As of 2:00am March 10th 2021 (UTC), the Hyperspace Mainnet nodes were successfully deployed and 81,418,871.00 ETP were generated in the Genesis block. This signifies the successful deployment of the Metaverse Virtual Machine (MVM) that will now facilitate the migration of Gene Finance, the popular, one-stop-shop DeFi protocol to the new Metaverse Mainnet.
This past February, Metaverse celebrated four years of continued success with the continued development of the new Metaverse Mainnet — the latest, open-source, decentralized platform for programmable digital assets and digital identities.
Established in 2017, Metaverse is a front-running decentralized, open-source platform for secure digital asset architecture. Most digital assets on Metaverse are created using the Metaverse Smart Token (MST) or the Metaverse Identifiable Token (MIT) for non-fungible tokens (NFTs). Metaverse is also known for its intuitive digital identity (Avatar) system and its secure ledger system.
The New Metaverse ETP brings the first Hybrid Consensus Algorithm to Substrate, establishing a resilient network without sacrificing its scalability potential in the process. The improved algorithm is optimized from three dimensions: throughput, latency, and scalability.
The chain will use Proof of Work (POW) to dictate block authoring and Grandpa finality. There is no voting or a validating committee through Proof of Stake (POS); the entire network will validate each block. Thus, the system will be able to mitigate the 51 % attack and provide a uniform distribution of mining rewards to the stakeholders and investors.
The New Metaverse ETP is an interoperable platform allowing anyone to build smart contracts and deploy them to the chain, using well-known tools like MetaMask, Remix, and Truffle. No need to rewrite or reconfigure smart contracts. Smart contracts will be compatible through the provided support for Solidity and anything that compiles to EVM bytecode.
The Metaverse Virtual Machine (MVM) provides full compatibility with EVM and can be deployed on ETP chain from Remix, Truffle or compatible technologies. The MVM has built-in integration with the new ETP coin, ERC-20 tokens, and a wide range of smart contracts with much lower fees.
This evolution brings together the best from the legacy chain and merges it with new innovative modules to create Metaverse — The New Reality.
Over the next few days, the team will continue the implementation of the new Metaverse blockchain explorer, web wallet, and browser extension wallet. More updates to be announced soon.
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