Blockchains can’t be decentralized, safe, and scalable at the same time, which is the blockchain trilemma. Metis is an Ethereum Layer-2 scaling solution that seeks to fix this. The three main problems Ethereum faces are speed, cost, and scalability.
A Comprehensive Guide to Metis Crypto – 2023
A Layer 2 solution, Metis runs on top of already-existing blockchains like Ethereum. By processing the majority of the workload off-chain and utilizing the underlying security and decentralization of the base layer, layer 2 solutions seek to improve scalability and lower transaction costs. The “Advanced Adaptive Proof-of-Stake” (AAPoS) protocol and a hybrid consensus mechanism are the two methods used by Metis to accomplish this.
The Mission of Metis Crypto
The goal of Metis is to develop a technical platform that is accessible and simple to use and makes blockchain available to anybody who wants to launch or expand a company, decentralized application, or community.
The internal unit of exchange for staking and making payments in the Metis crypto ecosystem is the Ethereum token known as METIS crypto. The Metis protocol is used by Decentralized Autonomous Companies (DACs), which allow users to pay for the goods and services they provide. Additionally, METIS tokens contribute to the elimination of spam and promote mutual trust among users and developers.
Information About the Founders of Metis Crypto
Metis was formed in 2019 by Elena Sinelnikova, Kevin Liu, and Yuan Su, although it didn’t go into operation until November 17, 2021. Before starting Metis, Sinelnikova launched several cryptocurrency ventures, including the non-profit blockchain learning hub Crypto Chicks, in 2017. She has a Master’s in computer science and has worked in full-stack programming, blockchain, cybersecurity, and software development.
Before starting Metis, Kevin Liu worked as an investment manager and in strategic development. He holds an MBA from the Chinese Academy of Sciences in addition to a management undergraduate degree. Following her undergraduate work in computer science, Yuan Su pursued an MBA at the University of Toronto. He worked at IBM as a manager and software engineer from graduation until 2019, when he co-founded Metis. He now oversees CaseWare International’s development department as well.
Optimistic Rollups
The most recent iteration of layer-2 scaling methods, optimistic rollups, has several advantages over zK rollups. Because zK rollups use a single sequencer, which clogs the network during periods of high transaction volume, they require a higher level of security than the original mainnet. Sequencing layers for validators were implemented to prevent fraudulent transactions on the blockchain.
On the Metis network, validators known as “Rangers” synchronize staking algorithms and validate transactions. Unless otherwise demonstrated, the network’s consensus implies that all transactions are accurate. As a result, optimistic rollups, a Proof-of-Stake (PoS) validator system, and quick transaction speeds resolve Ethereum’s throughput problem. The block time at the moment is less than two seconds, and transaction costs are one cent.
Metis Virtual Machine
In order to address scaling issues with layer-2 solutions, Metis developed the Metis virtual machine. With the benefit of hindsight, they created their optimistic rollups in a way that will allow the project to grow in the future while maintaining a connection to the Ethereum mainnet. The MVM, which is a substitute for Ethereum’s Ethereum Virtual Machine (EVM), offers the best throughput of any Ethereum-based client.
Metis Hybrid Rollup
Using a combination of optimistic rollup architecture and zero-knowledge proofs, MetisDAO declared on March 2, 2023, that it was creating the first-ever Hybrid Rollup. Metis thinks that merging both designs will enable them to offer a safe, developer-friendly Layer 2 for Ethereum developers to install a variety of decentralized apps, even though development on the rollup is still ongoing.
Tokenomics
In the Metis crypto ecosystem, the Metis token (METIS) plays a number of different purposes. First of all, it’s a crucial component of Metis’ Layer-2 solution. Metis uses actors known as Rangers to make sure transactions are legitimate and not fraudulent before sending them in batches to its Andromeda network for processing. To be qualified to validate transactions, Rangers must stake METIS tokens.
Additionally, users can stake METIS tokens for incentives and use them to pay transaction fees on the Metis Andromeda network. Additionally, Metis runs a “Builder Mining” program that awards DAC members with METIS cryptocurrency for each Andromeda network transaction they make.
On the other hand, METIS crypto is trading at $18.01 as of the time of this writing, according to CoinMarketCap data. The token price has increased by 16.33% in the last 24 hours.
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