What is Metaverse.Network & Bit.Country (NEER) and How Does it Work? | KuCoin Crypto Gem Observer

2022/08/29 04:00:00

Talks about the metaverse have taken on a life of their own in recent years. From giant tech companies to regular joes, it seems like everyone is trying to get a piece of the Metaverse pie. However, what if it were possible to build a metaverse you can control without all of the headaches that come with getting the right skills and building one resource at a time?

Imagine launching your metaverse with a narrative that is completely in your control. You could even go ahead and deploy decentralized applications that deliver experiences never before possible with collectibles, smart contracts, and NFTs designed for varying purposes, including e-commerce, gaming, social media, and more.

Well, this is precisely what Bit.Country & Metaverse.Network Pioneer (NEER) is working to facilitate. Metaverse.Network is an L1 blockchain that is being built on Kusama, the canary network of Polkadot and will serve as the foundation for an entire metaverse ecosystem of decentralized applications (DApps). This project is set to be the foundation of space and time in a Web3 world where anyone can develop a metaverse as easily as creating a WordPress site.

What is Metaverse.Network & Bit.Country (NEER)?

Bit.Country Pioneer (NEER) is the first decentralized metaverse application to be built on the Metaverse.Network blockchain. Bit.Country allows users to interact directly with the Metaverse.Network layer 1 blockchain. Using the Bit.Country browser-based app, regular users, and developers can access the blockchain and create metaverses without any technical skills. Metaverse.Network is a Substrate-based blockchain that is custom-made and open for metaverse projects. It is connected as a Parachain to the Kusama relay chain. Bit.Country & Metaverse.Network Pioneer is the canary network and will transition to the Polkadot relay chain when Bit.Country & Metaverse.Network when ready for mainnet launch.

The Metaverse.Network platform on the other hand is an EVM-compatible blockchain containing all the protocols required for developing Metaverses and DApps. Metaverse.Network is a high-performance public blockchain that supports smart contracts, NFTs, and dApps.

How Does It Work？

The Bit.Country & Metaverse.Network project work together to provide users with an easy way to create metaverses and deploy DApps. The Metaverse.Network is the underlying blockchain that provides the protocols required for metaverses and DApps. The Bit.Country app allows regular users and developers to access the Metaverse.Network and create Metaverses without any previous technical knowledge.

At its core, the project aims to drive a community-first approach that will enable Bit.Country & Metaverse.Network to become the Metaverse OS for a new Web3 internet. This will be done by making it easy for anyone to develop a Metaverse and deploy DApps without the need for expensive hardware or hiring skilled developers.

Metaverse.Network utilizes Substrate technology which is the same technology that powers Polkadot and Kusama. It features a low gas fee NPoS consensus mechanism, and a metaverse-specific NFT Standard. Metaverse.Network is also cross-chain enabled allowing it to connect with other blockchains such as Ethereum, Bitcoin, and more.

As an EVM-compatible blockchain, Metaverse.Network can support all Ethereum-based DApps and therefore can run on Solidity. This means that Metaverse.Network can act as a "sidechain" for Ethereum and process transactions at a much faster rate than Ethereum's mainnet. This makes the Metaverse.Network blockchain scalable due to its sharding technology which allows it to process more transactions per second as the ecosystem grows.

Overall, this project is set to be the foundation of space and time in a Web3 internet where anyone can develop a functional, efficient, and affordable metaverse with ease.

Who Created It?

The Bit.Country & Metaverse.Network project is led by a team of experienced blockchain developers and entrepreneurs. The team has a strong vision for the future of the metaverse and is building a community-first approach that will enable Bit.Country & Metaverse.Network to become the foundation for creating metaverses in a Web3 internet.

Metaverse.Network was created by Metaverse Foundation, a non-profit organization based in Singapore. Metaverse Foundation is dedicated to the development of Metaverse and its ecosystem. Formed and officially launched in March 2021, the foundation will also be used to set up grants and bounty programs as incentives for value creation in the Metaverse.Network ecosystem.

What is The NEER Token Used For?

The Bit.Country & Metaverse.Network project uses the NUUM token which is the network's currency, and the NEER token which is similar to NUUM but only useful on Bit.Country Pioneer as a canary network for Metaverse.Network

The NUUM token is used to pay transaction fees on the Metaverse.Network blockchain. This token can be used as the universal currency for purchasing resources such as NFTs and Land Blocks on the Bit.Country marketplace.

The NEER token on the other hand operates on the Bit.Country Pioneer canary network where it operates as a smaller token with the same capabilities as the fully-fledged NUUM token. Users can use this token to test out Metaverse.Network's features and functionality before the mainnet launch.

What Makes It Unique?

The Metaverse.Network & Bit.Country is unique in its approach to the metaverse. While most metaverse projects scramble to create a centralized system, this project has its focus on a community-owned and created network of metaverses and dApps. The project utilizes Substrate technology which is the same technology that powers Polkadot and Kusama.

It features a low gas fee NPoS consensus mechanism, which is optimized for Metaverse applications. In addition, Metaverse.Network will be the first L1 Metaverse blockchain that focuses on providing metaverse as a service (MaaS) and Bit.Country will be the world's first Dapp to facilitate interoperable and functional user built metaverses. The project also has a strong team with members who have worked in various related fields since 2018.

Closing Thoughts

The Bit.Country & Metaverse.Network is unique in many ways. Not only is it the world's first blockchain for Metaverses and DApps, but it is also one of the most ambitious projects in the space. The team behind the project has a clear vision and is working hard to make their vision a reality.

The Metaverse-Foundation has already raised over $20 million and has a strong community backing the project, with big-time industry VC firms such as Animoca Brands, Walsh Wealth Ventures, and Hypersphere Ventures backing the project. The Bit.Country & Metaverse.Network project has the potential to change the game by providing a Metaverse-specific blockchain that is scalable, user-friendly, affordable, and secure.