Metadium 2.2
Metadium has completed version 1.0 and successfully built the initial ecosystem, gaining valuable experience. Subsequently, efforts have been made to announce version 2.0 and progress towards establishing the technical foundation to support the ecosystem. Various policies and technical mechanisms have been considered throughout these efforts, and overcoming numerous variables during the development and testing process was necessary.
Based on our experience and feedback thus far, we have laid the groundwork for how Metadium will build and advance a better ecosystem through version 2.0. Having completed all preparations for a new leap forward, we are pleased to announce the whitepaper to convey gratitude for past achievements and a new mindset for moving forward to the many who have been watching Metadium.
Legal Disclaimer
Please read this entire section carefully. If you are in any doubt as to the action you should take, please consult your legal, financial, tax or other professional advisor(s).
1.1 Legal Statement
(a) This whitepaper (“White Paper”), in its current form, is circulated for general information purposes only in relation to the Metadium Blockchain project as presently conceived and is subject to review and revision. Please note that this Whitepaper is a work in progress and the information in this Whitepaper is current only as of the date on the cover hereof. Thereafter, the information, including information concerning Metadium Technology, Inc. (“Metadium") business operations and financial condition, may have changed. We reserve the right to update the Whitepaper from time to time.
(b) No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the META tokens (as defined below) and no payment is to be accepted on the basis of this Whitepaper. Any sale and purchase of the META tokens will be governed by a legally binding agreement, the details of which will be made available separately from this Whitepaper. In the event of any inconsistencies between the above mentioned agreement and this Whitepaper, the former shall prevail.
(c) This Whitepaper does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer by the issuer/distributor/vendor of the META tokens to purchase any META tokens nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision.
(d) The META Tokens are not intended to constitute securities, units in a business trust, or units in a collective investment scheme, each as defined under the Securities and Futures Act (Cap. 289) of Singapore, or its equivalent in any other jurisdiction. Accordingly, this Whitepaper therefore, does not, and is not intended to, constitute a prospectus, profile statement, or offer document of any sort, and should not be construed as an offer of securities of any form, units in a business trust, units in a collective investment scheme or any other form of investment, or a solicitation for any form of investment in any jurisdiction.
(e) No META token should be construed, interpreted, classified or treated as enabling, or according any opportunity to, purchasers to participate in or receive profits, income, or other payments or returns arising from or in connection with the Metadium platform, META tokens, or products, or to receive sums paid out of such profits, income, or other payments or returns.
(f) This Whitepaper and any part hereof may not be reproduced, distributed or otherwise disseminated in any jurisdiction where offering tokens in the manner set out this Whitepaper is regulated or prohibited.
(g) No regulatory authority has reviewed, examined or approved of any of the information set out in this Whitepaper. No such action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication, distribution or dissemination of this Whitepaper does not imply that the applicable laws, regulatory requirements or rules have been complied with.
1.2 Restrictions on Distribution and Dissemination
(a) The distribution or dissemination of this Whitepaper or any part thereof may be prohibited or restricted by the laws or regulatory requirements of any jurisdiction. In the case where any restriction applies, you are to inform yourself about, to obtain legal and other relevant advice on, and to observe, any restrictions which are applicable to your possession of this Whitepaper or such part thereof (as the case may be) at your own expense and without liability to Metadium or its representatives, agents, and related companies (including CP Labs) (“Affiliates”).
(b) Persons to whom a copy of this Whitepaper has been distributed or disseminated, provided access to or who otherwise have the Whitepaper in their possession shall not circulate it to any other persons, reproduce or otherwise distribute this Whitepaper or any information contained herein for any purpose whatsoever nor permit or cause the same to occur.
1.3 Disclaimer of Liability
(a) The META Tokens and related services provided by Metadium and its Affiliates are provided on an “as is” and “as available” basis. Metadium and its Affiliates do not grant any warranties or make any representation, express or implied or otherwise, as to the accessibility, quality, suitability, accuracy, adequacy, or completeness of the META Tokens or any related services provided by Metadium and its Affiliates, and expressly disclaim any liability for errors, delays, or omissions in, or for any action taken in reliance on, the META Tokens and related services provided by Metadium and it Affiliates.
(b) Metadium and its Affiliates do not make or purport to make, and hereby disclaim, any representation, warranty or undertaking in any form whatsoever to any entity or person, including any representation, warranty or undertaking in relation to the truth, accuracy and completeness of any of the information set out in this Whitepaper.
(c) To the maximum extent permitted by the applicable laws and regulations, Metadium and its Affiliates shall not be liable for any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue, income or profits, and loss of use or data), arising out of or in connection with any acceptance of or reliance on this Whitepaper or any part thereof by you.
1.4 Cautionary Note on Forward-Looking Statements
(a) Certain information set forth in this Whitepaper includes forward-looking information regarding the future of the project, future events and projections. These statements are not statements of historical fact and may be identified by but not limited to words and phrases such as “will”, “estimate”, “believe”, “expect”, “project”, “anticipate”, or words of similar meaning. Such forward-looking statements are also included in other publicly available materials such as presentations, interviews, videos etc. information contained in this Whitepaper constitutes forward-looking statements including but not limited to future results, performance, or achievements of Metadium or its Affiliates.
