AMA with MetisDao
Introduction with MetisDao
Q1) Could you please introduce yourself and your team first to our community?
My name is Kevin, co-founder of Metis.
and also the product lead
I have over 5 years of experience in product development, and I have studied DAO, governance, and decentralized collaboration since 2018
that’s when I met Elena and Yuan, my other two co-founders. At the beginning, we hope to solve the issues of decentralized and distributed collaborations, later we found out that we can only support these kind of collaborations on Layer2, and that’s the beginning of Metis project.
For Elena Sinelnikova, she is also the co-Founder of CryptoChicks.ca. She has a tech background - over 20 years experience working as Microsoft solutions architect in Canadian government and law enforcement.
In 2015 she became interested and started learning about blockchain. In 2017 she and her friend Natalia Ameline founded CryptoChicks - a female organization focused on blockchain education for women. They started it as a small meetup group and nowadays it grew to have chapters in 56 countries.
And Elena is our CEO, in charge of the overall management and community development
For Yuan, he is our tech lead, starting code from Age of 6, and was involved in the infrastructure design of IBM Hyperledger project.
He has studied Optimistic Rollup for quite a while, and now he is pushing the progress of our own Layer 2 implementation: Metis Rollup.
Now we have 26 people in the Metis team. We also are multinational - from Canada, China, Ghana, Venezuela, Colombia, India, Bangladesh, Ukraine, Belarus, Russia and Singapore.
so we are working around the globe
Wow. Great introduction👍
Q2) Can you briefly describe what is Metis to our community? What kind of use cases do Metis support?
To be short
Metis is a Layer 2 infrastructure for projects and users to experience the low cost, high scalability, high speed and ease of use of blockchain technology without jumping out of the Ethereum ecosystem.
Our counterparties are Optimism, Arbitrum, and Polygon
but our idea is to bring the Layer2 to every community member, allow everyone to do business via blockchain regardless of the technical background or blockchain knowledge.
Use cases that Metis will support you to build:
-Your decentralized business (DAC - decentralized Autonomous Company)
-Your own NFT minting and trading business
-Your own launchpad
-Your own decentralized exchange
-Your own yield farm
-Your own freelance business
-Your own investment business
-Your own token
so pretty almost all the DApps can run on Metis Layer2
we are EVM compatible
There are lots of barriers for people to really use blockchain for business and Metis tackle such barriers. We are building our Layer 2 solution to protect our users from the hiking gas fees and provide them with high throughput of transactions and at the same time provide them with all the perks of blockchain such as trust ,security and transparency but with the added rich functionality and minimal learning curve.
With Metis you be able to run your Dapp or business on Ethereum, but with:
Low gas fees (as low as cents as opposed to tens of dollars on Ethereum)
our testnet for now is around 1 cent transaction cost
you can neglect the cost actually
Fast transactions (seconds as opposed to few minutes on Ethereum)
Native file storage (not possible on Ethereum, not possible on Polygon)
No coding smart contracts - Metis will provide one-click deployment from our own pre-developed templates
Completely compatible with Ethereum (EVM) - if you are already on Ethereum you can port to Metis for all the above advantages at no cost and in no time
Can be fully integrated into your own website/platform
so if you are web2 developer, you can integrate with our middleware(Polis) very easily and launch token or smart contract with template
In the future you will be able to come to the Metis platform , create your business unit - we call it DAC (Decentralized Autonomous Company) in two clicks and launch any of the following: NFT minting and trading business, freelance business, social reputation business, investment business, yield farming business, and many more.
All this can be done with extremely low gas fees - as of now we predict few cents, faster transactions (1 second as opposed to few minutes on Ethereum), native file and data storage (not possible on Polygon or Ethereum).
so a TL:DR version is Metis is the Layer2 infrastructure in Ethereum ecosystem to support all kinds of DApps running at low cost, high speed, high scalability, and high security
Q3) I guess many of our members are curious about what makes Metis different from other competitors? What kind of breakthrough has Metis brought to Layer 2? And comparing with other Layer 2 projects, what’s Metis advantages?
yes, a lot of differences
I will elaborate that
Our Layer2 tech is our strongest offer at the moment. None of our competitors is a match - it was confirmed by several tech reviewers.
and it is also our proud
this is a comparasion table among Metis, Optimism and Arbitrum
We are using Optimistic Rollup technology:
-Built on top of Layer 1 - Ethereum
-Collects and Batches the transactions, after the entire batch is validated the withdrawal can be initiated back to Ethereum - Layer 1
As a result gas costs are low as they are split between hundreds of transactions in the batch. Also Optimistic rollup utilizes Ethereum decentralization and security.
in this point, all the rollups are pretty similar
But we went even further. This is what sets us apart from other optimistic rollups:
We use not one sequencer (queue) to process transactions, but multiple
We also have decentralized validators (Rangers) to validate transactions
Please note that rangers are incentified - they receive mining rewards. Anyone can become the Ranger, so Metis doesn’t control the validators like for example Polygon
Rangers never know who’s transaction they validate, therefore there is no reason for them to cheat - additional security
We also have multiple processing engines (Virtual Machines) that are created dynamically
This way our Optimistic rollup is faster and has no bottlenecks as opposed to our competitors
Also we are usually asked how we are compared with Polygon.
