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http://en.wikipedia.org/wiki/Maitreya

Maitreya will be the fifth Buddha of the present kalpa[clarification needed] 
(aeon) and his arrival will occur after the teachings (dharma) of the Buddha 
are no longer practiced.
His coming is characterized by a number of physical events. The oceans are 
predicted to decrease in size, allowing Maitreya to traverse them freely. 
Maitreya will then reintroduce "true" dharma to world.
His arrival signifies the end of the middle time, the time between the fourth 
Buddha, Gautama Buddha, and the fifth Buddha, Maitreya, which is viewed as a 
low point of human existence. According to theCakkavatti Sutta: The 
Wheel-turning Emperor, Digha Nikaya 26 of the Sutta Pitaka of the Pāli Canon), 
Maitreya Buddha will be born in a time when humans will live to an age of 
eighty thousand years, in the city of Ketumatī (present Benares), whose king 
will be the Cakkavattī Sankha. Sankha will live in the palace where once dwelt 
King Mahāpanadā, but later he will give the palace away and will himself become 
a follower of Maitreya Buddha.[13]
The scriptures say that Maitreya will attain bodhi in seven days (which is the 
minimum period), by virtue of his many lives of preparation for Buddhahood 
(similar to those reported in the Jataka stories of Shakyamuni Buddha).
At this time a notable teaching he will start giving is that of the ten 
non-virtuous deeds (killing, stealing, sexual misconduct, lying, divisive 
speech, abusive speech, idle speech, covetousness, harmful intent and wrong 
views) and the ten virtuous deeds (the abandonment of: killing, stealing, 
sexual misconduct, lying, divisive speech, abusive speech, idle speech, 
covetousness, harmful intent and wrong views).
The Arya Maitreya Mandala, founded by Lama Anagarika Govinda is based on the 
idea of the future coming of Maitreya.

http://sokahumanism.com/nichiren-buddhism/Nichiren_Buddhism_on_Maitreya.html

Nichiren’s view on Maitreya

Nichiren viewed the meaning of Maitreya as “one of the protective forces” and a 
function of “guarding and helping” the Bodhisattvas of the Earth: 

“Moreover… all the bodhisattvas, Bodhisattva Maitreya … will guard and protect 
the votaries of the Lotus Sutra,  so one may indeed rest assured”. WND1 p1074
In many of his writing, Nichiren mentions the traditional Buddhist views on 
Maitreya - but he clearly explains that the future propagation of the Eternal 
Dharma of the Lotus Sutra was entrusted by Shakyamuni to the “Earth 
Bodhisattvas” :

“ The Buddha did not entrust these five characters to Maitreya, Medicine King, 
or the others of their group. Instead he summoned forth the bodhisattvas….from 
the great earth of Tranquil Light and transferred the five characters to them”. 
WND1 p437

In view of Nichiren Buddhism, each person embodies the character of “the 
Maitreya” because Maitreya is a metaphor for the function of compassion : “The 
name Maitreya means ‘Compassionate One’ and designates the Votaries of the 
Lotus Sutra” Orally Transmitted Teachings p 143.

        Expecting Maitreya: A myth based on disbelief in the potential of 
humanity

The mythology of Maitreya (as the second in line Buddha) implies also that no 
one in the history of humanity was able to become a Buddha equal to Shakyamuni, 
and no one will – until the emergence of a “new” Buddha Maitreya.  
This myth makes of Shakyamuni Buddha a “failed teacher” who could not convey a 
teaching which would raise others to his level of Buddhahood.  
Additionally, such concepts of Traditional Buddhism convey also a disbelief and 
doubt in the potentials of all human beings. The idea of a saviour “descending 
from Heaven” contains a sense of inferiority of ordinary people, as being 
themselves incapable of embodying - in the depth of their lives - the Universal 
Law. 

Some fanatic Christian sects share the Traditional Buddhist perspective that 
the future of humanity should be expected to decline in great disasters and 
sufferings - an “expectation” which would prove their point of why humanity 
needs a “saviour” descending  from heaven.                
________________________________________

http://sokahumanism.com/nichiren-buddhism/The_Illusion_of_Maitreya_Buddha.html

The Illusion of New Buddha

Most Mahayana schools hold the belief that Buddhism is currently heading 
towards decline: a decline which will end in disintegration of its teachings in 
the future. 
This self-destructive doctrine of Traditional Buddhism is contained within the 
belief in a great Buddha yet to appear, in this way predicting both: the future 
decline of current Buddhism  and the coming of a “new Buddha Maitreya”. 