(b) The forward-looking statements involve a variety of risks and uncertainties. These statements are not guarantees of future performance and no undue reliance should be placed on them. Should any of these risks or uncertainties materialise, the actual performance and progress of Metadium or its Affiliates might differ from expectations set by the forward-looking statements. Metadium or its Affiliates undertake no obligation to update forward-looking statements should there be any change in circumstances. By acting upon forward-looking information received from this Whitepaper, Metadium or its Affiliates’ website and other materials produced by Metadium or its Affiliates, you personally bear full responsibility in the event where the forward-looking statements do not materialise.
(c) As of the date of this White Paper, the Metadium platform has not been completed and is not fully operational. Any description pertaining to and regarding the Metadium platform is made on the basis that the Metadium platform will be completed and be fully operational. However, this paragraph shall in no way be construed as providing any form of guarantee or assurance that the Metadium platform will eventually be completed or be fully operational.
1.5 Potential Risks
By purchasing, holding and using the META Tokens, you expressly acknowledge and assume the risks set out in this section. If any of these risks and uncertainties develops into actual events, the business, financial condition, results of operations and prospects of Metadium or its Affiliates may be materially and adversely affected. In such cases, you may lose all or part of the value of the META Token. Such risks include but are not limited to the following.
1.5.1 Absence of a public or secondary market for the META tokens
(a) The META Tokens are intended to be native tokens to be used on the Metadium platform, and Metadium and its Affiliates have not and may not actively facilitate any secondary trading or external trading of META Tokens. In addition, there is and has been no public market for the META Tokens and the META Tokens are not traded, whether on any cryptocurrency exchange or otherwise. In the event that the META Tokens are traded on a cryptocurrency exchange, there is no assurance that an active or liquid trading market for the META Tokens will develop or if developed, be sustained. There is also no assurance that the market price of the META Tokens will not decline below the amount paid for the META Tokens, which is not indicative of such market price.
(b) A META Token is not a currency issued by any central bank or national, supranational or quasi-national organisation, nor is it backed by any hard assets or other credit. Metadium and its Affiliates are not responsible for nor do they pursue the circulation and trading of the META Tokens on the market. Trading of the META Tokens merely depends on the consensus on its value between the relevant market participants, and no one is obliged to acquire any META Token from any holder of the META Token, including the purchasers of the META Tokens, nor does anyone guarantee the liquidity or market price of the META Tokens to any extent at any time. Accordingly, Metadium and its Affiliates cannot ensure that there will be any demand or market for the META Tokens, or that the price upon which the META Tokens were purchased is indicative of the market price of the META Tokens if they are made available for trading on a cryptocurrency exchange.
1.5.2 Limited availability of sufficient information
The Metadium platform is still at an early development phase as of the date of this White Paper. Its governance structure, purpose, consensus mechanism, algorithm, code, infrastructure design and other technical specifications and parameters may be updated and changed frequently without notice. While the White Paper contains the key information currently available in relation to the Metadium platform, it is subject to adjustments and updates from time to time, as announced on Metadium’s website (the “Website”). Purchasers will not have full access to all the information relevant to the META Tokens and/or the Metadium platform. Nevertheless, it is anticipated that significant milestones and progress reports will be announced on the Website.
1.5.3 Exposure to theft risk of digital assets raised through META token sales
Whilst Metadium and its Affiliates will make every effort to ensure that the ETH and other digital assets received from the sale of META Tokens are securely held through the implementation of security measures, there is no assurance that there will be no theft of the cryptocurrencies as a result of hacks, mining attacks, sophisticated cyber-attacks, distributed denials of service or errors, vulnerabilities or defects on such blockchain addresses, the Ethereum Blockchain, or any other blockchains, or otherwise. Such events may include, for example, flaws in programming or source code leading to exploitation or abuse thereof. In such event, even if the sale of META Tokens is completed, Metadium and its Affiliates may not be able to receive the cryptocurrencies raised and Metadium and its Affiliates may not be able to utilise such funds for the development of the Metadium platform, and the launch of the Metadium platform might be temporarily or permanently curtailed. As such, the issued META Tokens may hold little worth or value. The META Tokens are uninsured, unless you specifically obtain private insurance to insure them. In the event of any loss or loss of value of the META Tokens, you may have no recourse.
1.5.4 Inaccessibility of digital assets due to blockchain address corruption
The blockchain address(es) are designed to be secured. However, in the event that the blockchain address(es) for the receipt of payments for the META Tokens or otherwise are, for any reason, compromised (including but not limited to scenarios of the loss of keys to such blockchain address(es), the funds held at such blockchain address(es) may not be able to be retrieved and disbursed, and may be permanently unrecoverable. In such event, even if the sale of the META Tokens is successful, Metadium and its Affiliates will not be able to receive the funds raised and Metadium and its Affiliates will not be able to utilise such funds for the development of the Metadium platform, and the implementation of the Metadium platform might be temporarily or permanently curtailed. As such, distributed META Tokens may hold little worth or value.
1.5.5 The impossibility of guaranteeing the success of the Metadium platform, as well as the potential cessation of development, release, and operation of the platform by both Metadium and its affiliates
(a) The value of, and demand for, the META Tokens hinges heavily on the performance of the Metadium Platform. There is no assurance that the Metadium Platform will gain traction after its launch and achieve any commercial success. The Metadium Platform has not been fully developed, finalised and integrated and is subject to further changes, updates and adjustments prior to its launch. Such changes may result in unexpected and unforeseen effects on its projected appeal to users, and hence impact its success. There are no guarantees that the process for creating the META Tokens will be uninterrupted or error-free.
