Meta Swap ($MASP) was the most promising cryptocurrency brand of 2022. It’s large-scale update, The Ceremony, planned to be completed on January 24th, 2023 has been delayed greatly and it has now been announced that said update will be postponed.
Meta Swap, functioning as a platform for a variety of services that use blockchain not only for means of payment, but also for the metaverse, is supported by real demand. In 2022 winter period alone, it showed great fluctuation even among cryptocurrencies with its listed price in August 2022 $3-, which then rose to $9.8- by the end of the year, showing excellent performance.
Being a large-scale update for such a popular cryptocurrency, The Ceremony was much talked about not only within the cryptocurrency industry, but indeed beyond it, too. Just what was the purpose of this much-talked about update, however?
The details of this are explained in this article and The Ceremony has the potential to solve the fundamental problems that the metaverse as a whole has. If has been said that if it succeeds, it will bring about a drastic transformation in cryptocurrency and result in a major shift in power relationships among brands.
Here we will explain the details of MetaSwap’s The Ceremony.
Outline of MetaSwap’s Large-Scale Update, The Ceremony
The Ceremony is the name for MetaSwap’s large-scale update that was planned to become operative between December 2022 and January 2023. While there was real demand for MetaSwap from cryptocurrencies, there were problems that were emphasized all the more for cryptocurrencies with many users.
- Scalability problems
- Gas price problems
- Inability to connect data between different blockchains
Scalability and gas problems have become something of a pair. As the utility value of MetaSwap increases and the number of transactions does too, there is a greater burden placed on the network. When a new transaction takes place a new block must be added to the blockchain and as the volume of this grows ever greater, problems such as processing becoming slower and gas prices ($MASP transaction fees) soaring were experienced.
The True Nature of The Ceremony: Moving from Binance Chains Only to Linking with Ethereum and Avalanche
The main attraction of The Ceremony update is the shift to cross-chain/multichain. Let’s look into just what this means.
A cross-chain allows communication between different blockchains. By realizing cross-chain transactions, exchanges can be made directly between different cryptocurrencies without having to go through a third party, such as a exchange vendor. You will be able to bypass the security risks of exchange vendors and handling fees, too.
The technology that realizes blockchain transactions is called atomic swap. In September 2017, the first atomic swap in the world was completed between Bitcoin and Litecoin.
Cross-chain technology that connects different blockchains acts as something of a blockchain internet. As the scalability and connectivity of each blockchain become much talked about, it is garnering attention as an indispensable technology in realizing a truly decentralized/diversified system.
However, due to the fact this is extremely advanced technology, the update is around a month behind schedule.
At present, due to restrictions on deposits and withdrawals of money, some transactions on the listed exchange vendor IDCM Quesera are restricted.
However, these restrictions on deposits and withdrawals were planned from the beginning. These were originally planned from 00:00 (UTC+0) on 12/30/2022 to 00:00 (UTC+0) on 01/24/2023.
During the deposit and withdrawal suspension period, the announcement regarding the postponement of the update was made, and also due to a lack of capital inflow, the price of $MASP temporarily dropped to $4.7-.
According to an announcement from the project side, at present the price is stabilizing and future developments are being viewed with anticipation.