Technology

Metaverse Weekly Progress Report 5.14-5.18

oyRSML9 - Metaverse Weekly Progress Report 5.14-5.18
Welcome to the Metaverse Weekly Progress Report for the week of May 14th! Read about our development and marketing progress in this weekly update brought to you by the Metaverse team.

Top Development Attainments

This week, we released SuperNova beta version and plan to start online testing next week.

In addition, we completed several functionality developments:

1) Metaverse Digital Identity
• Multi-signature supports to send assets
• DID supports multi-signature address binding and transfer
• Test case improvement on DID and multi-signature of assets
• Logic optimization of certificate implementation

2) Metaverse Digital Assets
• Verification of logic optimization of assets and certificate implementation into the block
• Added more assets and certificate test cases

3) Full node front-end:
• Added the didsendmore function
• Added the certificate transfer function
• Added the secondary issue function
• Displays the certificates owned by the DID

4) Other
• Added transaction of the local remarks, demand analysis, and program design
• Updated functioning of the automated testing framework
• Added full use case execution and output report, automatic mining and automatic creation, and cleanup of the residual account functions
• Automated testing is ongoing
• The check for missing automated test case is ongoing
• Grayscale environment release is under preparation
• We are optimizing the BaaS Page on the Metaverse Official Website: mvs.org

Marketing progress

1) Conference and Meetup

• From May 14th to May 16th (UTC-7), Eric Gu, founder and CEO of Metaverse, participated in Consensus 2018 in New York along with Chen Hao, Metaverse CTO, and Matthieu Benard, Metaverse Digital Marketing manager. As an exhibitor and sponsor, Metaverse attracted many blockchain practitioners and potential partners to its booth. To get more details about Consensus 2018, please visit: https://www.coindesk.com/events/consensus-2018/

• Metaverse is going to attend the FINWISE Summit Tokyo, held from May 21st to May 22nd in Tokyo, Japan. Reports claim that officials of the Japanese Financial Services Agency (FSA) will also be invited to the summit in order to debate and share their opinions on Japanese support and development plans regarding the blockchain industry, and the legal compliance of Japanese exchanges. Read details via:https://medium.com/@mvs_org/metaverse-to-participate-in-finwise-summit-c37be805cae6

Follow us and keep up with the latest news on our official Website, Facebook, Twitter, Reddit, Discord and Telegram!

Website: https://mvs.org
Facebook: https://www.facebook.com/mvsofficial/
Telegram: t.me/Metaverse_Blockchain
Discord: https://discord.gg/56ky6fb
Reddit: https://www.reddit.com/r/Metaverse_Blockchain/
Twitter: https://twitter.com/mvs_org
Github: https://github.com/mvs-org/metaverse

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Four Stones of MST, the Super Smart Contract

854Zf8X - Four Stones of MST, the Super Smart Contract

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:

  1. 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
  2. Most of these businesses require their tokens to meet general requirements such as secondary issue, burning, repurchasing, etc.
  3. 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.

Disyzmp - Four Stones of MST, the Super Smart Contract

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.

Globally Unique

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.
0BlrEao - Four Stones of MST, the Super Smart Contract

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.

1*AzAKo5LEeOQB36 UE80FAA - Four Stones of MST, the Super Smart Contract1*AvI81ZhxcQdI1a IDpqxcA - Four Stones of MST, the Super Smart Contract

The most harmful false link, however, was the Etherscan website address provided at the bottom, which linked and facilitated donations to a fraudulent account.

1*2NBXZsQFGKZen5uqHrKaig - Four Stones of MST, the Super Smart Contract

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.

1*WwfhJ0qJxTRF7cmcN58piw - Four Stones of MST, the Super Smart Contract

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.

1*Rmk0ptn556B1z M6q11ufg - Four Stones of MST, the Super Smart Contract

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:

https://docs.mvs.org/docs/features-issue-token.html

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.

4j3rvmw - Four Stones of MST, the Super Smart Contract

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.

At least six core functions will be provided for MST. Focusing on the usage of these core functions, it is important to note the BaaS specifications. These specifications include mainstream programming languages such as Java, JavaScript, Go, and PHP SDK. Developers can develop popular SDKs in accordance with these specifications, these SDKs will be collected into official documents, and developers will be rewarded with an appropriate number of tokens.

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!

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Metaverse Weekly Progress Report 5.7-5.11

oyRSML9 - Metaverse Weekly Progress Report 5.7-5.11
Welcome to the Metaverse Weekly Progress Report for the week of May 7th! Read about our development and marketing progress in this weekly update brought to you by the Metaverse team.

Top Development Attainments

This week, we released Super Nova closed beta version, and testing and bug fixes are ongoing. We also updated the document for Nova version.

In addition, we completed several functionality developments:

1) Metaverse Digital Identity
• Logic optimization of DID into the trading pool
• Logic optimization of DID into the block
• Research about DID supports of multi-signature function

2) Metaverse Digital Assets
• Operation related to asset and certificate support of the use of
digital identity

3)Front-end for Full-node wallet:
• Assets burning is available
• Added secondary issue option during asset creation
• Newly created assets are linked to a DID
• Updated the address linked to a DID

4) Other
• Added a tool to achieve account form restoration and a weight reduction of old account form.
• Development of account protection strategy function:
When one account continually inputs a wrong password 10 times, or continually inputs a wrong last mnemonic word 8 times, the account will be locked for 30 mins. Even if the correct password or mnemonic is input during the locked period, login won’t be allowed.

Marketing Progress

1) Partnerships
We’re excited that two partnerships have been announced this week!