(b) While Metadium has made every effort to provide a realistic estimate, there is also no assurance that the cryptocurrencies raised in the sale of META Tokens will be sufficient for the development and integration of the Metadium platform. For the foregoing or any other reason, the development and integration of the Metadium platform may not be completed and there is no assurance that its systems, protocols or products will be launched at all. As such, distributed META Tokens may hold little or no worth or value.
(c) Additional reasons which may result in the termination of the development, launch or operation of the Metadium platform includes, but is not limited to, an unfavourable fluctuation in the value of cryptographic and fiat currencies, the inability of Metadium and its Affiliates to establish the Metadium platform or the META Tokens’ utility or to resolve technical problems and issues faced in relation to the development or operation of the Metadium platform or the META Token, the failure of commercial relationships, intellectual property disputes during development or operation, and changes in the future capital needs of Metadium or its Affiliates and the availability of financing and capital to fund such needs. For the aforesaid and other reasons, the Metadium platform may no longer be a viable project and may be dissolved or simply not launched, negatively impacting the Metadium platform and the potential utility and value of the META Tokens.
1.5.6 Impact on META token value due to insufficient demand for the Metadium platform and services provided
(a) There is a risk that upon launching of the Metadium platform, there is a lack of interest from consumers, merchants, advertisers, and other key participants for the Metadium platform and the Services, and that there may be limited interest and therefore use of the Metadium platform and the META Tokens. Such a lack of interest could impact the operation of the Metadium platform and the uses or potential value of the META Tokens.
(b) There is a risk of competition from alternative platforms that may have been established, or even from existing businesses which would target any segment of the potential users of the Metadium platform fulfilling similar demands, e.g. Facebook or other corporations targeting advertisers seeking purchase consumer data and market analysis. Therefore, in the event that the competition results in a lack of interest and demand for the Metadium platform, the Services and the Tokens, the operation of the Metadium platform and the value of the Tokens may be negatively impacted.
1.5.7 Various risks that Metadium and its affiliates may experience
(a) Metadium and its Affiliates are unable to anticipate or detect when there would be occurrences of hacks, cyber-attacks, mining attacks (including but not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks), distributed denials of service or errors, vulnerabilities or defects in the Metadium platform, the Tokens, the Purchaser Wallet or any technology (including but not limited to smart contract technology) on which Metadium, its Affiliates, the Metadium platform, the META Tokens, the Purchaser Wallet rely or on the Ethereum Blockchain or any other blockchain. Such events may include, for example, flaws in programming or source code leading to exploitation or abuse thereof. Metadium and its Affiliates may not be able to detect such issues in a timely manner, and may not have sufficient resources to efficiently cope with multiple service incidents happening simultaneously or in rapid succession.
(b) Although Metadium and its Affiliates will be taking steps against malicious attacks on its appliances or its infrastructure, which are critical for the maintenance of the Metadium platform and its other services, there can be no assurance that cyber-attacks, such as distributed denials of service, will not be attempted in the future, and that any of such security measures will be effective. Any significant breach of security measures or other disruptions resulting in a compromise of the usability, stability and security of Metadium and its Affiliates’ network or services, including the Metadium platform.
1.5.8 Irrecoverability of payment amount
Except as provided under these Terms or prescribed by applicable laws and regulations, Metadium is not obliged to provide you with a refund of the Payment Amount. No promises of future performance or price are or will be made in respect to the META Tokens, including promises of inherent value or continuing payments, and there is no guarantee that the META Tokens will hold any particular value. Therefore, the recovery of the Payment Amount may be impossible or may be subject to applicable laws and regulations.
1.5.9 Adverse legal or tax implications resulting from the purchase, distribution and use of META tokens
(a) The legal character of cryptocurrency and cryptographic assets remain uncertain. There is a risk that the META Tokens may be considered securities in certain jurisdictions, or may be considered to be securities in certain jurisdictions in the future. Metadium and its Affiliate does not provide any warranty or guarantee as to how the META Tokens will be classified, and each purchaser will bear all consequences of the META Tokens being considered securities in their respective jurisdictions, and bear the responsibility of the legality, use and transfer of the Tokens in the relevant jurisdictions.
(b) Further, the tax treatment of the acquisition or disposal of such cryptocurrency or cryptographic assets might depend on whether they are classified as securities, assets, currency or otherwise. As the tax characterisation of the META Tokens remains indeterminate, you must seek your own tax advice in connection with the purchase of the META Tokens, which may result in adverse tax consequences or tax reporting requirements for you.
1.5.10 Impact of access and ownership of META tokens due to loss or breach of information related to buyer wallets and Metadium platform IDs
There is a risk that you may lose access to and possession of the META Tokens permanently due to loss of unique personal ID created in the Metadium platform, the Metadium platform ID, and other identification information, loss of requisite private key(s) associated with the Purchaser Wallet or vault storing the META Tokens or any other kind of custodial or purchaser errors.
1.5.11 Transaction delays and losses due to blockchain congestion
Most blockchains used for cryptocurrency transactions (e.g. Ethereum) are prone to periodic congestion during which transactions can be delayed or lost. Individuals may also intentionally spam the network in an attempt to gain an advantage in purchasing cryptographic tokens. This may result in a situation where block producers may not include your purchase of the META Tokens when you intend to transact, or your transaction may not be included at all.
