Bitcoin Based MetaID Set to Transform into a Web3 Platform

Bitcoin based MetaID

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MetaID: Transforming Bitcoin Based MetaID into a Web3 Platform

With the ambitious aim of creating Web3 fully on Bitcoin, a new Bitcoin based MetaID has lately been published. The MetaID creators feel that Bitcoin is the best-fit carrier for Web3. From the history of the protocol and the release of related infrastructure, it seems that they have been planning for this protocol for a long time, even if this may look like an ambitious aim. There aren’t many Web3 apps operating on Bitcoin based MetaID protocol already.

MetaID is the first design, especially for creating Bitcoin Web3 applications. Here’s an easy illustration: Imagine a distributed form of X.com and Telegram developed on Bitcoin leveraging MetaID. These apps might connect effortlessly with MetaID, so you could DM a Telegram user straight from your X account. The best thing is that Bitcoin’s network protects your data, so no central authority can delete your information or forbid your account. Although many people consider Bitcoin to be only digital gold, they think it has possibilities beyond that. The ideal basis for Web3 apps is Bitcoin’s UTXO design and capacity to save data on-chain.

Innovative Features and Infrastructure of MetaID

MetaID differs most from previous systems because it uses “people” as the classification system and arranges dispersed on-chain data into tree-like structures. While MetaID data is like piles of ordered construction materials categorized by “people,” data from other systems is like scattered stones and bricks; this makes it simple for them to create skyscrapers. MetaID also brings declarative change, deletion, concealing, and data privacy handling models. These data processing features are absolutely what other protocols lack, and they are absolutely necessary for the creation of major Web3 applications.

MetaID is not a new protocol developed in 2024.  Based on the MetaNet protocol, the first MetaID edition was published in April 2020 and has about 4 years of development in progress. MetaID had already gathered over 170,000 users and more than 21 million transactions, with more than 10 MetaID apps running at their height before the v2 release.

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They have worked a lot for MetaID v2 over the past year. It has been rather difficult for them. Fortunately, the fundamental protocol is already complete, and theoretically, they could begin creating Web3 apps on Bitcoin right now. Having only the protocol is insufficient, though. They have, therefore also developed a lot of infrastructure, like MetaID dev SDKs and open-source MetaID indexer. Their present efforts mostly center on providing cross-chain capability and launching MRC20, a MetaID asset issuing system.

 

MetaID: Transforming Bitcoin Based MetaID into a Web3 Platform
MetaID: Transforming Bitcoin Based MetaID into a Web3 Platform

The most fundamental idea in MetaID and the smallest data unit is PIN. Every PIN is like a Lego brick; several Web3 apps can be created by combining several PINs. Every PIN etched is an NFT with introduced features, including creator, holder, modification, deletion, concealing, encryption, and a POP value for value assessment. PINs allow different complex Web3 apps and DataFi apps to be developed.

Turning data into NFT is fascinating. Inspired by the Ordinal theory and the coloured coin concept, where the name and colour of every satoshi on the Bitcoin network as a piece of on-chain data, a satoshi is atomic, indivisible, and freely disseminated since it is the smallest unit used in the Bitcoin network. In MetaID, all data is a satoshi and an NFT.

Following Notes

While MetaID faces significant challenges, particularly in gaining broad-based developer adoption, its innovative approach and strong foundational principles position it as a promising contender in the Web3 space. As the ecosystem evolves, MetaID’s success will likely hinge on its ability to demonstrate tangible benefits and compelling use cases that resonate with developers and end-users. If successful, MetaID could play a pivotal role in shaping the future of decentralized applications and further solidifying Bitcoin’s place in the Web3 landscape.

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Salar Khan is a seasoned writer with over five years of experience, specializing in the dynamic disciplines of fintech and cryptocurrency. Salar is renowned for his insightful analyses and captivating content, which he employs to simplify intricate subjects into compelling narratives. He has established a reputation for reliability and expertise as a result of his work being featured in prominent industry publications. Salar is committed to producing high-quality, impactful writing that keeps readers informed and ahead of the curve, whether it is uncovering the most recent blockchain advancements or demystifying financial technologies.
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