Metaverse is a blockchain-based virtual reality platform. It is an open-source, public blockchain with advanced features. The project is currently working on building a public blockchain that can be used for all kinds of scenarios and real-world applications eg crypto.
Metaverse is designed to allow users to create their own digital identities, which can be used to manage their assets, exchange their digital currencies, sign smart contracts, and more.
Metaverse has its own native digital crypto, ETP (also known as metaverse token). This digital asset allows users to send transactions over the Metaverse platform. In addition to being used as a payment method within the ecosystem, it also serves as collateral for issuing digital assets (similar to Ethereum’s Ether).
Is metaverse blockchain?
Yes. Metaverse is a public blockchain platform that provides digital assets and digital identities. Metaverse aims to build a web of smart properties and establish an open ecosystem in which digital value can be circulated freely.
Metaverse is not just a public blockchain project but also an entire ecosystem that offers many services for business owners and general users alike.
The metaverse team has developed an “Oracle” protocol that allows smart contracts to interact with real-world data. This means that your smart contract can interact with the real world by using oracles (real-world data providers) instead of relying on centralized sources.
In what way does Metaverse differ from other blockchains?
The most important difference is that it will be used as a platform to build other blockchains, which is called “ Blockchain-as-a-Service ” (BaaS). Metaverse’s service covers digital identity, digital assets, and smart contracts. In contrast to Ethereum’s smart contract, Metaverse uses a simplified version of Solidity (EVM) as the programming language for its smart contracts. The program is easier to use than Solidity but has sufficient support for complex business logic.
What are some of Metaverse’s applications?
Metaverse blockchain will be an underlying infrastructure for different industries such as financial services, insurance, and supply chain management. For example:
- Digital Identity System: It allows users to create their own digital identities on top of the blockchain and manage them through an encrypted private key.
- Digital Asset Management System: It allows users to issue tokens on top of the network and manage them through an encrypted private key.
Characteristics of Metaverse
Metaverse has several key characteristics:
- Smart Contract Features – The Metaverse blockchain supports smart contracts, which allow developers to create their own crypto / tokens and other digital assets.
- Digital Identity Features – Metaverse provides digital identity services, allowing users to create their own unique namespace within the platform linked to their personal information. Users can also use this information to verify their identity when interacting with other users on the platform.
- Digital Asset Management Services – Metaverse offers digital asset management services for users who want to manage their digital assets without dealing with complex programming languages or network configuration issues.
- Decentralized Exchange Services – The Metaverse blockchain also offers decentralized exchange services that allow users to trade crypto and assets between themselves without relying on third-party exchanges or brokers.
- Distributed Data Storage Services – The Metaverse blockchain uses distributed data storage services that allow users to store data on a peer-to-peer basis instead of relying on third-party servers or cloud storage platforms, ensuring increased security and privacy for all users.
Is it legal to make your own crypto?
The answer is yes – with one big caveat. You must do it in a way that does not violate federal securities laws. If you are going to create your own crypto, you need to have a plan for what you will do with it and how you will treat investors who get involved with it. You also need to ensure that there are no conflicts with existing laws, such as those governing money laundering or fraud.
For most people, this means starting an LLC or a corporation and incorporating the business as an investment fund or hedge fund. If you want to sell shares in your company, those shares can be considered securities under federal law.
Top 10 Metaverse Crypto: add to your watchlist
The following are some of the top 10 cryptos you should consider adding to your watchlist in 2022.
1. Metaverse Crypto (ETP)
ETP is a crypto and blockchain platform that aims to provide blockchain solutions for businesses. The platform allows users to create their own tokens, smart contracts, and other financial applications using its public chain. ETP has a total supply of 80,156,611.55 ETP tokens and trades at $ 0.05 with a market cap of $ 4,225,462.
2. Qtum Crypto (QTUM)
Qtum is an open-source platform that combines Bitcoin’s Unspent Transaction Outputs (UTXOs) with Ethereum’s smart contracts capabilities by building on Bitcoin Core 0.13 codebase with additional features, including smart contract functionality and value transfer protocol based on stable coins pegged to fiat currencies like USD or CNY.
The platform uses a Proof-of-Stake consensus algorithm, making it more energy-efficient than Bitcoin’s Proof-of-Work consensus algorithm. Qtum has a total supply of 86 million tokens and trades at $ 1.
3. Decentraland (MANNA)
Decentraland is a virtual world that you can own. You can create, experience, and monetize content and applications. You have complete control over your land, from customizing the terrain to adding interactive experiences to sharing your creations with the community.