1.5.12 Risks of collecting personal information
As part of the Restricted Public Sale, the verification processes and the subsequent operation of the Metadium platform, Metadium may collect personal information from you. The collection of such information is subject to applicable laws and regulations. All information collected will be used for purposes of the Restricted Public Sale and operations of the Metadium platform, thus it may be transferred to contractors, service providers and consultants worldwide as appointed by Metadium. Apart from external compromises, Metadium and its appointed entities may also suffer from internal security breaches whereby their employees may misappropriate, misplace or lose personal information of purchasers. Metadium may be required to expend significant financial resources to alleviate problems caused by any breaches or losses, settle fines and resolve inquiries from regulatory or government authorities. Any information breaches or losses will also damage Metadium’s reputations, thereby harming its long-term prospects.
1.5.13 Impact of global market and economic conditions
(a) Metadium and its Affiliates could be affected by general global economic and market conditions. Challenging economic conditions worldwide have from time to time, contributed, and may continue to contribute, to slowdowns in the information technology industry at large. Weakness in the economy may have a negative effect on Metadium and its Affiliates’ business strategies, results of operations and prospects.
(b) Suppliers on which Metadium platform relies for servers, bandwidth, location and other services could also be negatively impacted by economic conditions that, in turn, could have a negative impact on Metadium and its Affiliates’ operations or expenses. Additionally, in a down-cycle economic environment, Metadium and its Affiliates may experience the negative effects of a slowdown in commerce and usage of the Metadium platform, whereby there is less activity or usage by merchants and consumers purchasing or selling goods and services, and advertisers in terms of processing data and targeting consumers.
(c) There can be no assurance, therefore, that current economic conditions or worsening economic conditions or a prolonged or recurring recession will not have a significant adverse impact on Metadium and its Affiliates’ business strategies, results of operations and prospects and hence the Metadium platform, which may in turn impact the value of the META Tokens.
1.5.14 Blockchain regulation uncertainty
(a) Regulation of the META Tokens, the offer and sale of META Tokens, cryptocurrencies, blockchain technologies, and cryptocurrency exchanges is currently undeveloped or underdeveloped and likely to rapidly evolve. Such regulation also varies significantly among different jurisdictions, and is hence subject to significant uncertainty. The various legislative and executive bodies in different jurisdictions may in the future adopt laws, regulations, guidance, or other actions, which may severely impact the development and growth of the Metadium Platform, the adoption and utility of the META Tokens or the issue, offer, and sale of the META Tokens by Metadium. Failure by Metadium and its Affiliates or users of the Metadium Platform and the Services to comply with any laws, rules and regulations, some of which may not exist yet or are subject to interpretation and may be subject to change, could result in a variety of adverse consequences against Metadium and its Affiliates, including civil penalties and fines.
(b) Blockchain networks also face an uncertain regulatory landscape in many foreign jurisdictions. Various jurisdictions may, in the near future, adopt laws, regulations or directives that affect the Metadium platform, and therefore, the value of the META Tokens. Such laws, regulations or directives may directly and negatively impact the operations of Metadium and its Affiliates. The effect of any future regulatory change is impossible to predict, but such change could be substantial and could materially adverse to the development and growth of the Metadium Platform and the adoption and utility of the META Tokens.
(c) To the extent that Metadium and its Affiliates may be required to obtain licences, permits and/or approvals (collectively, the “Regulatory Approvals”) to carry out its business, including that of the creation of the META Tokens and the development and operation of the Metadium platform, but are unable to obtain such Regulatory Approvals or if such Regulatory Approvals are not renewed or revoked for whatever reason by the relevant authorities, the business of Metadium and its Affiliates may be adversely affected.
(d) There is no assurance that more stringent requirements will not be imposed upon Metadium and its Affiliates by the relevant authorities in the future, or that Metadium and its Affiliates will be able to adapt in a timely manner to changing regulatory requirements. These additional or more stringent regulations may restrict Metadium and its Affiliates’ ability to operate its business and Metadium and its Affiliates may face actions for noncompliance if it fails to comply with any of such requirements.
(e) Further, should the costs (financial or otherwise) of complying with such newly implemented regulations exceed a certain threshold, maintaining the Metadium platform may no longer be commercially viable and Metadium and its Affiliates may opt to discontinue the Metadium platform and/or the META Tokens. Further, it is difficult to predict how or whether governments or regulatory authorities may implement any changes to laws and regulations affecting distributed ledger technology and its applications, including the Metadium platform and the META Tokens. Metadium and its Affiliates may also have to cease operations in a jurisdiction that makes it illegal to operate in such jurisdiction, or make it commercially unviable or undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. In scenarios such as the foregoing, the distributed META Tokens may hold little or no worth or value.
1.5.15 Unexpected risks
(a) The sale of the META Tokens and the performance of Metadium, its Affiliates and/or the Metadium platform’s activities may be interrupted, suspended or delayed due to acts of God, natural disasters, wars, terrorist attacks, riots, civil commotions, widespread communicable diseases and other events beyond the control of Metadium and its Affiliates. Such events could also lead to uncertainty in the economic outlook of global markets and there is no assurance that such markets will not be affected, or that recovery from the global financial crisis would continue. In such events, Metadium and its Affiliates’ business strategies, results of operations and outlook may be materially and adversely affected, and the demand for and use of the META Tokens, the Metadium platform and the Services may be materially affected. Further, if an outbreak of such infectious or communicable diseases occurs in any of the countries in which Metadium, its Affiliates, and the participants of the Metadium platform have operations in the future, market sentiment could be adversely affected and this may have a negative impact on the Metadium platform and its community.
