Place/Date: - August 9th, 2021 at 10:23 am UTC · 9 min read
Contact: MPC, Source: MPC
With the advent of increasingly powerful computing devices, cloud computing and high bandwidth internet connections, the concept of the Metaverse is becoming a reality.
Already in April of 2020, American singer Travis Scott held a virtual concert in the game Fortnite. Even though the concert lasted only 10 minutes in total, it attracted more than 12 million players, an unbelievable success by offline standards. Participants were able to experience deep sea and space through Metaverse in this concert.
Although this is just a small glimpse into the Metaverse, it’s an eye-opener of what it is all about.
Wikipedia tells us that the Metaverse is “collective virtual shared space including the sum of all virtual worlds, augmented reality and the Internet”. In short, the Metaverse is a virtual world that never sleeps where an unlimited number of people can participate all at once. Supported by a decentralized economic system running non-stop and spanning both the real and digital worlds, Metaverse allows everyone to participate to produce content and receive rewards, ultimately making the real world a more beautiful and more prosperous place.
From the traditional Roblox and Fortnite, Modernizing Park Chain, The Sandbox, to the crypto world of Decentraland, etc., all of these can be classified as Metaverse concepts. However, only one of these resembles the original Metaverse in terms of technology, mechanics and layout. It is the emerging dark horse, Modernizing Park Chain.
Modernizing Park Chain is a next-generation Metaverse public chain platform that uses TBFT Byzantine fault-tolerant consensus (basically a new and better control system which prevents component failures to make whole environments crash) to enhance the speed and scalability of transactions whilst ensuring the security of the system . Thus providing better support for all transactions, authentication, governance, etc. that occur in the Metaverse. Modernizing Park, the first commercial application of the Modernizing Park Chain, is a sandbox game based on the Metaverse concept that combines collecting, building, farming and management, etc.
The Modernizing Park Chain (MPC) stands out among the many Metaverse concepts because of its ten core advantages.
Blockchain technology provides Metaverse with a decentralized liquidation platform and value transfer mechanism to ensure the circulation of virtual assets across platforms. This is a major advantage with regards to the current public chains supporting the Metaverse, where problems such as low transaction efficiency, high costs and reduced security arise from excessive centralization inherent to the immature technology. However, the Metaverse requires an underlying public chain that is specifically tailored for it.
MPC’s original TFBT consensus mechanism, in which each round of consensus decision is divided into five stages: Vote, Proposal, Pre-vote, Pre-submit, and Submit.. The rigor assessment process ensures the community’s acceptance of the voting outcome. The MPC can also choose whether to add more consensus nodes or synchronization nodes according to specific business needs, which greatly enhances scalability and meets the needs of diverse scenarios in the Metaverse.
Like the real world, the Metaverse is constantly evolving and still boasts an infinite growth potential. This process dictates that the Metaverse’s tokenomics cannot be limited to a few single types of token standards, such as FTs (fungible tokens or simply put “money”) for normal currency circulation in the Metaverse, and NFTs (non-fungible tokens or simply put “property titles”) for things like land, houses, artwork, etc.
MPC Supports a wide range of homogeneous and non-homogeneous asset types such as ERC20, ERC721, BEP20, ERC1155 and ERC998, enabling efficient value-exchange within MPC.
MPC can support the on-chain mapping of any data content through links, making NFTs asset-based “entities”. Thus turning virtual goods or services into transactional entities. For example, a landowner in a high-traffic area of the MPC can take advantage of the in-game traffic to advertise real goods or services, or you can map real artwork into the game and earn admission revenue by exhibiting it in an art venue in the Metaverse.
MPC players do not need to worry about the MPC Metaverse discontinuing services or freezing accounts, as the MPC is an open ecosystem, not dominated by any one company or team. This means that no single entity can have absolute dominance over the MPC. The MPC governs the project through the DAO, which creates a trustworthy, transparent, accessible and composable form of organisation that allows players to have a voice in the development of the project and to vote on the future course of the project through proposals.
