Why can Metis Rollup stand out on the Layer2 track?

The DAO concept has recently received a lot of market attention, and is expected to become the most potential hot track under the Web3 trend. In fact, DAO is not a new concept, but there are very few DAO projects that have actually implemented applications. The situation is quite different this year. Leading projects represented by Metis have reported frequent successes in technological breakthroughs and product applications, pushing the concept of a broad DAO (the basic operating unit of the Web3.0 economy) from conception to reality.

Recently, Metis officially launched the Alpha test network. Users can experience the fast, low-cost, and rich functions on Metis Layer 2, and can quickly generate decentralized companies (DACs) on Layer 2. Developers can use Metis Test and build decentralized applications on Rollup. Currently, 430 new companies have been successfully registered.

MetisDAO CEO Elena Sinelnikova recently gave a detailed introduction to Metis’s original intention, development history and project significance in an interview with YouTube blogger Cryptocito, and focused on how Metis Rollup can achieve the fastest verification speed and the most scalability among the mainstream Rollup protocols. The strong side has been interpreted. The following is from this interview.

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Cryptocito: Welcome Elena to my channel! Please first introduce the theme of the MetisDAO project.

Elena: Thank you for the invitation. MetisDAO aims to solve the problems of blockchain applications, realize blockchain-based collaboration, and allow everyone to create and manage a decentralized autonomous company (DAC for short), and to achieve business collaboration with other organizations.

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Cryptocito: I have a chart comparing MetisDAO’s Rollup and other Layer-2 solutions. Could you please explain the significance of the Rollup solution and the uniqueness of Metis Rollup?

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Elena: Rollup is essentially a side chain, which you can understand as a chain based on an existing public chain . Existing blockchains, such as Ethereum, are Layer-1, so this sidechain is Layer-2. Its difference is that the transaction occurs on Layer-2, and then multiple transactions are packaged and uploaded to Ethereum for processing. This is the goal of the Layer-2 solution: to improve the scalability of the blockchain, that is, to increase the transaction processing speed and performance, while reducing the cost, because the current gas fee of Ethereum is too high, and a single transaction can reach hundreds of dollars.

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Metis' Rollup solution solves a series of problems including insufficient scalability and long verification cycle. The verification cycle refers to the total time it takes to confirm a transaction on Layer-1. Some popular Rollups, such as Optimism and Arbitrum, are plagued by this problem. Verification on Optimism takes up to 7 days, and Metis' unique sequencer technology shortens this cycle to a few hours, which is one of our important advantages.

In terms of virtual machines (Virtual Machine, VM for short), we have also achieved stronger decentralization and scalability. The Optimism scheme uses a VM to process all transactions, and this design will eventually lead to a bottleneck in the VM. Metis provides a more decentralized model through multiple VMs, so that each DAC has a VM to process its own transactions. As mentioned earlier, 430 companies have successfully registered on Metis, so we are currently running 430 VMs, and all processes are decentralized.

In addition, Metis provides privacy services for users and applications through IPFS. In the Rollup we designed, data is stored on the IPFS layer and runs separately from operations. For specific technologies, you can read the "Metis Technical White Paper" on the official website.

The microservice framework allows us to plug in different services to enrich the functionality of Metis. DAO and DAC can choose existing services on the platform, including NFT, minting, NFT transactions, etc., and these services can be used at almost zero cost. As long as you can mine usage scenarios on the blockchain, such as freelancer or financier modules, you can carry services to the Metis platform. This functionality is already embedded in Layer-2.

Regarding the deployment of the permission layer, the Metis system integrates a variety of permission methods, and DAC can decide which files are open to the public and which are only visible to themselves. This design forms the permission layer of each DAC, and users no longer need to use Hyperledger to manage their own IPFS permissions.

The last technology in the icon refers to the DAC framework embedded in Layer-2, which means that every user of Metis needs to participate in the network through the "staking and withdrawal" mechanism. Users prove that they will keep their promises by staking, and at the same time distinguish the trustworthy from the perpetrators through this system. Staking not only monitors user behavior, but also reflects their reputation value (Reputation Power, RP for short). RP is equivalent to a passport that records the history of company and user activities. All events that occur on the Metis platform will be recorded in RP, and users need to pledge RP every time they participate in an activity. Depending on user behavior, RP may increase or decrease.

The above is the technical introduction of our Layer-2 Rollup, and it is these technologies that make Metis stand out from other projects. If you want to know more details, please visit the official website metisdao.org to view the "Metis Technical White Paper".

Cryptocito: Thank you for the great introduction. I learned that the scalability of Rollup can be increased to 100 times, is this true?

Elena: Yes. If you visit our test network alphatest.metisdao.org, you can see how fast transactions are processed, and this is only in the testing phase, the main network has not yet launched. Our network has indeed significantly improved performance while reducing costs significantly.

Official website:

https://metisdao.org/

White Paper:

https://metisdao.org/wpcontent/uploads/2021/02/metis_whitepaper.pdf

Twitter:

https://twitter.com/MetisDAO

Gthuitb:

https://github.com/MetisProtocol/metis

Telegram:

https://t.me/MetisDAO

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