(b) Blockchain and cryptocurrencies, including the META Tokens are a relatively new and dynamic technology. In addition to the risks highlighted herein, there are other risks associated with your purchase of, holding and use of the META Tokens, including those that we cannot anticipate. Such risks may further materialise as unanticipated variations or combinations of the risks discussed herein.
1.6 Can’t edit documents
No person has been or is authorised to give any information or representation not contained in this Whitepaper in connection with the META Token, Metadium or its Affiliates and their respective businesses and operations, and, if given.
1.7 Can’t provide advice
No information in this Whitepaper should be considered to be business, legal, financial or tax advice regarding the META Token, Metadium or its Affiliates. You should consult your own legal, financial, tax or other professional advisor(s) regarding the META Token, Metadium or its Affiliates and their respective businesses and operations. You should be aware that you may be required to bear the financial risk of any purchase of META Tokens for an indefinite period of time.
1Summary
Metadium has made various efforts to implement Self-Sovereign identity since the launch of the mainnet. It started with establishing a blockchain-based ID system and has since been working to transcend the centralized identity authentication issues of public institutions and general enterprises by making this solution applicable in various fields. Furthermore, it has transformed the ID system into a decentralized ID-optimized blockchain to be smoothly utilized on the blockchain and has continuously supported policies and designs to support self-sovereign identity stably.
In Metadium 2.0, new policies and technologies are introduced in line with the changing trends of the times. Metadium aims to create innovative services tailored to the new era by introducing the Token Economy to preserve the Metadium ecosystem, expanding the ecosystem through B2G (Business-to-global) business expansion, and lowering the barriers to entry into the blockchain based on various experiences.
Adapting to the rapidly changing trends, Metadium will strive to establish itself as a center of the blockchain industry and continue to create services where blockchain can naturally integrate into more people's lives.
2Overview
In the modern digital age, with the advancement of technology and the increase in various online transactions and services, protecting of users' personal information and digital identity is a significant issue. Methods of proving one's identity, such as real name verification, address verification, account verification, and occupancy verification, are being replaced by non-face-to-face and immediate verification methods. Still, the identity authentication system through large platforms is being accelerated and deepened for convenience. However, the existing centralized identity authentication system has limitations in protecting users' personal information, and new approaches have been required due to security and reliability issues.
Recently, identity verification systems have become more specialized or segmented based on individual characteristics, specific situations, or particular locations, extending from general commerce to public services. Furthermore, blockchain-based ID technologies are being utilized to issue digital identification documents such as resident registration cards and driver's licenses. Moving away from the era of utilizing server-based data, there is a shift towards monetizing data based on identities, creating new added value like NFTs, and participating in the rapidly expanding metaverse, thereby changing the paradigm as rights holders and contributors within ecosystems.
However, blockchain-based services have still associated identity authentication with the characteristic of decentralization and have now reached a stage where protection for users who use blockchain-based services is neglected, and the blame is passed on to the users. As these issues continued, various regulations and laws emerged, and services began to create systems for KYC.
The Metadium blockchain has been persistently tackling the challenge of connecting identity information between the physical and virtual worlds based on self-sovereign identity principles. It has worked to transform centralized identity authentication systems, which have been subject to issues such as hacking and information leaks. These changes are being utilized in various ways, and the Metadium blockchain continues to strive to support the connection of identity information between the physical and virtual worlds.
Metadium uses DID to provide users with a way to directly own and manage their personal data and identity information. This alleviates security and privacy issues that can arise from centralized identity authentication systems and provides users with more control and privacy.
Users store their personal information in a distributed blockchain network and protect it safely using blockchain encryption technology and consensus algorithms. Additionally, users can selectively provide necessary information only when desired, thereby minimizing information exposure during the identity verification process.
The self-sovereign identity of the Metadium blockchain goes beyond personal identity authentication, including digital identity verification, product identifiers (serial numbers, barcodes, RFID), web (URI, URL), DeFi services, online service access, and personal data management, and is globally unique. As an identifier, it can be used in various fields. This approach breaks down the boundaries between reality and the virtual world and helps users use the digital environment more freely and safely.
However, such environments have been confined within a single blockchain ecosystem. Service providers using existing services could feel burdened when integrating blockchain, and existing businesses may need help understanding blockchain technology and concepts, ultimately desiring SDKs to facilitate blockchain adoption. It reflects the constraints arising from the entirely new structure of blockchain operations, such as operating a blockchain directly or the fundamentally different nature of smart contract-based operations compared to traditional services.
Metadium's identity verification aims to expand the ecosystem by organically linking with various dApps to apply a more robust identity verification solution to services. The Metadium team's concern has been focused on how to make it easier for existing service providers to adopt blockchain technology. They realized that more than simply providing an SDK is needed. They recognized that providing access to blockchain-based on easy-to-use UI or languages used in web2 could enable immediate use without the need for the blockchain expertise.