In a centralized world, players never really own the assets they acquire in the game, but MPC is trying to make this a reality by incorporating NFTs. MPC is a completely user-owned world where players can buy and own virtual land and NFT products. Here land owners have absolute control over their land and players are free to be creative in designing the game’s environment such as land, houses, etc.. The “NFTisation” of in-game assets also ensures that the player has real ownership of the assets.
MPC actively rewards players for their time and effort in playing the game which helps develop its ecosystem. Modernizing Park promotes a variety of playing modes such as collecting, building, farming and management. Players are rewarded with a large amount of tokens for performing a number of daily tasks. Furthermore great bounty awaits for in-game items collected, depending on their scarcity and overall demand?
Unlike in traditional models, all transactions in MPC take place between players only. This means that the vast majority of proceeds from these transactions go to the players themselves.
MPC’s built-in in-game asset trading market allows players to buy and sell items freely, trade with other players and make exchanges for cryptocurrency. As such a proper liquidity is provided and financial incentives are created for in-game assets.
The problem with most Metaverse land or NFT auctions is that average users lack the ability to judge the value of NFTs. Pricing is often determined by certain institutions or senior players, which leads to some NFTs being overpriced or undervalued.
MPC has responded to this problem by proposing a new NFT auction model, in which any bidder whose bid is 10% above the previous bidder’s price before the auction’s end time will automatically receive ownership of that NFT. While 5% of the 10% premium will be paid to the original holder of the NFT, 5% will automatically go into the auction reward pool and when the auction ends, the last bidder will receive 50% of the reward pool and the other 50% will be distributed to the other users who participated in the auction.
This design allows all NFTs to have a natural automatic bidding mechanism, to increase the liquidity of the asset and to rapidly achieve ownership of the value. This model ensures players are more willing to participate and that they will profit more handsomely.
For landowners, MPC offers a variety of means to be profitable Users may use their property to deploy games, lease the land, plan exhibitions, charge admission fees, rent out billboards, etc.
MPC tokens serve as the only currency within the Modernizing Park Chain ecosystem, allowing users to participate in game activities, purchase in-app services and pay related fees. To enable MPC holders to enjoy the dividends of their share in the MPC-project, MPC has set up the AS-DEFI fund, which allows players to join the fund and receive a stable lock-in income.
Unlike traditional stake-holding, the AS-DEFI fund incorporates a penalty mechanism whereby users will be charged a 10% fee when they withdraw from the pool after staking funds to it. From this fee 4% will be rewarded to other ‘loyal users’ in the pool and 4% will be injected into MPC’s trading pool to achieve self-growth of liquidity. The remaining 2% will be directly burned, thus creating an economic model of MPC deflation.
For example, if a user deposits assets early and the funds are placed in the staking pool for a longer period of time, during which a large number of transactions occur for other users, then assets will probably be more valuable when withdrawn than the time they were deposited.
There is a line in the movie Top Gun – “The only thing that limits you here is your own imagination” – which accurately describes the potential of the Metaverse. The Metaverse is not just about providing players with a sensory experience, but also aims to build a virtual society, an economy, etc. MPC is currently creating a virtual world, where each user will have an avatar around which an exciting life in the virtual world can be built alongside the real world.
Imagine yourself going to work in the MPC office during the day, after which you can go relaxing in the gaming area or go see the occasional concert or visit a painting exhibition for your digital art collection or go shopping without the hassle of browsing a website. The Metaverse offers only the most realistic and diverse range of experience and services. All of this without even leaving your home.
If the Metaverse were built on the MPC, then all the joys about the way we live, socialize, work and play in the real world could be reimagined virtually. Even more, all the ideas and good things people have in mind for the Metaverse can be realized with the MPC.
MPC (Modernizing Park Chain) aims to build a new high-performance, highly trusted, secure public blockchain that helps developers, game enthusiasts, artists, and KOLs easily create valuable content on the blockchain. At the same time, they can interact with anyone to generate revenue and ultimately drive large-scale adoption. MPC achieves this by supporting NFT, AR, VR, and IOT. By using TBFT Byzantine fault-tolerant Consensus, MPC improves the speed and scalability of the system to process transactions and ensure system security.