BitWell AMA | Introducing Metis: The Layer 2 For The People
On May 3rd, Norbert Amankwaa A., the Chief of Communications and Community lead at Metis visited the BitWell community and brought a wonderful sharing with the theme “Metis, The Layer 2 For The People”.
The following is a review of the full content of this community sharing!
1.Could you please give us a brief introduction of Metis and what problems it intends to solve?
Metis will be a Layer-2 scaling protocol that uses optimistic rollup technology. Its rollup solution (in development) allows developers to run applications, process transactions, and store data on a layer above Layer-1 blockchains like Ethereum, but it derives its security and settlement properties from its underlying layers.
Offloading data and execution to a second layer allows Metis to provide a more scalable and cost-efficient environment for building and interacting with Web3 applications. Metis’ architecture features an EVM-compatible virtual machine called the Metis Virtual Machine (MVM) that allows developers to construct contracts in a similar environment to Ethereum.
In one line — The overall infrastructure that Metis is building: Layer2+Polis Middleware+DAC, is for the collaborations in the web3 world.
In two lines — We are doing much more than a Layer 2, with faster and cheapest transaction fees across all layer 2s and it is THE premier L2 on Ethereum,, has a token with a very limited supply comparing to other Optimistic Rollups
In three lines — The entire goal Metis is to build a whole web3 infrastructure. So, Layer 2 scaling to get them cheap and fast transactions, builder mining program which will allow builders on the Metis network to generate a stack of $METIS tokens from the transactions they made, then DACs to run an entire company ON CHAIN, with Polis Middleware which allows ANYONE to create a DAC with no coding templates!
So in summary
Layer 2 scaling solution with cheapest fees
-Polis Middleware like non we’ve seen in the space that will provide smart contract templates even non-blockchain users to build on the blockchain
-Our DAC infrastructure which will enable easy migration of web 2 to web 3, Vitalik actually wrote a paper on this in 2014, but nobody really executed it. Essentially, it is DAOs on steroids. So anything a Web 2.0 business can do, think payroll, accounting, supply chain, they can do on the blockchain. And this can all be done on our no-code, Polis middleware software!
2.Speaking to Metis, low gas fees, high speed transmission, and high security are the key words. How does Metis achieve these features?
Metis is an Ethereum layer 2 based on Optimistic Rollup technology which has built an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0.
How does the Roll up work? Metis is built on top of Ethereum layer 1 we utilize the security and decentralization of Ethereum Layer 1.
- COLLECTS AND BATCHES TRANSACTIONS
Transaction cost split between the entire batch
- ASSUMES THAT ALL TRANSACTIONS ARE VALID UNTIL PROVEN OTHERWISE
Called fraud proofs, which are submitted in case the transactions are invalid
- WITHDRAWALS TO LAYER 1
After the entire batch is validated, the withdrawal
can be initiated.
How we achieve the lowest transaction fees compared to other l2s is by using Optimistic data availability.
So what is optimistic data availability? Basically we optimistically assume the sequencer will make the data available. However, people can request data availability on L1 on demand. Why does it work?
Read on how we achieve the cheapest fees with a storage layer integration https://metisdao.medium.com/the-tech-journey-lower-gas-costs-storage-layer-on-metis-867ddcf6d381
A thread by our CTO https://twitter.com/thegoodboss2/status/1516172601432891405?s=21
3.Could you now give us an insight into the tokenomics of MetisDAO?
Tokenomics (taken from the whitepaper):
There are only 10M token to ever be in existence.
Total supply 4,930,000 tokens
Current supply 2,145,027.16
Max Supply (over 10 years) : 10m tokens
We have some of the best tokenomics out there, team supply is only 7% of the overall supply. Our full tokenomics is listed in detail in the Messari report.
Metis (METIS) Price, Market Cap, Live Charts, Research | Messari
Metis will be a Layer-2 scaling protocol that uses optimistic rollup technology. Its rollup solution (in development)…
4.Could you elaborate on the utilities of MetisDAO Token and how it can benefit Metis users?
Metis token is the Gas token for our network which is totally different from other layer 2s
Our Builder Mining Program
A key to our Tokenomics is our builder-mining program. EVERY time a DApp that’s deployed on Metis Layer 2 performs a transaction, the creator of that DApp (whether it’s a DeFi company, NFT, Gaming, etc) will receive $METIS token rewards. The total lifetime supply of METIS tokens is just 10 million, less than half of Bitcoin’s.
But unlike Bitcoin, Metis is a true utility token, and we have reserved MORE THAN HALF of all Metis tokens (i.e. a bit more than 5 million) to community and builder mining transactions over the next 10 YEARS.
This is something you won’t see elsewhere, and makes our already scarce utility token even more scarce. I’ll let you draw whatever conclusions you want about what it means for a token to be both essential to the operation of a network AND extremely scarce. ;-)
Highly encourage you to read the huge, in-depth report that Messari Research wrote about Metis. It goes into great detail about everything, including Builder Mining: https://messari.io/asset/metis/profile
5.Does Metis have any exciting initiatives that are planned for $METIS in the pipeline?
A whole lot! Metis is building an entire ecosystem and so we have a lot of activities in the pipeline to bring onboard users to our network.
