On January 7th, the Metaverse Developers’ team and Eric Gu, chairman of Metaverse Foundation, held an AMA event on Telegram to discuss exciting new developments in the Metaverse. Some of the main topics include unique features in ETP development, capacity for DeFi + NFT, and mining/node support as we migrate to Substrate in 2021.
Established in 2016, Metaverse is a front-running decentralized, open-sourced platform for secure, digital asset architecture. Most digital assets on Metaverse are created using the Metaverse Smart Token (MST), and non-fungible tokens (NFTs) are created using the Metaverse Identifiable Token (MIT). Metaverse is also known for its secure ledger system built with a hybrid consensus algorithm of PoW and PoS. This February marks the 4th anniversary since the Metaverse mainnet release.
“In retrospect, Metaverse is and has been a secure platform for over 3000 digital assets (fungible + non-fungible), over 5700 digital identities (Avatars), and facilitating billions of transactions,” explained Laurent, a Senior Blockchain Fullstack Engineer at Metaverse.
“Metaverse will migrate to Substrate in 2021; this change will improve the characteristics of Metaverse (faster TPS, support of smart contracts) while keeping its core values (easy to create digital assets and NFTs using MST and MIT standards, support of digital identity, hybrid consensus PoW/PoS).”
Programmability is one of the main focuses of the new Metaverse — Providing the tools and platform to enable anyone to program digital assets and digital identities on Metaverse while maintaining the platform’s security through a hybrid consensus.
“There are several unique features besides hybrid consensus, e.g., an enhanced digital identity module as well as 2 types of smart contracts engines, based on EWASM and EVM,” added Sven, also a Senior Blockchain Fullstack Engineer at Metaverse.
“This will allow projects which build on Metaverse to simply migrate their existing EVM code to our platform and also allows the development and deployment of next-generation WebAssembly based contracts.”
The Betelgeuse Alpha Testnet, a proof-of-concept release launched on January 1st, introduced the new features to the community. Check out the Alpha Testnet by creating a test node and start mining here:
“The new ETP is designed around the idea of DeFi and can handle very high amounts of transactions in both scalability and volume,” said Oli, one of the core developers at Metaverse.
Because DeFi requires both cheap/fast transactions, the new Metaverse will be designed with those capabilities incorporated.
“We plan to have NFTs available via smart contracts but also via the digital identity module, which will be very modern and versatile, a sort of new protocol for certain types of NFTs,” added Laurent.
Lastly, the team gave reassurance to the mining and node operating community, as they will ensure a smooth transition to the new chain. The team also gave a sneak peek of the new node monitoring interface:
Overall, it was a great AMA to start the new year for Metaverse team members and community members alike. Thank you to everyone who participated!
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