Traditional Buddhism teaches that Maitreya is currently “practicing Buddhism in 
Tusita Heaven”, awaiting to be born on Earth to start Buddhism anew, after its 
destruction.

The origin of Maitreya myth:  Buddhism developed - as it is traditionally 
accepted – over three distinguished periods of time, called: the Former, Middle 
and Latter Day of the Dharma. The Latter Day of the Dharma refers to a time 
when Shakyamuni’s early and provisional (or preparatory) teachings would lose 
their power to help people, while - at the same time - his final teaching (of 
the Lotus Sutra) would emerge and flourish all over the world. 
However, various Mahayana schools still follow the Buddha’s transient 
(preparatory) teachings expounded before the Lotus Sutra. In these pre-Lotus 
teachings Shakyamuni had not yet revealed the Eternal Dharma (The Law of the 
Lotus: Myoho-Renge-Kyo).  For this reason most schools of Buddhism (which do 
not accept the Lotus Sutra as the final and complete teaching, in which 
Shakyamuni revealed the Eternal Dharma) - had to follow a myth of anticipation 
of a new Buddha who would reveal the Eternal Dharma: starting Buddhism anew 
after its decline. 

Belief in a “future Buddha” indicates doubts that Shakyamauni could deliver to 
humanity the final eternal message of Buddhism.  But if Shakyamuni was a Buddha 
capable of declaring the teaching of the Eternal truth - the Universal Dharma - 
then there is no need for such an Eternal Dharma to suffer from future decline 
or failure. The idea that a new Buddha (Maitreya) is necessary to declare a 
“new Dharma” undermines the capacity and the validity of Shakyamuni as a Buddha.

Why is Maiterya redundant ?

Buddhist teachings are expressions of abiding laws which do not vanish in time. 
Nichiren quotes the Lotus Sutra :“All the characteristics of the world are 
eternal”  WND1 p 423 . There is no “expiry date” for the Buddhist truth. For 
example, the Law of Impermanence, the Principle of Non-duality, the nature of 
Void (non-substantiality), the truth of Dependant Origination, the Inherent 
Buddha nature in all people…etc… these principle are consistent and 
non-changing in time or space. They are final, complete and eternal, because 
they describe life, which is eternal.
The Principles of Buddhism do not “decline”. For this reason, the assumed “new 
Buddha” will not bring anything “new” to the teachings available now in the 
Lotus Sutra, and as such the concept of New Buddha is redundant. The eternal 
Dharma of the Lotus Sutra does not need “correction” or “renewal”: “If 
Nichiren’s compassion is truly great and encompassing, Nam-Myoho-Renge-Kyo will 
spread for ten thousand years and more, for all eternity”. WND1 p 736

http://sokahumanism.com/nichiren-buddhism/Maitreya_Statue___A_Commercial_Enterprise.html

Turning “New Buddha” into a commercial enterprise

Maitreya myth is turned into a commercial project involving a proposed 150 m 
high statute to be built in Northern India. The cost of such a project will be 
paid by ordinary people world wide. Donations are encouraged by the project 
managers.

Many Buddhist practitioners - however, on the individual level - object to 
using Maitreya myth to collect donations and – worse – to evict local farmers 
(Kushinagari) in Northern India from the location where the huge statue is 
supposed to be erected.   

Conclusion

The history of Buddhism abounds with legends and mythological beliefs, such as 
Amida Buddha living in a different galaxy in the “western universe”, and 
Maitreya bodhisattva learning Buddhahood in “Heaven”. These beliefs may have 
been used in the past to inspire people to enlightenment.  The final teachings 
of the Lotus Sutra encompass all Buddhist metaphors and incorporate all 
Buddhist beliefs in a practice most suited to modern times, overcoming 
pessimistic views about future destruction of Buddhism, and offering people 
hope and empowerment.

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