As technology upsurges in the crypto space, many platforms are moving along with these developments. Metis is one of the new-generation blockchains with enormous potential, especially in yield.
This article will describe the innovations that this technology brings and the level of added value you may derive from it.
What is Metis DAO?
Metis is an Ethereum Layer-2 scaling solution founded by Elena Sinelnikova in 2019. Metis is a hard fork of Optimism and utilizes optimistic rollups. It is a project that aims to overcome the flaws of Ethereum in performance validation. In other words, Metis DAO is a two-layered technology that grows decentralized communities (DAOs).
The utility token of the Metis DAO is METIS, which serves as a means of staking and paying out rewards.
The Metis Layer 2 is just the core component of the Metis Stack, followed by the Reputation Power System and the Decentralized Autonomous Company (DAC) Framework. The Metis stack provides the ideal environment for infrastructure development, day-to-day businesses, and other forms of open collaboration.
How Does Metis Work?
As a way to function usefully, Metis proposes a solution that makes it possible to lighten the flows of data on the network. As such, Metis uses Rollup-up technology. Its operating principle is simple, with the calculation done off-chain, that is to say, outside the Ethereum blockchain, while the transactions will always be on-chain. As a way of validating transactions, some validators check on the transparency of the transactions.
Every validator must deposit some amount, which acts as security and could be reduced in case of some attempted fraudulent maneuver on the part of the validator. There is also the presence of rangers deployed to ensure the integrity of the Metis network. The rangers try to fill the loopholes of the validators.
Organizations that use the Metis Network are connected using Reputation Power (RP). Ethereum provides the security of Metis’ transactions and network. Ethereum is considered to be the gold standard for blockchain security. As such, Metis DAO uses Ethereum to optimize its security, unlike Polygon, which has its blockchain.
As such, when using Metis, users can rest assured that their transactions are secured by the Ethereum mainnet while uniquely inheriting the underlying benefits of Ethereum. Builders and users are genuinely interacting and guaranteed by the Ethereum mainnet.
The Operation of Metis’ Hybrid Rollups
In Q-1 of this year, Metis unveiled the first-of-its-kind Optimistic and ZK Hybrid Rollup, which aims at blending the speed validation of Optimistic Rollups with the security of Zero-Knowledge Proofs, to accelerate the growing Web3 economy ultimately.
In the operations, Rollup solutions have proven to be a crucial advancement for bridging scalability by eliminating high gas fees and low throughput.
It is, however, essential to note that Optimistic and ZK Rollups suffer unique challenges that significantly limit their scalability potential. In this case, Optimistic Rollups suffer from delays in transaction finality and slow withdrawal speeds-taking as long as seven days. On the other hand, ZK Rollups demand a high computing power, resulting in slow transaction confirmation time.
As an integral part of the blockchain ecosystem, it becomes crucial for rollups to evolve to alleviate these pain points. As such, Metis is advancing its research and development efforts to become the first-ever Optimistic Rollup to reduce the time to roughly four hours.
The Hybrid Rollup of the Metis DAO aims to combine the speed of Optimistic Rollups with the security of Zero Knowledge Proofs to improve transaction confirmation and finalization speeds.
What Makes Metis Unique?
In the conventional Optimistic Rollup, all the transaction data is stored on Layer-1. To ensure the lowest cost, the Metis Smart L2 only posts the minimal amount of data necessary on Layer-1, holding the transaction data off-chain.
The actual transaction data is the off-chain data component. It is placed in Memo Labs storage by the Sequencer. Sequencers play an essential role in rollup systems. They take user transaction requests, order them, and then submit them to a specific blockchain layer. Only one Sequencer is active at once to establish consensus on transactions and improve speed. In Metis, a sequencer is a semi-privileged participant. Compared to Layer-1 Ethereum, storage on Memo Labs is substantially less expensive to include.
If any defective actors are in Metis’ system, they are charged and replaced through continuous rotational cycles. The peer network, which consists of block producers, sequencers, and verifiers, completes this task.
Benefits of Metis
The most significant benefit of using the Metis crypto protocol is its Ethereum-compatible virtual machine, MVM. The Metis Virtual Machine is EVM-compatible. As such, it looks, feels, and behaves just like Ethereum. Conversely, it is cheaper, faster, and easier to use than Ethereum. The Metis Layer-2 blockchain supports Solidity smart contracts in the same way as the Ethereum Layer-1 does.
Final Thoughts
Combining Optimistic Rollup architecture’s high-level scalability with the security, censorship resistance, and fast finality offered by Zero-knowledge proofs, the Hybrid Rollup presents a groundbreaking rollup architecture.
Such innovation is a foundation that fosters open, trustless, and decentralized collaborations within the blockchain ecosystem.