• Metaverse formed a strategic partnership with ParcelX. Under the terms of this partnership, both parties will work closely together to establish the world’s first global, cross-border parcel delivery network using blockchain technology.

To see more details, please visit: http://blog.mvs.org/2018/05/10/parcelx-metaverse-announce-strategic-partnership/

• Metaverse will partner with Zhejiang University to co-establish the Blockchain Technology Laboratory.

Read details via: https://medium.com/@mvs_org/metaverse-will-partner-with-zhejiang-university-to-co-establish-the-blockchain-technology-d2b4ce5d7c01

2) Conference & Meetup
• On May 6th (UTC-7), Eric Gu, Metaverse founder and CEO, visited San Francisco along with the Metaverse core team. They attended the Global Blockchain Technology Expo in Silicon Valley, which was organized by BlockTrain and Draper Dragon. Eric accepted a media interview and talked about Metaverse there.

• On May 7th (UTC-7), Eric and the Metaverse core team held a meetup in the Bay Area, which was hosted by Metaverse Ambassador Manlin Dai. Eric shared the history of the Metaverse project with the audience, and talked about MIP (Metaverse Improvement Proposal).

• The Metaverse team will be at Consensus2018 in New York from May 14th to May 16th. We’re at booth #101—come and say hi!

To see more details about Consensus2018, please visit: https://www.coindesk.com/events/consensus-2018/

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Follow us and keep up with the latest news on official Website, Facebook, Twitter, Reddit, Discord or Telegram!

Website: https://mvs.org
Facebook: https://www.facebook.com/mvsofficial/
Telegram: t.me/Metaverse_Blockchain
Discord: https://discord.gg/56ky6fb
Reddit: https://www.reddit.com/r/Metaverse_Blockchain/
Twitter: https://twitter.com/mvs_org
Github: https://github.com/mvs-org/metaverse

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Metaverse Full Node Wallet MVSD 0.7.2 release notes

The Metaverse full node wallet 0.7.2 version is available on linux and windows, please go to our official website to download. The change from V0.7.1 to V0.7.2 is likely to have the greatest impact on miners. Metaverse fixed some areas in the code to address the high orphan rate faced by some mining pools recently. More details on the changes and new features:

Back-end

  1. Added an offline transaction signing function. This function is unavailable through the MVSD GUI; It is only available for createrawtx/ signrawtx/ decoderawtx/ sendrawtx RPC calls.
  2. Accounts are no longer created when users input incorrect mnemonic words.
  3. Network performance optimization.
  4. Users are no longer given a time estimate when using the freezing function. Instead, the period required to unlock one’s deposit is displayed in blocks.
  5. Optimized performance of the getnewaddress RPC call. Irrelevant to the MVSD GUI.
  6. Added “locked_height_range” fields during transaction output of RPC calls to distinguish freezing transactions.
  7. Fixed peer connection problem in the configuration file.
  8. Display transaction message on homepage.

Front-end

  1. Users must now type in their backup words (mnemonic passphrase) upon registration to confirm that they have made a backup.

  2. Fixed WebSocket in the “advanced” function on the Internet Explorer browser.

  3. Optimized the UI.

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Metaverse Light wallet Thai Language version is live

Metaverse light wallet v0.1.1, Beta Decay, is now available in Thai. We are very happy about the first community contribution to the light wallet. With the help of Vorapoap and Kunchai, Thai users can now use the light wallet in their mother tongue.

Adding support for multiple languages on the Metaverse light wallet is always welcome and encouraged. If you are interested in translating the wallet UI into your own language or adding features, join our community at: https://github.com/mvs-org/lightwallet

You may also join our Discord at: https://discordapp.com/invite/ubgMRts

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Metaverse Light Wallet — 0.1.1 Beta decay is live

tX9t3aE - Metaverse Light Wallet --- 0.1.1 Beta decay is live

The Metaverse Light Wallet 0.01 alpha centauri version has been live for two weeks and has garnered positive responses since its launch. During this period of time, the team noted the importance of the deposit function, which was strongly called for by users. Therefore, we have added this feature into the beta decay version of the light wallet.

From now on, you can access this feature on the light wallet. To try it out, please visit the light wallet at:https://www.myetpwallet.com

Please note that you may have to wait for several seconds for a deposit transaction to be recorded in a block after you have completed a deposit operation.

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November Roundup

November has passed in a flash, and Christmas is now almost upon us. It has been a bumpy ride for the entire cryptocurrency and blockchain community, due in no small part to the uncertainty surrounding Bitcoin and 2X. Regardless, the Metaverse team has continued to invest a good amount of time overseas this month interacting with other firms in the fintech and blockchain space and has gained invaluable insights along the way. We are extremely encouraged by the raw vitality of the industry, and it spurs us to forge ahead.

This month, research and development efforts for the Metaverse blockchain have been focused on digital identity implementation. A number of complex hurdles have to be considered, including the question of interoperability, zero-knowledge proofs and user-friendliness. We are making progress on these fronts and should be able to release more details soon.

Metaverse has also been active in the community at some of Shanghai’s most well-recognized universities, participating in their annual job fairs as well as events organized by Fudan University’s Blockchain Association. Again, it’s heartening to see so many students challenging themselves and engaging with new technologies. Lastly, the team is aware of community feedback and is continuously working to liaise with exchanges. The negotiation process may be long and winding, but we are confident that we will have good news to share. Thank you all for your support – in the words of John Heywood, nothing is impossible to a willing heart.

Till next month,
The Metaverse Team

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