, according to Red Li, the moderator of 8btc, is an indication of the hunger the market has had for the pitch.

Li said via Skype:

“Metaverse ICO closed on our crowdfunding site at around 15m RMB yesterday. Metaverse is ambitious in building a web of smart properties. Visions of the public Blockchain shed light on the future development, and I have strong faith in the native Chinese dev team in achieving the goal. The crowdfunding has received far more attention and capital than we expected, which also reflects that the market is hungry for quality pitches.”

He added that 8btc is committed to assist Blockchain innovators and developers from around the world with good Blockchain projects.

Metaverse was initially developed and supported by the development team from Viewfin as a crypto-asset management project. It operates on the philosophy that more people’s lives and work are now heavily dependent on the Internet as they spend more time online than offline interacting with each other. These transactions are expected to increase as smart properties, avatars (digital IDs) and intermediary Oracles become mainstream.

The CEO of Metaverse, Eric Gu, said the fund which was raised in a 31-day period, would be used to support the project, particularly for their marketing objectives.

Gu said in an interview with CoinTelegraph:

“It was amazing. It was a journey for us. Now, it’s completed. For us, it’s a new challenge. We need to deliver our project. The Metaverse team will be quite diverse. We will spend money wisely. We are going to market our Metaverse project globally. I’m actually visiting Europe next month and I’ll be in the UK, London (October 3) to give a speech about Metaverse.

We expect the Metaverse’s main net to go live no later than next February. We also expect to kick off 3 major applications based on Metaverse by that time. Two of them focus on digital assets and the other on digital IDs. The fund will be used to establish the projects with our business partners.

There are hardly any public Blockchain projects in China but it is much needed. Metaverse will become a major Blockchain infrastructure in China and globally.”

He mentioned that the ICO fund will be used to strengthen the team which currently comprises of 22 young talents from China, UK and USA in the tech, research and marketing sections and this will ensure it can be expanded to 40-50 people.

The Metaverse ICO breaks the record of investment credits crowdfunding on bizhongchou.com.

Metaverse – Smart Property, Assets & Digital Identity Blockchain?

Metaverse is a blockchain that aims to improve on Ethereum and its smart contract system. The blockchain is made in China and caters primarily to Chinese blockchain technology companies.

What Is Metaverse?

Metaverse is a decentralized open platform of smart properties and digital identities. The platform is based on public blockchain technology. The goal is to establish the “Internet of Value” infrastructure by combining digital assets, digital identities, and oracles to build a web of smart properties.

In more basic terms, Metaverse is a blockchain made in China. Some call it the Chinese version of Ethereum. Just like China has Baidu instead of Google or WeChat instead of Facebook, Metaverse is quickly becoming China’s Ethereum.

The Metaverse project is led by ViewFin.com, a Chinese company specializing in blockchain digital assets and blockchain news in China. The project was founded by Eric Gu, one of the leading names in the Chinese blockchain technology industry.

The goal of Metaverse is to create a new economic model. The open source, public blockchain project revolves around the use of Entropy tokens (ETP), which were released in ICOs that took place over 2016 and 2017.

Obviously, there’s a lot going on with the Metaverse blockchain. Let’s take a closer look at the platform’s key features.

Metaverse Features

Metaverse’s core features include all of the following:

Digital Asset Registration:

Digital assets are a new type of asset with growing importance. With just a few clicks, you can own your assets on-chain.

Digital Identity Design:

In Metaverse, records will last forever. Your digital identity is yours, and it’s your for eternity.

Oracle Intermediary:

Intermediary services called Oracles are built upon a decentralized reputation system, acting as a link between Metaverse and the real world. Oracles can be software programs designed to pull sports scores from the internet.

Or, trusted institutions like banks and government agencies can register as oracles to provide an unbiased third-party intermediary.

Decentralized Exchange:

Users can exchange value freely and easily over the Metaverse.

Overall, the Metaverse blockchain wants to create a new economic model.

The “Three Pillars” Of Metaverse

The Metaverse blockchain specifically identifies three pillars of its platform, including all of the following:

Avatars (Digital Identities):

When you have your avatar, you have a digital passport to the virtual world. Your avatar can be managed by a physical person or by artificial intelligence. The avatar can own multiple digital assets. The blockchain has a many-to-many relationship where digital assets can also be owned by many Avatars.

Digital Assets:

Combining digital assets with digital identities allows Metaverse to create “the internet of value”. In Metaverse, digital assets represent any category of asset in digital form.

Digital assets can represent anything, which means communities can value whatever they want. As the Metaverse whitepaper explains, “We are moving towards an age that cannot only transfer money but also transfer value”.

