As a foundational technology rather than a disruptive one, Blockchain has the ability to permeate social and economic infrastructures and completely change our existing technological and business landscape. However, unlike the Internet, the fundamental attributes of Blockchain technology lend themselves to financial applications extremely well. A fascinating example of the financial potential of Blockchain technology is Metaverse, one of China’s leading public Blockchain projects. Metaverse aims to provide decentralized services based on digital assets, digital identity and value intermediaries to create an open ecosystem in which value can be freely circulated and proposed the concept of Blockchain As a Service (BaaS), delivering Blockchain technology as a platform on which customers can develop, run and manage decentralized applications.
Metaverse’s development is separated into two distinct periods marked by two consensus algorithms: the system will initially be secured through Proof of Work, before transitioning to an improved form of Proof of Stake. Below, we analyze Metaverse during the PoW stage and discuss the Coinlock mechanism raised in its white paper.
The base cryptocurrency of Metaverse is the Metaverse token (token symbol: ETP). There will be a maximum limit of 100 million ETP, distributed through the following three methods:Initial Coin Offerings (50 million)Proof of Work mining (30 million)ETP locking (20 million)
The smallest fraction of ETP that can be sent is 1 * 10–8 (a hundredth of a millionth ETP). On Metaverse, ETP will be used to interact with the platform, conduct trades and transfers, purchase services tied to the platform and will also play a major role in determining who gets to create a block when Metaverse eventually transitions to a Proof of Stake consensus protocol.
What can ETP be used for?
During the PoW stage, E...