Metaverse is a blockchain platform that wishes to connect the real world with the capabilities of smart contracts to help facilitate asset transactions for socio-economic needs. Launched in 2017 by Eric Gu, Chen Hao and Michael Jiang, Metaverse calls itself “a blockchain project that provides a foundation infrastructure for social and enterprise needs.”
Using oracles to connect digital assets and smart contracts with digital identity (what the team calls “avatars”), the platform hopes to gives users a range of options that come with smart contracts and a decentralized reputation system. Users can generate and distribute their own cryptocurrency and the smart tokens the team says will solve the problem of liquidity. The team also envisions the platform as a Blockchain-as-a-Service (BaaS) project that lets businesses easily build blockchain networks and applications.
There are 4 main elements to the Metaverse architecture: Digital assets (Metaverse Smart Tokens), digital identities (avatars), oracle intermediaries and the on-chain exchange. These together allow users to create smart-contract based relationships between stakeholders that the team says will “that will transform human society and allow us to enter the New Reality.”
There isn’t much in the way of details on the development progress of the platform. However, it is known that 2019 has brought two major developmentsL integration with the SWFT wallet and the launch of “Pillars of Creation” on the testnet, which trials a Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithm. As 2020 arrives, the team will focus on smart contracts, digital identities and functioning as a Blockchain-as-a-Service.