Oracles:

Oracles, as mentioned above, work as intermediaries. They’re built on the blockchain to apply sound judgment and verify actions.

What Problems Does The Metaverse Blockchain Seek To Solve?

Why do we need a technology like Metaverse? Here are some of the problems the platform seeks to solve:

A digital asset blockchain needs more than just “contracts” as a type of transaction. The language of the contract isn’t business-friendly, and users are pigeon-holed by the technology. The Metaverse blockchain doesn’t have a pre-defined set of transaction types, so it intends to be flexible and suited for a variety of businesses and applications.

Digital asset transactions require intermediaries on the blockchain. Intermediaries shouldn’t be pushed away – they should be embraced via a trust mechanism. Oracles act as a type of intermediary on the Metaverse blockchain.

“Traditional” intermediaries like banks, government organizations, foundations, or even individuals can register on the Metaverse blockchain as oracles.

Digital asset blockchains that want to be successful in China need to be based in China. The Chinese government has a long history of supporting Chinese businesses while restricting non-Chinese businesses (like using Baidu instead of Google, WeChat instead of Facebook, and Alibaba instead of Amazon); Metaverse aims to be the Chinese substitute for Ethereum

The Metaverse Token Sale

Metaverse released its Entropy tokens through its ICO. Those tokens will be used to register assets, pay fees, establish your identity as an oracle, and value assets on the blockchain.

There will be a total supply of 100 million Entropy in the system, with 15 to 30 million distributed during the initial ICO, and another 15 to 30 million distributed in a later ICO after the Metaverse wallet and blockchain completed their development.

The remaining ETP tokens will be distributed through a proof of work mining process, with an inflation goal of 1 to 4% per year.

The Metaverse Wallet

The Metaverse wallet comes with the following features:

Private Key:

The wallet is a deterministic wallet, which means users can easily restore wallets without needing any information, or create public addresses without using a private key.

Customized Assets:

The Metaverse wallet allows customers to create their own assets from the Metaverse platform, and access all of these assets from the same place.

ETP Addresses:

Customers are allowed to create as many ETP addresses as they want, then conveniently transfer ETP tokens between addresses.

About ViewFin

The Metaverse blockchain was created by Chinese company ViewFin. That company was founded by Eric Gu (CEO), a senior expert in fintech and digital assets and a well-known opinion leader in the Chinese blockchain industry.

Eric first rose to prominence for being the main translator of the original bitcoin whitepaper, “Blueprint for a New Economy”, written by Satoshi Nakamoto.

Other key members of the team include Michael Jiang (VP of Research and Development), Dushyan Jayasundera (VP of Corporate Strategy), Chen Hao (CTO), and Jen Lee (Vice President).

Metaverse Conclusion

Chinese developer Viewfin.com has recognized the potential of the Ethereum blockchain and its smart contract technology. However, they feel they can improve the technology, make it less contract-restrictive, and cater it to the Chinese marketplace. Essentially, Metaverse is a Chinese version of the Ethereum blockchain.

We’ve already seen the potential of the Metaverse blockchain with companies like ZenGold, which offers digital tokens backed by real gold reserves, verified by the Metaverse blockchain.

We’re already seeing a number of Chinese companies build platforms on the Metaverse blockchain. Look for the Metaverse blockchain to continue growing over the coming months.

Metaverse Invited to Participate the First US-China Blockchain Connect Conference

Metverse Founder & CEO Eric Gu was invited to attend the first US-China Blockchain Connect Conference organized by SV Insight at the Palace of Fine Arts Theatre in San Francisco on Jan 26, 2018. The event gathered over 1000 scientists, entrepreneurs, investors and developers from around the world for a day of intense discussion revolving around blockchain technology, with attendees including Litecoin founder Charlie Lee, Ripple founder Brad Garlinghouse, Bitcoin angel investor and early Ethereum supporter Chandler Guo, as well as Chris Lee, CEO of OKex.

Themed “Blockchain Evolution in US and China”, this conference hosted fireside chats, keynote speeches and panel discussions around a diverse range of topics including the standardization of blockchain development, blockchain expansion, cross-chain cooperation, cryptography and other pressing industry issues. At the conference, Eric participated in a panel discussion about ICOs, IFOs, Communities and Regulations in China. He expressed that to truly realize the decentralization of cryptocurrencies, more banks and reputable tech companies had to enter the blockchain sector. Rather than viewing the evolution of blockchain technology solely from a monetary standpoint, Eric felt that cryptocurrencies would compete on their underlying technology in the future. At the same time, Eric strongly encouraged sharing and exchanging resources within the blockchain community and developing cross-chain cooperation to jointly establish healthy and sustainable blockchain ecosystems, a proposal aligned with the theme of the conference.

