Beliefs of PureLand Buddhism:
Taken from
http://en.wikipedia.org/wiki/Maitreya#The_future_coming_of_Maitreya
Buddhist eschatology:
The future coming of Maitreya And A Pureland/Paradise on Earth
Maitreya (Sanskrit), Metteyya (Pâli), or Jampa (Tibetan), is a future Buddha of this world in Buddhist eschatology. In some Buddhist literature, such as the Amitabha Sutra and the Lotus Sutra, he is referred to as Ajita Bodhisattva.
The Bodhisattva Maitreya's coming will occur after the teachings of the current Gautama Buddha, the Dharma, are no longer taught and are completely forgotten. Maitreya's coming is characterized by a number of physical events. The oceans are predicted to decrease in size, allowing Maitreya to traverse them freely.
The event will also allow the unveiling of the "true" dharma to the people, in turn allowing the creation of a new world. The coming also signifies the end of the time in which humans currently reside in. Maitreya is a bodhisattva who in the Buddhist tradition is to appear on Earth, achieve complete enlightenment, and teach the pure dharma. According to scriptures, Maitreya will be a successor of the historic Úâkyamuni Buddha, the founder of Buddhism.
The prophecy of the arrival of Maitreya is found in the canonical literature of all Buddhist sects (Theravâda, Mahâyâna, Vajrayâna) and is accepted by most Buddhists as a statement about an actual event that will take place in the distant future. The future Buddha Maitreya currently resides in the Tuṣita Heaven (Pâli: Tusita), said to be reachable through meditation.
Once Maitreya becomes a Buddha, he will rule over the Ketumati Pure Land, an earthly paradise sometimes associated with the Indian city of Varanasi (also known as Benares) in Uttar Pradesh. (All Buddhas preside over a Pure Land; the Buddha Amitabha presides over the Sukhavati Pure Land, more popularly known as the Western Paradise.)
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