Metaverse ETP: overview of the platform, features, cryptocurrency earnings
Metaverse ETP is the Chinese equivalent of NEO and a direct competitor to Ethereum. The platform was created in opposition to ETN with the goal of integrating the real economy into the cryptocurrency space. According to the regulator of the PRC, cryptocurrency technologies have a future, but anonymity is their weak point. The creation of a platform controlled by the regulator for the development of decentralized applications will allow controlling the gradual process of transition of the real economy to the blockchain. Read about the Metaverse ETP cryptocurrency, what is the role of the platform in China, where to buy and what are its prospects, read in the review.
Metaverse ETP – Alternative Ethereum Platform from China
Platforms for developing decentralized applications remain the most popular cryptocurrency idea on a par with payment systems. If payment systems (or other startups of the Santiment Network Token class) are a separate project, then the platform for developing decentralized applications is a kind of a whole shell with basic functionality for tens, hundreds, thousands of such separate projects. Here you can draw an analogy with Windows and individual programs running in the operating system.
The largest such platform remains the brainchild of Vitalik Buterin Ethereum, which meets fierce resistance from regulators. The anonymity and lack of regulatory control, which should have been the advantage of cryptocurrencies, is so far their weak point. And while Europe and the United States are resisting the introduction of cryptocurrency in everyday life, China is taking a different path.
Cryptocurrency Metaverse ETP: the essence, advantages and how to make money on it
China has a fairly closed economic system, which nevertheless does not prevent the country from being on the cutting edge of modern technology. The uniqueness of the Chinese approach to cryptocurrencies is that they do not try to ban them, but rather seek the possibility of integrating the real economy with the cryptocurrency world. This prompted the developers to create in China their own analogue of Ethereum – NEO and Metaverse ETP.
Metaverse ETP (China’s first public blockchain) appeared long before the ICO ban was introduced in China in 2017. And partly the transparency of the platform allowed it to occupy its niche. Work on the project began in 2015, in August 2016 an ICO was conducted, in the framework of which about $ 2 million was raised. The startup team is about 50 people, led by the creators of ViewFin Corporation.
Metaverse is a platform for creating decentralized applications similar to Ethereum, but with its own unique features. The developers claim that their goal is to oust ETH from the Chinese market, compete with the NEO blockchain and cryptocurrency and set their national cryptocurrency standards.
Advantages and features of the Metaverse ETP coin:
The BaaS technology (Blockchain as a Service) will be used as the project’s blockchain structure. With its help, it will be possible in a few clicks to open crowdfunding platforms, artificial intelligence platforms, technological infrastructures within the network. In words it sounds interesting, but whether it will be as convenient as in Ethereum, time will tell.
Each user creates a verified identifier and digital identity, which forever saves the entered information in the blockchain. Everything can be digitized (i.e. transferred to the blockchain): fiat, art objects, the right to receive income from financial transactions. In other words, Metaverse ETP allows you to do everything from entrepreneurship and commerce to software development.
The project description indicates that all platform assets are tied to gold and will be transferred through the Zen-Gold-Metaverse client. According to the developers, ZenGold should support the value of the token, and physical gold will be a reliable support for the ecosystem. ZenGold was indeed one of the applications created on Metaverse ETP. Today it does not exist.
The Metaverse ETP ecosystem provides two roles for network participants:
- Avatar This is any user, company and even application. The asset is first registered on the network, then transferred to its owner – the avatar. Each avatar can have many assets. Assets can belong to different avatars at the same time.
- Oracle. Network participant confirming the accuracy of the entered data (digitization of the asset) and the identity of the avatar. It is assumed that the role of oracles will be banks or financial organizations that already have a positive reputation.
Developers focus on three main points: digitization of any asset, oracle system and user identification system. For example, you need to digitize a car. The avatar goes to the nearest bank, acting as an oracle in the network, provides documents confirming ownership and personal identity, receives a digitized asset in the Metaverse ETP network. In other words, this is an even more functional version of Ethereum. If Ethereum is designed more for developers, Metaverse ETP provides for the development and exchange of digitized assets.
The consensus algorithm is a hybrid of PoW (Proof-of-Work) and DPoS (Delegated Proof-of-Stake). Initially, it was assumed that 30% of the total number of coins will be put up for mining in order to attract miners, not investors. To date, out of the estimated issue of 100 million coins, just over 75 million are in free circulation, which implies that this coin is not of interest to miners (at least 20 million coins are a reserve fund). The programming language is C ++ (another advantage over Ethereum, which uses the lesser-known Solidity language).
Where to buy and store cryptocurrency Metaverse ETP
1. Cryptocurrency exchanges. Compared to other coins that are nearby in the ranking by capitalization level with the listing, ETP is not very good, only 7 exchanges were added to their lists. I want to believe that in the future this list will expand.
The main turnover falls on two exchanges:
- RightBTC – about 40-45%. Despite the fact that the exchange offers more than a dozen currency and cryptocurrency combinations with ETP, almost the entire turnover falls on the ETP / ETH pair and only 3-4% – on the ETP / ETN, ETP / BTC pairs. It is noteworthy that the headquarters of the exchange is located not in China, but in the UAE.
- Coinsuper – about 35-40%. Most of the trading falls on the ETP / ETN pair, about 7-10% – on the ETP / BTC pair.
Also, the coin can be bought at Huobi Korea, Bitfinex, Bit-Z.
2. Cold wallets. The platform has its own supported wallet, which can be downloaded from the platform website. There are browser, desktop and mobile versions for various operating systems. If the key is lost, it can be restored, the number of wallets opened by the user is unlimited. You can use universal wallets (this is convenient if you invest in several coins at once), but they will have to be configured manually.
3. Brokers. LiteForex is one of the few brokers that has added an ETP / USD pair to its toolbox to diversify risks. As practice shows, at the time of a sharp decline in the entire market, lower-level coins show greater volatility in comparison with TOP-30 coins. And only brokers allow you to capitalize on strong daily volatility on long and short trades. This clearly shows a 3-month chart that is fundamentally different from the general chart of capitalization.
Learn more about the possibilities of earning with a broker and the benefits – ask your question to the support service or write it in the comments.
Prospects for Metaverse ETP cryptocurrency for investors
Many analysts are inclined to believe that over the next few years there will be a radical reformatting of the cryptocurrency market by analogy with the “dotcoms”. About 90% of cryptocurrencies (and their platforms), which are currently in a state of frozen development, will disappear, the remaining 10% will make a technological breakthrough, turning into full-fledged startups. Metaverse ETP has a chance to fall into these very 10%: in China, the platform has the support of investors and the regulator, and developers are gradually developing the platform.
Metaverse ETP Issues:
- Outdated information in the roadmap.
- Inconsistency of implementation plans with deadlines.
- Almost complete absence of news (feedback) in the media.
In the long run, the likelihood of skam and the likelihood of growth is 50/50. In the short term, cryptocurrency will obey the general market trend, but local outbursts are possible, an example of which was given above on the chart.
Cryptocurrency is also attractive for those who organize the so-called “pumps”: there is a good legend and a non-junk coin, the price of a coin is less than 1 dollar. USA.
The Metaverse ETP cryptocurrency has one main advantage – loyalty from the regulator of China and the potential for its full support. This means that if the roadmap is implemented in accordance with the schedule, the platform will be more attractive to investors than Ethereum. The question remains of the implementation of all the plans and the question of the subsequent integration of the platform into the world community. But all this is completely solvable, albeit in the long term.