Metis

What is Metis?

Metis aims to enhance Ethereum's scalability using its Layer-2 network. This network combines Ethereum transactions, processes them away from the main chain, and then brings them back to Ethereum for official recording. Alongside this, the Metis crypto protocol provides an important link between its Andromeda network and Ethereum, allowing for the smooth transfer of non-fungible tokens (NFTs). The protocol also includes NFT storage, a framework for their version of a decentralized autonomous organization (DAO), decentralized autonomous companies (DACs), and middleware that assists developers in managing their smart contracts.

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Recent Video Interview

Main points of the interview:

• Mettis pioneers moving data availability off-chain and recently launched the first sequencer pool for an Ethereum L2.
• How Mettis stands out with its mature ecosystem and economic model.
• Mettis' focus on DeFi and partnerships to tackle emerging markets.
• Mettis' roadmap, focusing on supporting innovative dApps, and driving user adoption.

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What Does the Metis Token Do?

The METIS token serves multiple key roles within the Metis crypto ecosystem. Firstly, it holds significant importance in Metis' Layer-2 solution. As Metis groups transactions and dispatches them to the Andromeda network for processing, it relies on entities known as Rangers to validate transactions for authenticity and prevent fraud. Rangers are required to stake (lock up) METIS tokens, which establishes their eligibility for transaction validation. In case of malicious behavior, their staked tokens can be 'slashed' or deducted as a penalty.

Furthermore, METIS tokens have utility in covering transaction fees on the Metis Andromeda network, and users can also stake these tokens to earn rewards. Metis operates a 'Builder Mining' initiative that grants METIS crypto rewards to member Decentralized Autonomous Companies (DACs) for each transaction they initiate on the Andromeda network.

Metis Team Background

Metis was established by Elena Sinelnikova, Kevin Liu, and Yuan Su in 2019; however, the company's official launch did not occur until November 17, 2021. Before founding Metis, Elena Sinelnikova had initiated other cryptocurrency projects. Notably, in 2017, she founded the non-profit blockchain educational hub called 'Crypto Chicks.' With a Master's degree in computer science, Sinelnikova boasts a background in blockchain, cybersecurity, software development, and serves as a proficient full-stack programmer.

Kevin Liu's journey involved roles as an investment manager and in strategic development before embarking on the launch of Metis. Holding an undergraduate degree in management, he furthered his education with an MBA from the Chinese Academy of Sciences.

Yuan Su pursued computer science during his undergraduate studies and later pursued an MBA at the University of Toronto. His professional trajectory led him to work as a software engineer and manager at IBM until 2019 when he co-founded Metis. Presently, he also holds a leadership position in development at CaseWare International.

Metis Project Development

Metis Andromeda is set to incorporate Bedrock, a technology developed by Optimism, to further reduce fees. This upgrade brings several exciting features:

• Enhanced security through alternative client implementation, creating a safer user environment.
• Separation of consensus and execution, enabling seamless integration of Proto-Danksharding (EIP-4844).
• Shortened deposit times for an improved user experience.
• Improved network robustness through smart sync, sequencing, and state submission.
• Efficient peer-to-peer networking, facilitating node operation.
• Cost-effective transactions with optimal Calldata submission, offering users economical options.
• Introduction of the Cannon fraud-proof system for simplicity and security, aligning with a web3 economy vision.

As Optimism notes, Bedrock, combined with Cannon, uniquely supports fault-proof and client implementations within the rollup architecture.