Metadium has been devising ways to make it easier for service providers to use blockchain-based services such as identity verification. It means providing a form of integration where users can seamlessly use existing services without feeling the barrier of blockchain. It is possible to easily access blockchain even in the existing service ecosystem where it is difficult to break away from the limitations of ID/Password. In that case, applying DID-based identity verification processes could enhance security in real-life identity verification.
3Vision
The vision of the Metadium blockchain Identity Layer is to implement a decentralized self-sovereign identity, revolutionizing the management and authentication of users' digital identities. It provides a system where users can directly own and manage their digital identities, securely protecting their personal information and identity data through the blockchain-based Identity Layer without central authorities or intermediaries. Users can selectively share their information only when necessary.
Metadium Blockchain Identity Layer aims to support users to experience safe and effective digital identity authentication in Auth (Authentication), DeFi (Decentralized Finance), and game platforms and to be used in various service fields.
The issuance and verification of identities alone by issuers and verifiers needed to be increased to activate the network, and the demand for fee delegation services, a vital network benefit, was also minimal. Given the remarkable expansion of the NFT and DeFi markets, it was deemed that only by properly utilizing the blockchain as infrastructure optimized for virtual assets could the network be activated and the original purpose of the ecosystem preserved.
for example,
- When paying directly after confirming the target (like disaster relief funds)
- When selling Art NFT
- When operating mileage (or reward program) for a specific service
- When using financial products of DeFi services (discounts, surcharges, etc., under certain conditions)
- Transaction of game items (or NFT, Badge), etc.
- When submitting identity verification to exchanges and financial institutions
- Instant transaction activities based on the real economy, such as STO, CBDC, etc.
Expanding to all cases where identity is combined with asset utilization is possible. However, rather than pursuing new services in Metadium, providing identity authentication to existing services and joining them would be more practical and immediate.
As blockchain develops, damage to virtual assets continues to increase, and accordingly, governments in each country are proposing regulations on blockchain-based services. One of the main points of those regulations is KYC. DID has good conditions for doing KYC on the blockchain. As blockchain-based services are decentralized and transactions are made with anonymity as a guarantee, the damage is directly affecting the users. To resolve this, regulations that guarantee the identity of the transaction organizer are gradually increasing.
- We have experienced several incidents, such as various malicious attacks and service provider rug pulling, and the movement to use illegal funds for money laundering and terrorist financing is also increasing.
- Each country applies anti-money laundering (AML) to virtual asset business operators to ‘confirm the source of funds’ and ‘identify the movement path of funds.’
- In the case of DeFi, which is the most active transaction service among blockchain-based services, it is often used as a means to increase assets through blockchain by allowing users to invest in specific financial products and earn profits.
- Since KYC is a necessary element when DeFi services are classified as a virtual asset business, the expansion of DID services is expected to become the basis for these blockchain-based financial transactions.
Metadium has accumulated a wealth of understanding of the challenges faced by consumers and extensive experience in technological aspects by introducing DID across various technological fields. Furthermore, in pursuit of the B2G (Business-to-global) model, it has tried to enhance trust through improved block verification methods and to facilitate service providers with customized improvements such as allowing fee delegation transactions. Based on these efforts, Metadium aims to expand its ecosystem globally.
Our vision is to prioritize privacy and user-centered services in the digital world. Through the Metadium blockchain Identity Layer, users can freely explore the digital world and possess and manage a reliable digital identity. Through this, we will contribute to improving the innovation and security of blockchain technology and participate in the developing the blockchain ecosystem.
4Identity in Metadium
As authentication methods evolve, traditional approaches have relied on Public Key Infrastructure (PKI) to provide public-key encryption for various forms of communication, including email, messaging applications, and websites. However, most implementations depend on centralized third-party certificate authorities (CAs) to issue, revoke, and store key pairs. External attackers can target these certification authorities to compromise encrypted communications or manipulate identities. Instead, publishing keys on the blockchain theoretically eliminates the risk of fake key propagation (tampering) and allows applications to verify the identities of communication counterparts. Therefore, deploying certificates on the blockchain enables the establishment of secure and trustworthy communication without relying on centralized third-party certification authorities.
Metadium's self-sovereign identity has been developed to support decentralized digital identity and provide a secure next-generation identity. It gradually developed based on the initial Meta ID and has evolved into the DID method.
DID is a new user information management system that aims to return sovereignty over user information to users, moving away from the existing centralized system in which service providers manage control of user information. Users directly own and manage their personal information. The ID system using DID does not transmit personal information during the authentication process for users to use the service but verifies only information about the credentials issued by the issuing agency.
The signature of a DID provides a means to cryptographically verify the DID document, proving control over the Private Key corresponding to the Public Key in the DID document. Signing the DID document with the Private Key demonstrates control over the Private Key up to the point of registration of the DID document. However, if the DID document is not signed, proof can be established by sending a request message containing the public key description of the DID document along with a nonce to the appropriate Service endpoint.
Metadium DID structure
DID is an essential element in managing the digital identity of an individual or organization, and CRUD work is performed based on DID and DID documents. Users or organizations can create DIDs, read the information, and update or delete the information if necessary. These CRUD operations can effectively handle digital identity management.
Metadium DID Process
Utilizing DID for signing contracts and other records ensures that these transactions are executed and recorded on the blockchain through smart contracts, guaranteeing data integrity and preventing tampering. Moreover, using only simple DID without including personal information ensures privacy protection and anonymity, mitigating the risk of personal data exposure.
