Metaverse is the first public Chinese blockchain project.The Metaverse Token - EntropyThe token used by Metaverse is called Entropy (ETP). A total of 100 million ETP will be issued through a combination of Initial Coin Offerings (ICOs) and PoW mining; similar to Bitcoin, the smallest unit of Entropy is 1 x 10-8 ETP. ETP can be transferred and traded on Metaverse and will be an important factor deciding the miner of each block after MVS transitions to the PoS protocol. The security of ETP is guaranteed by the ECDSA (Elliptic Curve Digital Signature Algorithm).
ETP is not a new form of digital currency – instead, it represents the equity of Metaverse. Therefore, the price of ETP will not be anchored on any legal currency or cryptocurrency such as Bitcoin, but will depend on the demand for ETP as well as the development of Metaverse’s ecosystem.
ETP will be used to measure the value of smart properties in Metaverse or as collateral in financial transactions. Additionally, fees applied on Metaverse (to create new smart properties, register a new Avatar, designate yourself as an Oracle or invite trusted institutions to verify the assets and identities on Metaverse) must be paid in ETP.
ETP Distribution Mechanism(1) ICO and community building
In the blockchain field, ICOs are common and the default method of token distribution. In January 2014, Bitshares launched an ICO lasting 200 days. Ethereum launched an ICO which raised a staggering 25,000 Bitcoin in July 2014.
DigixDAO and Lisk also launched their ICOs in 2016, as did the controversial TheDAO project. NEO also successfully raised 2,100 and 6,119 Bitcoins in October 2015 and September 2016 respectively.
Metaverse Project (MVS) has distributed approximately 22.6 million ETP on its first Initial Coin Offering (ICO). Another 27.4 million ETP will be used to set up Metaverse to support blockchain ICO projects conducive to the Metaverse community, facilitate investment in activities that benefit Metaverse’s ecosystem, and reward major contributors to the community.
(2) PoW and PoS mining
Additionally, about 30 million ETP will be distributed as block rewards to those who help maintain Metaverse’s system through PoW mining, which is also called ETP mining.
The block difficulty of Metaverse will adjust to match the network’s computing power. The targeted block generation time is 23 seconds and the reward for mining each block is 3 ETP. Block time and block reward are set as standard parameters; below is a graph of the amount of ETP that can be obtained through PoW mining against time in years.
The graph of the amount of ETP that can be obtained through PoW mining against time.
The decay diagram of the total rewards every hundred thousand blocks against time.
Metaverse current situation
Metaverse’s network began operating on February 11th, 2017 and has been running safely for half year now. Some of our network’s operating parameters are as follows.
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Total volume: 100 million
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Current turnover: 52.24 million
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Mining algorithm: ethash
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Average theoretical block generation speed: 24 seconds
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Average practical block generation speed: 32 seconds
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PoW mining reward: the reward starts at 3 ETP and will decrease by 5% every 500,000 blocks.
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PoW difficulty adjustment: the difficulty is adjusted every block
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Date network went online: February 11th, 2017
