Difference Between Metaverse Smart Token And Metaverse Identifiable Token

Metaverse is a decentralized network that uses blockchain technology. It proposes to create an internet comprised of Smart Properties powered with digital assets. A Smart Property is an electronic resource, has distinct characteristics. It can be used to transfer money between users via the Metaverse protocol.

Two kinds of resources are available to users on this public ledger:

1. Metaverse SmartToken (MST), a token that lets you transfer assets across the internet, was created by Metaverse. MST (Metaverse Smart Token) is a particular kind of Smart Property. It can be used to represent assets (such as stocks, gold bars, and even other cryptocurrencies such as Bitcoin).

2. Metaverse Identifiable Token MIT It is a digitalized version of the resources in the physical world off-chain. It can be utilized to store value or represent an external resource. Each MIT is a unique right that is associated with an identifiable resource. For instance, a deed could be issued by a government and includes details such as parcels as well as land rights, and locations.

An MIT is composed of two parts.

1. Off-chain resources – it is a physical resource that exists in the physical world

2. A digital signature that is acknowledged by the public on blockchain. It can help prevent fraud and authenticate transactions. It is a hash of asset information. It functions similarly to fingerprints that are recognized and used by users of blockchain.

If an offchain resource is transferred to a new owner, they must create a transaction with their signature, and then record the change on the blockchain. This ensures ownership is protected and that it is properly recorded.

It is what crypto-world refers to as”bonded certificates”. The bond certifies that an asset owner has registered on the blockchain and is able to prove ownership.

For instance, think of a vehicle. When you buy a vehicle, it is accompanied by a legal record that states the owner. This legal document could be used to prove ownership in the event that the vehicle is stolen or damaged. This is the same as the way Metaverse IdentifiableToken functions within the blockchain.

Additionally, MST and MIT transactions are not subject to charges on the blockchain, thus reducing transaction costs.

To learn more, click play to earn metaverse games

The differences between MST & MIT

1. An MST token, which can transfer from one account to the next, is similar to ERC20 tokens.

2. If you buy an MST and keep the money in your wallet no one can directly take it from you since it’s secured by private keys similar to cryptocurrencies like bitcoin or Ethereum. Since you own the key, only you have the right to make use of your MST.

3. An MIT is an asset that is created in physical spaces outside of blockchain. It can be used to store digital signatures in the Metaverse Blockchain, but it must have an off-chain existence.

A digital copy of a land deed could be created by scanning the physical paper. The digital signature is associated with your MIT which was printed off on the original page. This identification number is used to identify the metaverse blockchain as legitimate MIT. If someone went to make a transfer at the MIT the blockchain will verify that the identifying number has been registered as matched with the MIT.

4. An MIT can also allow you to restrict the assets that an individual holds by the digital signature they have on the blockchain to any other available assets. This helps to prevent fraudulent activities. For instance, your MIT can only be transferred or traded when it’s linked to your Metaverse Digital Identity.

5. The majority of MITs are distributed, freely traded and do not require any additional fees. However the MST cannot be issued directly through the blockchain network. Instead, you’ll need to first create a physical object that can then digitalize.