Metaverse is China’s leading public blockchain solution and aims to iteratively enhance its blockchain infrastructure as well as provide pragmatic blockchain applications based on the Metaverse blockchain, such as KYC and digital copyright services. Metaverse is currently focused on the development of Blockchain-as-a-Service and digital identities, paving the way for enterprises and individuals to request for customized blockchain services tailored for their specific needs. Metaverse’s BaaS framework mainly caters to business users, such as individuals or businesses with transaction or asset management needs. Metaverse has also established multiple strategic partnerships with notable partners including Baofeng Boko Cloud, the world’s first Blockchain Consensus Network provider, as well as GE Chain, which will increase Metaverse’s full nodes and greatly improve the stability and safety of distributed file networks.

China and the US are currently two major powerhouses in the fast-moving blockchain space. This round of the Blockchain Connect Conference served as a platform for conversation between parties from each country, and sets the tone for the future of blockchain development in 2018. We look forward to the developments from Metaverse in the coming year!

Entropy on Metaverse Adds a New Dimension to Decentralized Applications

Decentralized applications and cryptocurrencies have a new destination, and that is Metaverse. Specially designed for blockchain applications of the future, Metaverse decentralized open platform comes prepared to handle smart properties and digital identities. The Smart Properties on the public blockchain platform is a combination of Digital Assets, Digital Identities, and Oracles.

Metaverse is a project by Metaverse Foundation, which is created and implemented by the Viewfin development team. The blockchain system is fueled by a native cryptocurrency, Entropy. The cryptotokens shares most of its properties with other cryptocurrencies in the market, yet it is different from others in terms of value. Unlike Bitcoin, Ether and other altcoins, Entropy’s value is not pegged against any fiat or digital currency. In fact, Entropy with a finite number of 100 million tokens constitutes the entire equity of the Metaverse system. The digital token’s name is derived from thermodynamics, where Entropy is the measure of particle disorderness or a measure of randomness of a system.

The Metaverse blockchain makes use of Elliptic Curve Digital Signature Algorithm (ECDSA) to provide security to the platform. The cryptotoken acts as a measure of the value of Smart Properties on Metaverse. It can also be used as collateral in financial transactions and as system fees. Since its introduction in August 2016, Metaverse and Entropy tokens have achieved widespread adoption.

Metaverse, fueled by Entropy offers a range of features including Digital Asset Registration, where one can create and own digital assets with just a few clicks. The blockchain protocol of Metaverse is immutable, capable of preserving digital identities for years. The Oracle Intermediaries on Metaverse play a major role in ensuring real world applications of solutions based on the platform. All these are achieved by the capability of Entropy to facilitate the exchange of value between applications and community members.

There are already few projects that have put Metaverse and Entropy to good use, and ZenGold is one of them. The ZenGold platform allows people to buy, hold, transfer and sell digital assets backed by real gold. It makes trading precious metal easy for anyone across the world while ensuring a stable value for the assets. Similarly, ZenDao is another project focused on solving the issues faced by Art and Collectibles market by providing an unalterable digital provenance and ownership transfer channel.

In less than a year, Metaverse and its accompanying Entropy tokens have proven their capability to solve real-world problems in a much simpler way. The increasing interest in decentralized systems, combined with Metaverse’s ease of deployment makes it ideal for future blockchain applications across industry segments.

Disclosure: Deepak Bharadwaz, Crypto Data Analyst for BlockStreet.info, was paid for his cooperation with NEWSBTC in preparing this content. Deepak provides Bitcoin Price Analysis & Trading Intelligence.

Metaverse ETP Reaches Market Capitalization of $125.59 Million (ETP)

Metaverse ETP (CURRENCY:ETP) traded 30.1% higher against the US dollar during the 24-hour period ending at 0:00 AM ET on January 26th. Metaverse ETP has a market cap of $125.59 million and approximately $16.24 million worth of Metaverse ETP was traded on exchanges in the last 24 hours. In the last seven days, Metaverse ETP has traded 23% higher against the US dollar. One Metaverse ETP coin can now be bought for $3.38 or 0.00030464 BTC on popular cryptocurrency exchanges including RightBTC, HitBTC, EXX and Bitfinex.