Users create private keys and public keys using the DID App and create DIDs by sending the public key and signature to the smart contract on the blockchain.
- After issuing a DID, if you receive proof from the issuer that you are eligible for the user, you will receive a certificate signed with the issuer's private key.
- When using the service, the user sends the certificate to the Verifier, and the Verifier returns that the certificate has been signed by the Issuer utilizing the user's public key and the Issuer's registered in the blockchain.
- When requesting deletion, the user sends his/her DID and signature, and the DID smart contract deletes the DID after confirming the user's signature and returns the result.
5Metropolis
As a preparatory step towards Metadium's new vision, several implementations have been carried out in stages, including changing the block generation cycle, renewing the Explorer specialized for the Metadium blockchain layer, and implementing fee delegation and EIP-1559 through the Bokbunja hard fork.
Block generation cycle
The block creation time is consistent with self-sovereign identity authentication, and to ensure immediateness in DID creation, blocks are created within 100ms when a transaction occurs, and block creation logic at 5-second intervals when no transaction has been maintained.
However, contrary to the initial intentions of Metadium, the utilization of DID has resulted in the consumption of significant resources not only for DID-related transactions but also for other transactions. It has led to the accumulation of garbage data on the Metadium blockchain.
Therefore, by fixing the block generation cycle of the Metadium blockchain to 2 seconds, we strengthen network security to make it difficult for malicious attackers with more computing power to modify blocks and increase the block generation time to reduce the impact on the network. The load is also regulated. Additionally, adjusting the block creation time makes the network stable and the consensus process reliable.
Identity Blockchain Explorer
A blockchain explorer is a tool that allows users to navigate and search data on a blockchain network visually. This tool provides users an easy way to explore and understand information on the blockchain, such as transactions, blocks, addresses, and more.
The Metadium Explorer provides functionalities to view block information such as block number, time, transaction count, and hash, enabling users to examine the transaction records on the blockchain. Additionally, it allows users to inspect transaction details within a block, including sender, recipient, and amount. It provides features to query transaction history and balances based on specific addresses, facilitating the verification of transaction records and balances associated with particular addresses.
To kickstart the Identity Layer, Metadium provides visualizations of the Metadium ID system for easy comprehension and statistics and graphs to facilitate understanding of blockchain activities and transaction flows.
Fee delegation
The blockchain operates on a structure where fees must be paid to execute transactions. Users need to have a certain amount of Meta to initiate transactions, but there are instances where the platform may want to cover the transaction fees instead of requiring users to pay them.
In Metadium, the core supports a structure where service providers can delegate transaction fees on behalf of users, even if users do not directly pay the fees themselves.
Structurally, a new type of transaction has been added where, after the user signs, the transaction can be initiated by adding the delegate's signature. In this case, the delegate pays the fees, enabling the user to proceed with the transaction.
EIP-1559
EIP-1559 is Ethereum's proposed fee mechanism to address fee volatility and transaction delay issues. It separates the base fee from miner rewards, with the base fee fluctuating based on network traffic. However, the fundamental structure remains the same higher fees result in miners processing transactions more quickly.
Metadium has adopted EIP-1559 to alleviate unnecessary transaction delays caused by increasing daily transaction volume. However, Metadium chooses to fix the base fee at 0, thus not burning fees as suggested in EIP-1559. This approach allows for flexibility in adapting to future fluctuations in the blockchain market.
6Token Economics
The initial issuance of 2 billion tokens in the Metadium blockchain has been managed by distinguishing between circulating and non-circulating supplies. The non-circulating supply includes quantities allocated to the Miner, Ecosystem, Maintenance, Company Own, and Company Reserve, while the remaining quantity is considered the circulating supply.
There are several changes in the Token Economy of Metadium 2.0. One involves adjustments to the Staking amount for Miners, and the other consists of redirecting the transaction fees previously paid to Miners to the Fee Collector's address. The Fee Collector is a wallet managed by the Metadium Foundation and is used to circulate supply management within the Metadium ecosystem.
Explanation for redesigning the Metadium Token Economy
- Market Changes: The blockchain and cryptocurrency market is undergoing rapid transformation. Unlike in the past, where profit was generated solely from single services on a single platform, the objective now is to provide stable consensus structures and services by connecting another platform to a giant platform.
- User motivation: In the early stages of the blockchain market, incentives were indiscriminately distributed as part of efforts to secure users rather than to expand the ecosystem concept. However, despite these efforts, user motivation could have been smoother, leading to the evolution of a system where separate assets are designated to maintain the ecosystem, paying ecosystem maintenance costs to users who contribute.
- Scale and scalability: The Metadium blockchain has seen a rapid increase in transaction volume proportional to the number of users based on various services. Efforts to improve this and maintain network security are ongoing.
- Change in project goal: While Metadium's Identity Layer has been making efforts to integrate into the market, it now aims to adopt a structure where the Identity Layer between different blockchains can be shared, allowing verification not only in the Metadium blockchain but also in heterogeneous blockchains.
- Improving usability: To design a system where users can receive rewards for contributing to the Ecosystem, we aim to increase the volume while simultaneously creating an environment where tokens acquired by users can be meaningfully utilized.
