Introduction – What is MetaMUI?
The team identifies the MetaMUI blockchain as a fourth generation blockchain. MetaMUI is a blockchain designed primarily for Central Bank Digital Currencies (CBDCs).This CBDC blockchain design aims to program dynamic interest and taxation rates on CBCDs, all of which runs on MetaMUI. Furthermore, the MetaMUI blockchain allows for the dynamic generation of tokens, enabling central banks to leverage MetaMUI’s high flexibility while also preventing blockchain sharing through the use of chain code execution.
Blockchain sharing has been a common practice across the cryptocurrency space since the release of Ethereum. With ERC20 tokens, people from across the globe can build a cryptocurrency on the Ethereum blockchain. However, blockchain sharing is a major roadblock in the creation of CBDCs.
Currently, the cryptocurrency market has numerous fiat-backed cryptocurrencies built on various blockchains, as shown below.
|US Dollar Tether||USDT||Ethereum|
|US Dollar Coin||USDC||Ethereum|
|Binance US Dollar||BUSD||Binance Smart Chain|
However, there are numerous issues from a national standpoint for building a CBDC on a decentralized Layer 1 solution such as Ethereum or Solana.
Firstly, a CBDC built on an L1 blockchain could likely handle the throughput of a small nation state. However, if a worldwide nation state currency such as the US Dollar was to be handled in the same manner, it would likely cause a backlog of transactions. Therefore, for the US dollar to exist on a layer 1 blockchain, immense scalability would be required, and that has yet to be achieved.Consequently, this may potentially lead to nations favoring the use of a CBDC on a L1 blockchain, given its convenience and efficiency in a digital setting.
In addition to all this, blockchain sharing that involves tracking all CBDCs on an individual blockchain would be viewed as a security concern by nation states.
How could MetaMUI appeal to nation states?
Should a nation state wish to launch a CBDC on the MetaMUI blockchain, each newly created central bank digital currency would have its own blockchain, annihilating the idea of blockchain sharing. Additionally, the potential scalability issues of launching on a third generation blockchain would be solved. This is due to an extremely high level of scalability, enabled through MetaMUI’s offline mobile payment node and hybrid CBDC solution.
The MetaMUI hybrid CBDC approach
MetaMUI utilizes a hybrid architecture, utilizing different designs for varying payment volumes. With micropayments, MetaMUI deploys a centralized architecture with increased speed. With high volume payments, MetaMUI relies on a decentralized architecture.
MetaMUI claims that this hybrid approach will allow for transaction speeds similar to current debit and credit cards.
Other than CBDC creation, what else does MetaMUI provide?
Currently, if you lose your wallet’s private keys, you also lose your NFTs. However, with MetaMUI, users can create NFTs that allow a function dubbed identity binding, which replaces private keys with identity verification. This could theoretically result in a drastic reduction of lost NFTs caused by private key mismanagement and theft of stolen private keys.
Currently, the primary competitor of MetaMUI NFTs is VIDT.
- Cross border payments
CBDCs built on MetaMUI are interoperable, allowing for cross border payments of central bank digital currencies. MetaMUI faces significant competition in the cross border payments sector from entities that are active within the cryptocurrency market – Ripple and Stellar – and firms belonging to the traditional finance sector -WU and M Pesa.
- Digital Stock Exchange on MetaMUI
MetaMUI will allow for the listing of stocks, futures, ETFs, etc. There are currently multiple cryptocurrency projects offering synthetic assets such as Mirror, Synthetix and Fabric. MetaMUI DSE will allow for asset tokenization, automatic taxation, and tokenization of intellectual property rights.
MetaMUI clearly has ambitious plans with numerous proposed platform and blockchain features. Additionally, with a suggested TPS of 1,000,000, should the MetaMUI team build what is proposed to the standard suggested, MetaMUI could be a commonly understood project within the crypto world.
MetaMUI’s native token MMUI is the utility token of the MetaMUI blockchain. The primary purpose of the cryptocurrency is for the following:
- CBDC creation deposits
- Yearly MMUI fee
- Basic income chain requires deposit
- Public key registration fees
- Network fees
As shown above, MMUI is a crucial element of the MetaMUI system.
MMUI price history
At the time of writing, MMUI is trading at $0.74 USD. Before reaching its current price, MMUI witnessed a token price surge between late July-August, appreciating in value from $0.19 USD to $0.88 USD. Since $0.88 USD was reached, MMUI has seen its token price stagnate.
MMUI / USDT chart
MMUI / ETH vs BTC
Despite price stagnation, MMUI has outperformed ETH and BTC since July 2021, as shown below.
MMUI / ETH & MMUI / BTC chart
Currently, a full technical analysis on MMUI is not possible and would be ineffective. This is due to the cryptocurrency’s relative infancy and low market capitalization.
MetaMUI is attempting to revolutionize the CBDC sector with its hybrid approach. However, onboarding nation states onto the MetaMUI blockchain will be an extremely difficult challenge for the network to undergo. In order to achieve its goal, MetaMUI will have to rival established cryptocurrency veterans such as Stellar and Ripple during potential onboarding sessions with nation states for the creation of CBDCs. The team will attempt to do this with an unproven blockchain which currently does not have a publicly available product.
Should MetaMUI achieve what it has set out to do, MMUI should witness hyperbolic price action over the coming years.
If you want to trade MMUI, place your trade on AAX now.
MMUI / AAX