Polygon is awesome as they already have a working solution to lower the gas fees.
But, are you aware that Polygon is a centralized private sidechain controlled by just a few people - that is why they were able to build this solution that fast.
Basically, if 4 Polygon team members and 1 partner decide to withdraw the funds of companies that are committed to Polygon - they can do so.
It is not possible on Metis. Metis is completely decentralized and not controlled by even Metis founders or team or anyone. Decentralization is one of the core values for us.
As a cherry on top - Metis also defines a new DAO structure - DAC (Decentralized Autonomous Company) to act as the fundamental unit to support the operation and management of decentralized applications, communities and business. Users of Metis will be able to benefit from the easy way to build their own DAOs.
so generally speaking, our tech is way more advanced, decentralized, scalable, faster and securer.
Q4) So far, what are the major milestones Metis achieved?
Our progress is going pretty fast. For now we have launched our beta testnet and at the pace to release our public testnet next month.
During the past a few months, we have helped our community members to release different products on Metis Layer2
For the demo app called “Prologue” launched on Metis Alpha Testnet in April, the DApp has 12,683 Wallet Created, 6,856 DAC(Decentralized Autonomous Companies) Created, Testnet Transactions number is 166,859, Layer2 Smart Contract Calls number is 22,607.
so really a lot of people participated in the testing
they got airdrops afterwards for their contribution
This was our Freelance use case that users of our future platform can take an advantage off - as I said you will be able to run business, so for those whose business is freelancing - they can already see how it works on Metis platform.
We also launched The First-Ever Community-Minted NFT Event: Rebuilding the Tower of Babel in early May.
12,118 Wallets Connected with this event, created 2,560 Tribes in 100 minutes, and the number of full Members(15 Wallets Trusted) Tribes is 1,204. NFT was sold at the OpenSea https://opensea.io/assets/0x5628d3eec4349e70541721bfc9f6ef7d70969d1b/0 auction for 16.1 ETH, which is nearly $67000 USD
and as planned, all the proceeds were shared among the artist and all the participating 256 tribes. This was a demo of our marketing use case that users of our platform will be able to take an advantage of too.
all the tribe participants got the revenue sharing as well
We launched the Layer 2 beta testnet in June, and also another product the MetisSwap for you to experience the low cost, high speed transactions on the Layer2 DEX. Metis token holders can mint your own Layer2 tokens and swap them with one another. You can try for yourself at testswap.metis.io
As we are continuing to onboarding and announcing partners we are developing the strategy for Metis Ecosystem Development Program https://metis.io/grants where our partners will be supported by the funding and grants for their development needs.
We are still looking for good DeFi, NFT, decentralized projects to partner with, so if you are the founder - please apply at https://metis.io/grants!
Builders, please do apply!
Last week we launched middleware, which will serve as a front end to our Layer2 and will allow users with no blockchain development experience to use the APIs/Templates to develop their own DApps on Metis Layer2, see the low gas fees and fast transactions. It’s called Polis, please try it in polis.metis.io
that’s our current progress, please join https://t.me/MetisDAO for the latest updates, and most importantly, token rewards for our community members
Just a quick question: how to get involved in the testnet?
For developers or builders, you can try on polis.metis.io to see how you can utilize our middleware to launch and manage your DApps
For the users, please proceed to our Metis Uniswap (MetisSwap) to test and experience
Q5) After all these achievements you’ve done, what are the next big things for Metis? That’s the last question from me.
Next month we will release the public testnet, by then, people will be able to connect with Metis public testnet, bridge assets from Layer1 to Layer2, do the builder and community mining.
yes, staking and mining is coming
Mainnet release is scheduled for 4Q of 2021.
also we will continuously develop our ecosystem.
We already landed some major partners - they are on our website metis.io.
We recently partnered with Opolis and will be building our freelance/employer use case alongside the Opolis employment system. We keep forming strategic partnerships and will also be announced in time according to our plan.
And also the partnership with Paid Network will empower them to launch the Layer2 launchpad for low cost and high transaction speed, and also high scalability for more supported functions.