According to CryptoCompare, “Metaverse is a decentralized platform based on blockchain technology. Metaverse is building a web of Smart Properties and establishing an open ecosystem in which digital value can be circulated freely. ETP is the token used on Metaverse and can be used to measure the value of smart properties in Metaverse or as collateral in financial transactions. ETP is also used to pay transaction and other fees applied on Metaverse. “

Metaverse ETP Coin Trading

Metaverse ETP can be bought or sold on the following cryptocurrency exchanges: RightBTC, HitBTC, Bitfinex, OpenLedger DEX and EXX. It is not possible to buy Metaverse ETP directly using U.S. dollars. Investors seeking to trade Metaverse ETP must first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, Changelly or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Metaverse ETP using one of the exchanges listed above.

Dubai wants to become a leader in all things blockchain

The city of Dubai recently hosted a world blockchain conference as part of its effort to become the leading blockchain-powered government by 2020. In attendance were Dubai dignitaries and ministers from the government as well as blockchain-tech companies vying for access to the Dubai Smart Government initiatives.

Dubai is both ahead and behind the U.S. in many respects. There are advantages to running a theocracy: less red tape, more opportunity to innovate quickly, and the possibility to rapidly pivot and adopt new technologies.

While the U.S. healthcare system is the most expensive in the world, and still results in the lowest life expectancy, Dubai’s system is 4.5x cheaper with essentially the same life expectancy. Despite this tremendous success, of course, it’s still illegal to be gay or possess weed in Dubai, so the state of civil rights still has a long way to evolve.

Leading that effort is Dubai’s ruler, His Highness Sheikh Mohammed bin Rashid Al Maktoum who recently launched a state-backed cryptocurrency, emCash, and appointed a dozen ministers all under the age of 35 to lead areas such as innovation, AI, blockchain and happiness. He is also subsidizing tech literacy through the One Million Arab Coders Initiative.

Where are the U.S. ministers with a strategy for AI or happiness?

The conference is an indication that blockchain space is “erging” — converging, diverging and yet still emerging.

While most of the world struggles to understand just what the heck bitcoin is, innovation of emerging companies is growing exponentially. Present at the conference were platforms such as NEM (mostly Phillipino and Asian-Pacific), Metaverse (China), SkyCoin (China), HCash (Europe and Middle East), Ethereum (mostly U.S.-Europe, and their Brooklyn venture studio ConsenSys) and TrueChain (India).

Notice there is no “bitcoin” company present here; the takeaway being that while the cryptocurrency with the largest market cap and most popularity has no “CEO” or “CMO,” it is still has very little real-world deployment/adoption outside of a currency. This is where the other platforms will enter to rival that bitcoin dominance.

It is these companies that are accelerating in their convergence and are racing towards the same goals of decentralizing the same products, the most important of which are identity and reputation. This presents a problem for users, since there is no single solution to identity authentication outside of the centralized companies of Google and Facebook. The Dubai government is at least attempting to solve this problem by implementing a smart city initiative which will implement technologies such as AI, open city data, renewable energy and urban transport into their municipal government.

While blockchain projects are competing for people’s attention and money, they still have not implemented any methods to scale to meet the world’s needs of 40,000–1 million transactions per second needed for a widely adopted platform. And instead of a platform’s merit, the space often reflects an attention-focused competition which means a lot of hype and marketing.

While NEM has stated its platform, nem.io, can handle “120 transactions per second,” according to Council Member Nelson Valero, there is little documentation to support this. Ethereum has also been attempting to implement their scalability architecture plasma.io and Proof of Stake algorithm Casper, but has no viable roadmap in sight. Meanwhile the bitcoinand ethereum blockchains are still only 4 and 7 transactions per second, respectively, while Visa operates at 40,000 transactions per second.

Perhaps the most important takeaway of all is the blockchain’s impact on centralized power.

With its recent ban, China is attempting to throttle the use of Bitcoin and blockchain tokens, which reflects the government’s approach to technology in general: “ban what we cannot control.”

In this respect, Dubai and Estonia are the first two countries to fully embrace the possibility of implementing blockchain architecture in their governments and allow for a level of innovation not present in most other parts of the world.

Describing the environment in China, Eric Gu, CEO of Metaverse, said, “From February to July, a short five months, we got about 30 different projects on Metaverse.” Then came China’s ban on ICOs and trading Bitcoin. “Now it’s recovered a little bit, I was approached by some founders who wanted to continue their projects,” Gu continued. “But if we can’t do it in China, we should move to places like Dubai and do our ICO here.”

This underscores the new paradox of our connected world: we live in a global ecology, a global economy and a national politic. Either the economy and ecology become nationalistic, which will never happen, or our minds and our borders expand globally. This is the promise of the blockchain ecosystem, and it is refreshing to see an Islamic country leading the way.