1.We recently launched the Community Ecosystem Governance program, which is our first step in giving power to the community. With this, the community votes and verifies all early projects that need an audience in our ecosystem.
Read more; https://medium.com/@metisdao/welcoming-metis-community-ecosystem-governance-ceg-8280f0546369
2.We have also released the Metis NFT bridge:
Mint an NFT on either L1 (Ethereum mainnet only) or L2 https://nftbridge.metis.io/
-Use the bridge to take to the other layer
-Create a wrapped NFT on the other side
-Can go back and forth without changing the attributes of the NFT
Minting on Andromeda — can then bridge to L1 to take to market
Currently you can bridge one NFT at a time, but our next release will enable batch bridging
3. Peer Network
As a network grows, people naturally wonder if heavier transaction volume will result in congestion and slower transactions, which is what happened to networks such as Polygon and BSC. Metis has been developing a Peer Network as a key solution to these potential challenges. As a Peer Node, it will act like a real node, handling both read and write functions. In addition, network traffic may be directed into different peer nodes in case of high traffic volumes. In this way, TPS capacity can be adjusted dynamically. The node can be deployed by anyone, anywhere, as a community-based, decentralized mechanism. That way, people don’t have to worry anymore about AWS or other servers going down. Also, the peer node will act as a verifier, comparing state submissions with the blocks it produces. It will also become part of the sequencer pool, ready to be deployed as a sequencer at any time, based on verification consensus. This unique architecture lies at the core of the Metis Advantage.
4. Ranger system
Our verification process is still single-layered, limited to the participating peers.The Metis Ranger system is the feature that will decentralize the process. Rangers work for those peers, by staking and making themselves available for on-chain verification jobs. Rangers add an extra layer of security and decentralization to our network, verifying the verifiers; Rangers need to wait for two batches of verifications to occur, in order to get Metis token rewards. These cycles are marked in a smart contract on our Layer 2 network, where different peers can notify when a batch has been verified.
We will release the first version of our DAC framework and Polis middleware this year
Read more about our roadmap (An updated one will be released soon)
Community Live Q&A
1.MetisDAO is coming out with unique DAC infrastructure that will serve as a bridge for Web2 companies to jump into Web3. Can you explain recent developments of DAC tooling and how this will look for companies that want to get into Web3?
We will release the first version of our DAC tooling for the community to test no time. We already tested the maiden version; Metis Prologue which proved how easy it is for community to run a company on the blockchain.
The next version will have tools and features available for organizational purposes.
2.As a developer, which are the key points of Metis attract me and other developers choose Metis instead of other L2?
We provide a lot of support for developer and projects that have built on our network.
- we have a $100M GENESI DAC investment support for projects that need funding.
- Our tech team is readily available to support all developer related requests
- We have a builder mining program where the projects built on our network get rewards depending on the transactions on their smart contracts deployed on our network.
- Our CEG, is the newest way for projects to gain audience in our community. And this comes with a lot of support from Metis
3.There are several L2-solutions projects on the market now. Polygon, Arbitrum, Optimism. Tell me, what is the difference between the technology of @MetisDAO project and the listed ones?
First, Metis is an Optimistic Rollup. That means we’re built on top of Ethereum and thus benefit from Ethereum’s security and decentralization.
As a point of comparison, Polygon is a commit chain, and thus is centralized and not as secure, creating risk for projects that deploy on their network.
But even compared to other Optimistic Rollups, Metis has numerous advantages.
We are using multiple sequencers and Multiple Virtual Machines to build extra layers of decentralization, security, and permissions. Other Optimistic Rollups (like Optimism and Arbitrum) do not.
But wait, there’s more!
Withdrawal time from Layer 2 back to Layer 1 is a going issue for Optimistic Rollups. Withdrawal time is currently 7 days from proof challenge period But as we roll out our full suite of features, we will reduce withdrawal time to hours, and eventually minutes. This will be done through our decentralized Rangers system and IPFS storage, in which many many different independent and anonymous verifiers work in tandem to further augment the security of the network.
And of course more than ANY of that, Metis’ Layer 2 platform, as I mentioned before, is just the tip of the iceberg! With our NO-CODE middleware and DAC infrastructure, we’re building a Web3 hub that no other platform — not Arbitrum, Optimism, Boba, Polygon, zK rollups, or anyone else can match.
For more information on how we compare, check out these articles:
4.Please give some information about the AFFORDABLE STORAGE of Metis. Is it affordable even for small investors? Besides, can you also give some information about the security of the affordable storage? Can Metis users safely store?
Metis in collaboration with Memolabs had integrated a distributed storage layer onto our network. This will make it easy for individuals and projects to store data cheaply.
Read more about our storage https://metisdao.medium.com/decentralized-storage-goes-live-da876dc6eb70
5.Hello sir, Too many projects promise magic, but no employee launches the product or generates any revenue in short/long run time. Is the Lockness project like this? If not, please answer what makes yourproject different from other projects please answer?
You can check from here https://t.me/BitWell_English/105084
And also, Metis goes decentralized governance as you can see, we took the lead with Optimism following up recently by announcing the issuance of a governance token.
Metis is all about community!
“Metis, The Layer 2 For The People”
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