Land in Decentraland is finite and owned by individuals. Therefore, it is impossible to “mine” more land or print more of it. As demand for land increases, its price will rise until it reaches a market equilibrium where supply meets demand.
Users can buy LAND using MANA , an Ethereum-based ERC20 crypto that currently trades on Binance, Huobi, and OKEx. Users can also earn MANA by creating content within the platform or placing purchase orders on behalf of others in exchange for a commission fee.
4. Waves Crypto (WAVES)
In 2016, the Waves platform was launched as a blockchain-based crowdfunding platform and had since grown into a fully functional blockchain ecosystem. Waves are designed to allow users to create their own token easily, which can then be a store of value or a means of payment within the ecosystem.
The WAVES token itself is quite interesting in that it is used as a currency for running smart contracts on the network, but it also serves as an incentive for miners who run full nodes and process transactions for the network. The WAVES token is currently trading at around $ 7.5 per crypto, with an overall market cap of about $ 863,972,560.
5. NEO Crypto (NEO)
NEO is a crypto and blockchain platform which enables the development of smart contracts and dApps, similar to Ethereum. However, it differs from Ethereum because it has a stronger focus on digital identity and is more scalable than Ethereum.
The NEO project was founded by Da Hongfei and Erik Zhang in 2014, with an ICO held in 2015. The project was initially called Antshares but changed its name to NEO in 2017.
There are two main reasons why you should watch out for NEO:
- It has a strong team behind it that has been working together since 2014.
- It was one of the first blockchain projects to be supported by the Chinese government, which means there is a high chance of government backing in the future.
6. EOS Crypto (EOS)
EOS is a blockchain platform for developing decentralized applications (dApps). It allows for horizontal scalability through the parallel execution of smart contracts. Its main goal is to become a “better” Ethereum.
That means that it has to compete with Ethereum and overcome its shortcomings. EOS is one of the most talked-about cryptos in the industry because it has gathered a lot of attention from investors and developers alike.
7. Ethereum (ETH)
Ethereum is a crypto launched in 2015 by Vitalik Buterin, a Russian-Canadian programmer. The currency’s name is an abbreviation for “ether,” which is the name of the token used on the Ethereum blockchain platform.
The Ethereum blockchain platform was created to be a decentralized virtual machine that would allow developers to build and run applications without interference from other entities. In addition, this will enable developers to create their own tokens used as currency or shares on the Ethereum platform.
Ethereum has a market capitalization of $ 254,714,047,263 and a circulating supply of 120,759,919.44 ETH. Ethereum has seen its price rise sharply over the past year due to increased demand for its smart contracts feature, which allows users to execute agreements without third-party interference.
8. Cardano (ADA)
Cardano is a fully open-source crypto project and decentralized public blockchain. Cardano has a smart contract platform that delivers more advanced features than other previously developed protocols. This blockchain platform evolved from a scientific philosophy and utilized a research-first driven approach. The project team comprises a large global collective of expert researchers and engineers.
Cardano aims to build the future of the decentralized economy by providing real solutions to existing problems in the crypto space. Cardano looks to solve issues such as scalability, interoperability, and sustainability with its unique proof-of-stake algorithm called Ouroboros.
9. Stellar Lumens (XLM)
Stellar Lumen is a platform for building and deploying decentralized applications. The platform uses the Stellar Consensus Protocol (SCP) to reach a secure and scalable consensus.
The Stellar Consensus Protocol is designed to support high throughputs, allow low latency transactions, process thousands of transactions per second, and be highly flexible.
Stellar is an open-source protocol for value exchange founded in early 2014 by Jed McCaleb (creator of eDonkey) and Joyce Kim. The company behind the project was initially funded by Stripe before Stripe ended its support.
The XLM token has been trading since 2014 and has a market capitalization of $ 4,240,323 when writing this article.
10. TRON Crypto (TRX)
TRON (TRX) is one of the top cryptocurrencies today and one of the most popular tokens on Binance. It was launched by Justin Sun in 2017, who is also responsible for creating Peiwo App, audio, and social media platform.
It has been functioning since 2011 but only started gaining traction towards the end of 2018 when it partnered with Tether and Binance to launch BitTorrent Token (BTT).
TRON aims to construct a free content entertainment system worldwide with blockchain and distributed storage technology.
Conclusion on Metaverse Cryptos
This article is a top 10 list of metaverse cryptos to add to your watchlist. Each of the digital currencies listed is very popular, high in trading volume, and has a large and active community.
What does the future hold for metaverse cryptos? At this point, it is difficult to say, but these are valuable projects to explore. As the technology behind Metaverse progresses and more people begin to use the network, one can hope that the value of these coins will increase along with it.