It seems that 2022 is the year of Metaverse, regardless of where you look, from Facebook changing its name to Meta to Microsoft promising the next generation consoles resembling the likes of Ready Player One.
Almost everyone wants to jump onto that virtual reality bandwagon, and there are good reasons. Not every day can one find a place which amalgamates various things under its umbrella, stretching from gaming, finance, and social media to even political entities and out-of-the-world experiences.
However, a grand vision of this magnitude requires a lot of computational power to sustain such a colossal leviathan.
Until recently, many believed that Ethereum (ETH) – an open-source, decentralised blockchain complete with smart contract functionality – would be the titan to assume the foundation role for the Metaverse’s subsequent development.
But as always, with crypto, other mechanical beasts are ready to strike you from the darkness and steal your crown. As such, MetaCryp (MTCR) is a new crypto project and is already making headlines as expert traders expect it to become a market-leading blockchain.
In the original concept of the Metaverse, anyone can seamlessly transfer data and value across numerous platforms securely, transparently and with maximum speed.
Although much of this vision is already being built on platforms like Ethereum, allowing financial transactions and other forms of experimentation with code, as well as the development of DApps (decentralised applications), there is a pitfall lurking among the deep corners of blockchain networks.
At the moment, Ethereum can not scale to meet the growing demands of the Metaverse (even in its hibernation state).
This process is further complicated because almost 80% of all NFTs are built on the Ethereum blockchain, and nearly 70% of all DeFi DApps, one way or another, are connected to Ethereum (ETH) as well.
Consequently, all the aforementioned factors cause the network’s congestion, resulting in slow transaction speed and notoriously high gas fees. Yes, with the long-anticipated Ethereum upgrade “The Merge,” shifting away from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the problem of speed and costs will be resolved. However, it will take years, maybe even decades, for “The Merge” to achieve its full potential.
In early April 2020, the biggest exchange in the world, Binance, introduced Binance Smart Chain (BSC) to enable DApps development with larger capacity, faster speeds, and lower latency than Ethereum.
While Ethereum is currently using PoW and in the process of transitioning to (PoS), BSC decided to use (PoS), or rather a slightly modified version called Proof of Staked Authority (PoSA).
This effectively means that, unlike many other chains, the transaction fees received by validators come from the existing supply of (BNB), not from freshly-minted BNB.
This makes BNB deflationary, and the Binance team regularly burns a portion of its supply.
According to Binance, burns will continue from the initial maximum supply of 200 million until (BNB) supply reaches 100 million. Overall, even after “The Merge ” arrives, BSC would remain a faster and cheaper alternative.
MetaCryp is an upcoming project that plans to combine Metaverse, NFTs and Play-to-Earn (P2E) gaming under one ecosystem. The range of services it intends to employ is genuinely impressive, considering that it will spawn from different P2E game modes, where players would be able to buy, sell and trade their in-game items represented as NFTs, to almost surreal immersive experiences.
On top of that, players would be able to build their own “bubbles” within the larger Metaverse, where people can meet based on their interests and political views and even lease, sell and trade pieces of land, similar to the Sandbox game, but with more options to earn passive revenue.
The central idea of the MetaCryp Network is to encourage players to compete for the (MTCR) token, in-game assets, or NFTs to make a big bank.
This, in turn, makes the gameplay of MetaCryp Network structured around different gaming activities, causing the accumulation of (MTCR) tokens, which is also a central medium of exchange across the Metaverse. This means that the more (MTCR) tokens you hold, the better you are integrated with the ecosystem.
Ethereum (ETH) is undoubtedly a titan that is not going anywhere. However, with its current limitations (speed and transaction costs), it makes more sense to use alternative blockchains like MetaCryp (MTCR) to build the future of Metaverse, at least for now.
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