Token standardization was a vital development for the growth of applications on the blockchain. When transaction platforms support a certain token standard, the value and applicability of blockchain tokens greatly increase, and considerable improvements in economic efficiency are induced.
The most common token standard is Ethereum’s ERC-20, which is referred to as a smart contract standard template. With the ERC-20, users do not need to write smart contract code themselves, but rather can issue tokens by directly copying the template code, making a few modifications, and adjusting relevant parameters.
Widespread use of ERC-20 has driven blockchain technology into a new, more advanced era. However, after gleaning insights over the course of an extensive number of business negotiations, it is clearly evident that ERC-20 is failing businesses on several accounts, which are as follows:
- As a result of ERC-20, businesses are not concerned with whether they use smart contracts to issue their tokens, and are not even willing to write and deploy smart contracts themselves
- Most of these businesses require their tokens to meet general requirements such as secondary issue, burning, repurchasing, etc.
- A small number of these businesses require their tokens not to be issued all at once, but rather on a slow-released basis according to a given model
Metaverse Smart Token (MST) is a set of token standards on the Metaverse blockchain that allow anyone, regardless of development capability or programming knowledge, to issue tokens anytime via a visual interface. Tokens can even be issued in the SPV Light Wallet and safely transferred as Bitcoin. Currently, 188 digital assets have been issued on the Metaverse blockchain using the MST standard.
MST is based entirely on the Bitcoin Unspent Transaction Outputs (UTXO) model. Compared to the balance model which the Ethereum smart contract is based on, UTXO has strong anti-replay attack features and enables tokens to have SPV features. After the process of migrating the token to the light wallet, a security level equivalent to that of Bitcoin can be achieved.
MST is a blockchain technology standard specifically created for the token economy, and helps to meet users’ needs that are unsatisfied by the ERC-20.
Specifically, MST has the following 4 powerful stones:
1. Globally Unique
2. User-Friendly with No Development Skill Required
3. Native Support for Multiple Financial Instruments
4. Custom Investment Thresholds
Today, you will be given a detailed introduction to the four stones of MST. With this knowledge, you can use them to unleash the magic power of the universe to create your own digital assets.
MST ensures only one symbol exists for each token on the main network. These symbols act as globally unique, readable identifiers to eliminate ambiguity among token listings.
This feature stands in stark contrast to the ERC-20, which lacks unambiguous identifiers. ERC-20 token listings guarantee uniqueness by the contract address. However, it is well known that Ethereum’s contractual address is difficult to read, and requires a high level of attention from ordinary users. Recently, the first crypto-currency that claims to be backed by oil resources and issued by the Venezuelan government, “Petro,” was recently flagged due to fraudulent activity.
The official website of “Petro” is shown below.
The project became flagged as a result of actions by a scammer that made a copycat site. On this fake official website, apart from the white paper link, all of the other web addresses are false, including the Twitter, Facebook, and other linked accounts.
The most harmful false link, however, was the Etherscan website address provided at the bottom, which linked and facilitated donations to a fraudulent account.
After clicking, the interface of Etherscan in the figure below appears. On the fake website, the linked address is the false token’s smart contract address: (0x1EC10EAb27b76968cd8B854914CC6EB9F886Ce27). However, the “Petro” issued by the Venezuelan government was still in the ICO stage and had not released any contract address information on its official website. This exemplifies how, when it comes to digital assets, it is easy for users to fall into the trap of fraudsters if they lack a method for differentiation.
Looking at the image of Etherscan below, there are clearly several other malicious ERC-20 tokens with similar names, designed for the purpose of defrauding users.
MST provides a solution to such issues.
The MST symbol references the design of the BTS and the underlying securities, and only supports uppercase letters and dots to rule out ambiguity in reading and coding.
The addition of the dot was designed very intentionally. We hope to clearly indicate the ownership of the token, such as “CHENHAO.LAPTOP” and “ERIC.BRAIN”. The token itself swears ownership rights of the asset, which can ultimately be used in conjunction with the Metaverse Digital Identity (MID).
User-Friendly, with No Development Skill Required
Since everything is visualized the use of MST is very simple for general users. Some examples can be found in the official documentation:
For developers, only two JSON-RPC APIs need to be called. The first one is for creating the token, and the second is for issuing (broadcasting) the token.
The transactions generated by these two APIs are all based on ‘Pay to Public Key Hash’ (P2PKH), a standard format for making payments on the Bitcoin network. Since these transactions are similar to Bitcoin standard transactions, all MST can share the same type of address with ETP, which begins with the capital letter M on the main network at the beginning equivalent to the payment address starting with 1 in Bitcoin.
In the process of utilizing MST, users will find that MST can be well integrated into all financial applications and Internet-based applications, and can even be embedded into micro-embedded devices without complicated deployment of smart contracts on devices.
Thus, compared with the code writing, parameter overriding, deployment of smart contracts, and announcement of smart contract addresses required for smart contract-based ERC-20 tokens, the learning and promotion costs of MST are relatively lower. Moreover, it has been claimed that ERC-20 tokens can be issued in 5 minutes; MST can finish this process in 5 seconds.
Native Support for Multiple Financial Instruments
Native Support for Multiple Financial Instruments is probably the feature that gives MST the greatest distinction from other smart contract tokens, including the ERC-20 and NEP-5 standards.
The six functions are: Issue, Transfer, Deposit, Swap, Secondary Issue, and Trade.
For example, Bob has a demand for secondary issue and his company uses the Go language. After importing the Go language SDK, a secondary issue API could be called according to business requirements.
It is also planned that users will also be able to specify an economic model for token issuance. This model may be analogous to the linear decay model of Bitcoin, an accelerated decay model, or even discrete ones, so that not all of the tokens are issued at once.
Custom Investment Threshold
The custom investment threshold means that rational project parties screen qualified investors.
ERC-20 greatly reduced the threshold of ICOs. Different from that of Vitalik’s idea of DAICO, MST will try to increase the threshold, which can force investors to make changes themselves.
This type of setup will raise the bar by getting high quality projects on the market, while speculative projects will not pass the threshold. This differentiation will also provide investors with valuable insight.
MST’s four stones are designed and deployed according to user’ needs. A user-centric approach will be the future of blockchain development. Projects that truly embrace users will create the highest value!