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Metaverse is about to release details about MIP

Preface

Metaverse’s network began operating on February 11th, 2017 and has been running safely for three months (89 days) now. Some of our network’s operating parameters are as follows.

◦ Total volume: 100 million
◦ Current turnover: 26.93 million
◦ Mining algorithm: ethash
◦ Average block generation speed: 33 seconds.
◦ PoW mining reward: the reward starts at 3 ETP and will decrease by 5% every 500,000 blocks.
◦ PoW difficulty adjustment: the difficulty is adjusted every block.
◦ Date network went online: February 11th, 2017

For more details, interested readers can refer to our white paper: http://newmetaverse.org/white-paper/Metaverse-white-paper-v2.1-CN.pdf

MIPs (Metaverse Improvement Proposals)

Metaverse’s core development team has updated a total of 7 patch versions during this period, namely versions 0.6.6-0.6.8.

Most of the bug fixes have been posted on Github: https://github.com/mvs-live/metaverse/issues

With an increase in the number of users, we found some problems. Some problems are related to the wallet experience, while others concern compatibility issues. After discussing this, our core team has decided to focus on fixing non-functional bugs first. As for digital identity, asset pledges and other functions, Metaverse will release a process similar to BIPs , with the aim of building a better Metaverse by adopting community suggestions. This process will be called MIP and is currently being drafted. More detailed information can be found on Github: details.https://github.com/mvs-live/mips (continuously updated).

Regarding the MIP, Metaverse will provide ETP incentives. Please anticipate the release of more detailed information.

First MIP - digital identity (Avatar, Digital Identity)

The next goal of Metaverse’s core development team is to design and realize digital identities (Avatars).

The team has been researching on digital identity, and has drafted a working definition:

Digital identity is a general name for the Profile information of an account corresponding to the master private key owned by a user.

Profiles are assigned a unique identifier within the network. On Metaverse, this identifier will be called a DID (Digital Identity, similar to the concept of aliases in Bitshares).

A Profile contains the following information:

◦ Personal transaction records.
◦ Statistics and record details, does not require additional storage.
◦ Asset information.
◦ Statistics and record details, does not require additional storage.
◦ Feedback records from across the entire network.
◦ Statistics and record details, does not require additional storage.
◦ Customized field description.
◦ This customized field has a validity period. The field should indicate the height interval at which it is valid, and this field can be modified to correspond to different block heights.
◦ This field is presented in the form of key: value and has no upper limit. However, the fee incurred increases exponentially as the number of characters increases.
◦ Requires additional storage.

A digital identity’s core functions are authentication and transaction authorization.

Metaverse will successively release pieces of research and design related to digital identities.

Cheers,
Metaverse core development and operations team

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