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LAYER 2 ETHEREUM SCALING SOLUTION

There are currently a few problems with using Ethereum that detract from the scalability of the protocol. These are:

Gas fees are too high when the network gets busy.

Transactions are too slow. The transaction throughput is limited to around 15 or so transactions per second.

It’s very expensive to store data on Ethereum - it can cost up to $1 million.

Coding smart contracts from scratch isn’t easy. There’s a high barrier to entry here for building applications and there aren’t enough specialized developers to meet the demand.

Metis has developed an Optimistic Rollup solution to bundle and sequence transactions on the layer above Ethereum and then send that data back as one transaction to the Ethereum Layer 1 main chain. This way, we are able to offer extremely fast transactions that take just a few seconds and cost just a few cents, while still maintaining the security of Ethereum Layer 1.

The Metis Layer 2 network assumes all transactions are valid until proven otherwise (hence the “Optimistic” part of “Optimistic Rollup”). These are called fraud proofs which are submitted in case the transactions are invalid. Validators post a bond, and this is slashed for invalid transactions. This is rigorously verified by Rangers.

For other Optimistic rollups the withdrawal time from Layer 2 back to Ethereum is 7 days. Once the Metis network is fully deployed, withdrawal times will be cut down to just a few hours and eventually minutes, through a network of Rangers who validate the transactions. This is one of our key advantages over other solutions.

We have a multi-chain stack which, rather than just including one sequencer, uses multiple sequencers which are basically multiple random chain data verifications. So this splits the load, so that if one chain is overloaded, they can run on a different chain. Chains get added as needed, removing a huge bottleneck.

Metis Rangers are supplemental to the verifiers that other Optimistic Rollups use. Rangers are financially incentivized auditors or validators – they will stake and mine Metis tokens by verifying transactions. They must post a bond, and If they process an invalid transaction, their stake will be slashed, which disincentivizes bad actors. This is all secured by Ethereum Layer 1.

NFT FILE STORAGE

We offer cheap and decentralized file storage on-chain.

IPFS (InterPlanetary File System) is a distributed system for storing and accessing files, websites, applications, and data. It is a public network, which means that anyone can start downloading and storing content on the network right away. All content stored in the network is identified by a unique identifier called the Content Identifier (CID), which is immutable and can be stored on-chain.

Imagine that you want to mint an NFT for your new song on the Ethereum network using Metis. If the NFT factory smart contract is already deployed and in place, the only thing that you need to worry about is triggering the right operations to store the song in IPFS, and mint the NFT. The Metis VM will be responsible for intercepting the IPFS operation, encrypting the data (if necessary), and interacting with the IPFS network to store the song. The result of this operation is the CID of the song, which is then used in the L2 transaction sent to mint the song. This L2 transaction is then rolled up in L1, and eventually persisted in the Ethereum network. In this way, the Metis node manages all the interactions necessary to atomically store data in the IPFS network and persist the result on the blockchain.

So, with Metis you can mint an NFT on metis Layer 2 and bridge it back to Layer 1 within a few hours.

DECENTRALIZED AUTONOMOUS COMPANY

A DAC is a Decentralized Autonomous Company and we at Metis see this as the next evolution of the DAO.

 

First of all, what is a DAO?

 

The problem with centralized organizations is what is known as the principal-agent dilemma where the agent (person or entity) makes decisions on behalf of others (for example users of an app). If the agent acts in its own self-interest then this might disregard the interests of the principals.

 

So a DAO specifies all the rules of an organization or community through a smart contract, users can interact with this smart contract to issue a vote, make a proposal, or simply delegate a decision to someone else. This is all stored on the blockchain.

 

The challenge is that DAOs are fairly limited in what they can do. DAOs can be used for a lot more than just governance voting however building out this framework would require too much time and resources for a project to do.

 

So we decided to create a new framework, the DAC.

 

We see this as our key competitive advantage to build a true ecosystem of decentralized organizations.

 

A DAC is basically a DAO without restrictions and goes beyond just governance and voting. A DAC will serve all functions of a fully functioning business.

 

With our middleware, all you need is a minimum viable product to deploy from web 2 to web 3. DACs will be able to deploy their own decentralized applications and tokens with a click of a button. Users can have roles, permissions, HR, project management, payroll, communications and more.

 

Some of the use cases include:

Defi

NFT

DApps

DEXs

Freelancing

Lauchpads

For a deeper dive into how DAOs could become the operating system of the future, go here: https://www.metis.io/daos-the-operating-system-of-communities/

POLIS MIDDLEWARE
Polis:

Before we get into what Polis is, just a quick recap of what Metis is building (it’s way more than just a stand-alone Ethereum Layer 2 solution):

 

Metis is building a hub for the entire Web3 economy in 3 stages:

 

FIRST, our Layer 2 Ethereum scaling solution with transactions of a few seconds and a few cents.

 

SECOND is our NO-CODE integration via smart contract templates, and our Decentralized Autonomous Company (DAC) infrastructure which enables both blockchain AND Web2 companies to build decentralized businesses ON-CHAIN, with all the functionalities of real-world enterprises and all the advantages of blockchain.

WHAT IS POLIS?

Polis is our middleware platform to manage your deployed smart contracts. Like traditional web 2 middleware, Polis aggregates several of the middleware services that developers have been using to build smart contracts. It offers everything you need to ease the management, maintenance, and interaction of smart contracts. With Polis you don’t need to worry about tailoring low-level transactions to your smart contracts or having to host your own node to interact with the network.

 

For end users, Polis is another web wallet. But with a Polis account, all the transaction history will be recorded, and eventually can be turned into Reputation Power that will benefit users when they collaborate in a DAC (benefits like more discounts, higher decision-making power, more opportunities to collaborate, etc.).

 

Go here to learn more about Polis: https://www.metis.io/metis-polis-is-a-blockchain-middleware/

BUILDER MINING

As an extension of our middle-ware infrastructure our builder mining program offers member DACs a reward of $metis tokens for each transaction conducted on the Metis platform. Projects will therefore be financially incentivized for the long-term success of the metis platform and token in the long-term, which will help grow our already thriving ecosystem.

 

50% of the supply of $metis tokens has been reserved for community mining.

ECOSYSTEM DAC GRANT

$100 million ecosystem development grant exclusively for Metis projects.

 

Our early investors and the Metis team have created a DAC (decentralised autonomous company) with $100 million in grants exclusively earmarked to support projects built on the Metis platform.

 

The Genesi DAC is our commitment to fostering and growing a huge and diverse ecosystem to fuel the web 3 economy.

 

​​Genesi will be allocated across a wide range of high-potential projects in all major crypto verticals including, DeFi, gaming, and DAOs.