(a) Governance Staking & Reward
The block generation in the Metadium blockchain is implemented through a system where nine Miner nodes record etcd data to seize mining opportunities. Moreover, the prerequisite condition for participating as a Miner was initially a Staking amount of 4,980,000 Meta. However, one must deposit 5,000,000 Meta to participate as a Miner. Rewards for Miners are distributed at specific points in time according to the agreement with the Metadium altar.
(b) Transaction Fee
Transaction fees are the amounts paid on a blockchain network to process transactions and include them in blocks, serving as essential elements to maintain the security and performance of the blockchain network. In the existing Metadium system, transaction fees have been paid to compensate Miners for their participation and for generating blocks through proper validation. In Metadium 2.0, the reward for Miners is transitioned to drive the ecosystem forward. Transaction fees are converted from the non-circulating supply to the circulating supply, and the wallet where transaction fees are collected is referred to as the Fee Collector.
7Governance
(a) Purpose
Metadium receives various proposals to improve the ecosystem in a decentralized way and allows members to directly participate in decision-making. In the existing Metadium Governance contract Based on this, transparent decision-making is made through a voting process, and the following settings may be changed. You can add, delete and replace Authority members of the Metadium network, change the address of the Governance contract, change the Voting Duration value, the maximum and minimum Staking values, the creation time of the generated block, and the reward size and distribution method. In addition to pre-determined system settings, hard fork-related tasks such as protocol changes use off-chain services, and if more than half of the consensus is reached, Metadium protocol changes are carried out. Only users who have staked a certain level of Meta can participate in these tasks. Through a decentralized approach, Metadium ecosystem can be improved by sustaining and expanding functionalities of the Governance contract, which should be provided in line with Metadium feature updates.
(b) Update details
The following is the update to the governance function in Metadium 2.0.
Ⅰ. All authorities have the same voting power regardless of the amount of meta-staking.
Ⅱ. Addition of MaxPriorityFeePerGas change function: Voting for change of MaxPriorityFeePerGas is added. When voting passes, MaxPriorityFeePerGas changes, and the default value is 80Gwei.
Ⅲ. Addition of Gas Limit & baseFee change function: Voting is added to change the Gas Limit, baseFee change range, and baseFee increase rate.
(c) Effect/Meaning
By updating and adding features to existing voting functions, the degree of decentralization for voting can be increased, and more participation opportunities and various functions can be provided to network participants. In addition, Metadium plans to update the Governance contract according to future protocol changes and proposals.
8Roadmap
As blockchain technology establishes itself as core infrastructure across various industries, there is growing demand not only for technical implementation but also for services that users can actually experience, along with a stable network environment. Particularly in areas with high-volume traffic such as gaming, content, and data, a technical foundation that simultaneously satisfies the transparency and efficiency of blockchain has become essential.
Metadium defines 2026 as 'the year of real-world use case expansion,' focusing on launching blockchain services in which users can directly participate, and strengthening network infrastructure capable of accommodating more projects. Through this, we aim to expand the utility of the Metadium ecosystem and further solidify our competitiveness as a sustainable blockchain platform.
Phase 1 — Launch of Game Tournament Platform MetaArena
Metadium will launch MetaArena, a blockchain-based game tournament platform. MetaArena enables game developers to host tournaments by integrating an SDK, while users participate using META tokens and receive prizes based on their performance. Prize distribution is processed automatically through smart contracts, and score verification is handled on the server side, making manipulation impossible. By leveraging blockchain technology, MetaArena addresses the issues that have long persisted in conventional game tournaments, including opaque prize management, the possibility of score manipulation, and the high infrastructure costs faced by developers. The entire process, from participation to prize claim, is transparently recorded on-chain.
Phase 2 — Network Upgrade (Hardfork + Blob Integration)
Metadium plans to carry out a network upgrade to ensure that more projects and ecosystem participants can be onboarded in a stable manner. The core of this upgrade is the integration of Blob, a technology that enables blockchains to handle large-scale data more efficiently. This will provide an environment in which a wider range of projects can build their services on top of Metadium. Applying Blob to the network requires a Hardfork, which involves modifying the core rules of the network and is an essential procedure for the stable operation of new features. Through this upgrade, Metadium will evolve into a more scalable blockchain infrastructure.
Metadium will continue to expand its presence in the global market through real-world blockchain services and infrastructure enhancement. Building on verified use cases in user-participatory areas such as gaming and content, we will explore opportunities for collaboration with diverse industries and establish ourselves as a globally competitive platform with a stable and scalable blockchain network.
9Conclusion
Metadium seeks to build an innovative blockchain ecosystem based on distributed identity authentication (DID) technology and trust. Our vision is to create a future where users own and control their own identity information based on self-sovereign identity.
Metadium is an EVM blockchain that is expandable and compatible with Ethereum-based blockchains, so we aim to provide an Identity Layer to projects that are very influential in the current market or share a vision with Metadium. This completes the Metadium ecosystem by inflowing and activating transactions generated by various services into Metadium.
Metadium leads innovation in the blockchain ecosystem and provides users with both freedom and security. We understand the importance of identity information and seek to pioneer the future of blockchain by enabling user-centric identity management.
Metadium blockchain contributes to the blockchain ecosystem through self-sovereign identity and will support blockchain-based services that enhance decentralization and personal data protection to be distributed to more users.
We prioritize users' data privacy and safety and aim to lead innovation in the digital world through the identity management solutions provided by Metadium.