The two terms metaverse and blockchain are often used in conjunction with one another. Many people confuse their meanings or think they're the same thing; however, blockchain technology and the metaverse are actually very different things with entirely different uses and applications in the world of cryptocurrency and digital assets. The purpose of this article is to explain the difference between these two concepts, as well as what each one actually is, so that you can better understand how they relate to one another.

What's the difference between metaverse technology and blockchain technology?

What's the difference between metaverse technology and blockchain technology?

A brief introduction to the Metaverse

The Metaverse is a name given to the collective virtual universes that exist within computer networks. These computer networks are run on blockchain technology, essentially allowing users to have complete control over their digital assets. To date, there have been thousands of blockchains created with more being launched every day. It’s difficult to tell them apart so Metaverse team has decided to give each blockchain its own identity by calling it a universe (or universe). Therefore, you’ll hear us use words like Metaverse and blockchain interchangeably because they basically mean the same thing: A digital ledger that cannot be altered except by consensus. This ledger is unique for each universe which makes it tamper proof.

Metaverse vs. Blockchain

Blockchain technology is a digital database that stores information on every transaction ever made, accessible to everyone on Earth. There are many different kinds of blockchains, but they all have one thing in common: they're built on top of blockchain technology. The Metaverse is a blockchain network with similar features. Both blockchain networks facilitate peer-to-peer (P2P) transactions and digital asset exchange. However, they differ greatly in terms of scalability, security, consensus algorithms and platform structure. Check out our table below for more detail!

Metaverse advantages

Metaverse is a decentralized open platform of smart properties, digital identities and intermediaries. It integrates blockchain technology with digital assets, digital identity and Oracle oracles in order to realize humanity’s collaborative future. Metaverse team members are from leading software development companies such as Bloq, Oracle, Accenture or Microsoft which means that our interests are all aligned with creating a healthy ecosystem rather than undermining it for short term financial gain. Our aim is to use Blockchain to create something more valuable than today’s internet applications by using new breakthrough concepts such as artificial intelligence, big data analysis and blockchains. We hope to pioneer a way in which smart properties can be used on any blockchain without having to start over when another one emerges.

How are blockchain and metaverse connected?

It is said that Ethereum, which Blockchain is a general term of virtual currency, the blockchain itself can also be used in many industries outside of virtual currencies such as digital content distributed data storage and verification system. It has been widely used on our Internet ecosystem. Metaverse (MVS) is an open-source public blockchain that offers peer-to-peer capabilities with smart contract functionality through an autonomous agent within its network. Users are able to exchange their digital assets or applications with other users without centralized intermediaries. The MVS blockchain utilizes an underlying technology known as Delayed Proof of Work (dPoW), which uses Bitcoin’s hashrate to secure its own network.

What is metaverse and blockchain?

Metaverse is a project that strives to create an open-source network where various virtual universes exist and are freely accessible. Metaverse uses blockchain technology in order to record ownership of digital assets, which includes a broad spectrum of values such as characters, props, plot of land, or special powers. All transactions within Metaverse will be based on smart contracts that connect your blockchain address with your avatar’s identity. The goal is to provide users with complete digital freedom by allowing them to have absolute control over their digital assets without having any third parties interfere.

What technology is used in metaverse?

What Is Blockchain Technology? Metaverse is a blockchain-based digital asset service based in China that aims to serve both small and large enterprises with a variety of blockchain services. It’s also one of China’s largest digital currency trading platforms. Basically, it’s where you can exchange various digital assets, convert currencies or trade tokens that are based on blockchain technology. If you want to learn more about blockchain technology and how it works, check out our primer on What Is Blockchain Technology?. There are multiple types of blockchains: public blockchains (like bitcoin), private blockchains (like Hyperledger) or even consortium chains that exist within an industry but aren't open to anyone outside of it.

What is difference between web3 and metaverse?

同为比特币开发项目, 虽然二者名字不同, 但都属于区块链资产托管平台。在区别之处, Metaverse is a fork of Ethereum codebase like Etherum, while web3 is a complete set of libraries which allows you to make calls to a variety of different blockchain providers. The two frameworks are designed for different audiences: Web3 targets developers who want to access multiple blockchain providers from their apps. It also helps you interact with decentralized applications (dapps) running on these blockchains.