If you want to build your business on top of Metis or if you want to refer those who are building blockchain businesses, but can’t sustain their business with high gas fees or looking for out of the box functionality as tokenizing their business, NFT minting, yield generating - please ask them to fill the request on metis.io.
Metis Ecosystem Development Program is open for application now!
We are working with major worldwide organizations supporting sustainable goals as our platform really opens the possibilities for those who are restricted in the traditional centralized systems. All will be announced!
Community ask questions from Twitter
1) I see you have an ecosystem development program with Metis. Can you tell me and everyone here briefly, What are the conditions for participating in the program and the benefits of participating in the project?
ok, thanks for this question
actually it is free to apply
our team will have the meeting with every applicants and see their buiness model, tech, community, etc, and see how we Metis as a platform can help
we do encourage builders with large use base to apply, and they will get farming benefits based on transactions
but for new ideas or projects
we also welcome
we hope to do whatever we can to help every projects
Q2) MetisDAO has a "Reputation Power system," so can you explain how a user gains more reputation on MetisDAO and what unique advantages it provides?
we are still developing this system, the initiative is to have a decentralized credential system on the chain
everyone can earn your reputation based on the transactions or collaborations you have finished
so the more contribution you have done, the higher reputation in the system
With high reputation, people would more likely to collaborate with you
and it means if you are a professional, create a DAO on Metis, and having a high reputation power will enable you to earn more
3) Your version of Testnet edition of MetiSwap is live and from what I saw you are trying to prove that all DeFi projects can run on Metis Layer 2 Beta Testnet, can you tell us the usecases of this product? What can the users do with $METIS tokens?
Metis token is the platform token for people to pay the gas cost on Layer2
although it is very little
you will need Metis to pay the gas cost
also the Rangers will need to stake Metis token to do the validation
and if they behave wrongly, their staking will be taken away as the penalty
Metis also enable people or projects to create their DAO on Metis Layer2
creation of DAO will need stake as well
as a commitment
Metis token will also be used to support new projects cold launching and token issuing
Metis will form the token pair with the new coins
of course, Metis token is also the governance token as well
Q4) I just want to know how Metis is better than Matic and as you can find Matic on every exchange why cant i find Metis.. Help me out in answering this.
I understand this is also the question that our community cares about
we are actively looking for listing on the exchange
but some of the cost is very high
and with low traffic
so we are very serious with this
new listing is what we will continue to look for
accompanying with our tech and mainnet launch
Q5) You aim to unlock the power of Layer 2 technology, can you tell us what are the advantages that Metis has unlocked so far from th Layer 2 technologies? What partners have come onboard of this idea? Also, can you tell us about the Metis Ecosystem Development Program?
I think I have covered most part of this question during the AMA
for the tech perspective
Metis is building a much more easy-to-use, decentralized, fast, cheap, scalable and secure Layer2 solution
For the partners, we already have these on board
and now still talking with more
for the EDP program, please check and apply here https://www.metis.io/metis-ecosystem-development-program/
Live Questions answered by Metis Dao
On your website they emphasize that Ethereum + Metis = low GAS, could you explain to us how you achieve the decrease in the price of GAS in the ETH network? It is known that with the ETH 2.0 update the high GAS prices will be a thing of the past, does this mean that they will be even lower with Metis?
You can send answers too
I have explained that rollup will pack the transactions and share the gas cost among multiple transactions in the package
so it is this way to make it cheaper, to be simple enough
but Metis is doing more than just lowering down the gas cost
we are building the Layer2 framework to support many Web2 applications to migrate to Web3
Layer2 can support a lot of functions
which Ethereum mainchain cannot support
so the scalabilty is actually Metis’s focus
and it will not erode even Ethereum 2.0 come online
Scalabilty is the way
Do you have any plans to attract non-crypto investors to your project Because,who are still not in the crypto world they invest.What are the plans to increase awareness around in non-crypto space ?Thanks sir..
yes, we do. We hope to onboard web2 world applications and users to Web 3.0 world. We have and will continue to do the marketing, community events, farming, hackathon, etc to increase the brand awareness
How can founders of NFT apply to Metis DAO and how can developers utilize middleware please??
Migrating to Metis Layer2 is very easy, it might only need to take 10-15 minutes
you can migrate the smart contract on Layer2, and use the NFT minting over there for low gas cost and high transaction speed
for middleware, it is also very intuitive
just register at polis.metis.io and experience yourself
if you have any questions, please ask in our community https://t.me/MetisDAO
please check it here https://coinmarketcap.com/currencies/metisdao/.
For the value of the token, we are in the Layer2 battlefield
and with greate products and mainnet coming soon
and farming as well
Telegram community: https://t.me/MetisDAO