$METIS 101: The L2 that solves #ETH's problems
ETH is slow af, expensive af and cant scale
A layer 2 is a framework that helps the base layer (known as L1) scale. This is done by taking the transactions off the L1
🧵👇 ( A thread | 1/22)
ETH is slow af, expensive af and cant scale
A layer 2 is a framework that helps the base layer (known as L1) scale. This is done by taking the transactions off the L1
🧵👇 ( A thread | 1/22)
2. The Scalability trilemma that all blockchains face is that they can only choose 2 out of 3: scalability, decentralization and security.
L2s are a solution that aims at making non scalable chains like #ETH scalable.
L2s are a solution that aims at making non scalable chains like #ETH scalable.
3. #METIS is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0.
5. Rollups are smart contracts that act as the link between the main L1 chain (Ethereum) and the L2 (Metis).
6. Essentially, rollups work by moving transaction off chain (from L1 to L2). Once transactions are completed, the L2 will ‘roll up’ transaction data into a block. This block will then be sent back to the L1 chain for verification.
7. #METIS utilizes a technology known as optimistic rollups.
Essentially, when the block is being sent back by the L2 to the L1, the L1 views the block as valid or optimistic. $METIS uses a fraud protection system to prevent malicious activity.
Essentially, when the block is being sent back by the L2 to the L1, the L1 views the block as valid or optimistic. $METIS uses a fraud protection system to prevent malicious activity.
8. #METIS's technology allows it to be highly scalable, fast and low cost while having ETH security and decentralization. Hence solving the blockchain trilemma. It is the best of both worlds.
9. Additionally, Metis provides support to build Dapps or businesses on Ethereum with:
a. Low gas fees (as low as a few cents as opposed to tens of dollars on Ethereum or more than $1 on Polygon)
b. Fast transactions (2 seconds as opposed to at least a few minutes on Ethereum)
a. Low gas fees (as low as a few cents as opposed to tens of dollars on Ethereum or more than $1 on Polygon)
b. Fast transactions (2 seconds as opposed to at least a few minutes on Ethereum)
10.
c. Native file storage (not possible on Ethereum, nor on Polygon)
d. No coding smart contracts - #METIS will provide one-click deployment from our own pre-developed templates
e. EVM Equivalent - $METIS ports #ETH dapps for all the above advantages at no cost and in no time
c. Native file storage (not possible on Ethereum, nor on Polygon)
d. No coding smart contracts - #METIS will provide one-click deployment from our own pre-developed templates
e. EVM Equivalent - $METIS ports #ETH dapps for all the above advantages at no cost and in no time
11. #METIS is an ETH scaling solution, it has many more features such as no-code Dapp development and DAO creation capabilities.
Though even after ETH2.0 is ready, scaling solutions will still be needed as it won't solve all of #Ethereum issues.
Though even after ETH2.0 is ready, scaling solutions will still be needed as it won't solve all of #Ethereum issues.
12. @VitalikButerin mentioned that even with ETH 2.0, L2s will still be needed.
In addition to speed and cost, L2s add in a lot of functions,
In addition to speed and cost, L2s add in a lot of functions,
13. #METIS provides ways to enhance DAOs including management systems for them.
$METIS will include a way to store files using a decentralized file storage system.
$METIS will include a way to store files using a decentralized file storage system.
14. $METIS includes Polis, which allows for easy management of smart contracts and user authentication.
Future versions of Polis will include smart contract templates for non-blockchain developers to easily create, deploy, and manage their smart contracts.
Future versions of Polis will include smart contract templates for non-blockchain developers to easily create, deploy, and manage their smart contracts.
15. #Metis is more than an Optimistic Rollup, it intends to be the leader of a scalable, secure, and usable decentralized experience.
16. However, one problem is that a period of time needs to be allocated to ensure there is no fraud, which means that withdrawals take a long time. At the moment, withdrawals take a week from Metis to ETH
17. At the moment $METIS is trading at $159. It has a max supply of 10M of which about 3M are currently in circulation.
18. I'm particularly excited for #METIS. In this race for the next solution to #ETH's problems, $METIS is well positioned to emerge as the leader.
Metis leverages ETH's security and decentralization, while being fast and cheap. It can tap into ETH's network effects to grow.
Metis leverages ETH's security and decentralization, while being fast and cheap. It can tap into ETH's network effects to grow.
19. Additionally, #METIS is providing a whole range of features and functions beyond just being an L2 solution.
It's offering no code templates for non devs. As the world heads deeper into crypto, this will be key in onboarding peeps and driving innovation
It's offering no code templates for non devs. As the world heads deeper into crypto, this will be key in onboarding peeps and driving innovation
20. It has a focus on #DAOs which are going to be the future of crypto communities.
#METIS' functionalities go beyond just an L2 and it has me particularly excited.
Fun fact: @VitalikButerin's mum, @Natalia_Ameline participated in this project
#METIS' functionalities go beyond just an L2 and it has me particularly excited.
Fun fact: @VitalikButerin's mum, @Natalia_Ameline participated in this project
21. Accounts to follow for $METIS insights:
@MetisDAO @josefabregab @JadeTBTC @0xFitz @Dentoshi @RocketManToken @CryptoDeus2 @MaiaDAOMetis @ELDTrades @rektfoodfarmer @CryptoTemplars @ChadCaff @CryptoShlug @Master_Metis
Spent a lot of time writing this, RT would mean a lot
@MetisDAO @josefabregab @JadeTBTC @0xFitz @Dentoshi @RocketManToken @CryptoDeus2 @MaiaDAOMetis @ELDTrades @rektfoodfarmer @CryptoTemplars @ChadCaff @CryptoShlug @Master_Metis
Spent a lot of time writing this, RT would mean a lot
22. Follow for #METIS insights:
@AlphaCryptOmega @BillyBobBaghold @chirocrypto @rektfoodfarmer @VegetaCrypto1 @0xGav
@0xAPEd @ChocolateMastr @AstrologyCrypto @DCA_Cryptoz @kendrickNoble7 @CryptoBoy55555
@MetisNews247
Spent a lot of time writing this, RT would mean a lot
@AlphaCryptOmega @BillyBobBaghold @chirocrypto @rektfoodfarmer @VegetaCrypto1 @0xGav
@0xAPEd @ChocolateMastr @AstrologyCrypto @DCA_Cryptoz @kendrickNoble7 @CryptoBoy55555
@MetisNews247
Spent a lot of time writing this, RT would mean a lot
23. Hope this was insightful. I post 101s and breakdowns. Check out some of my previous 101s:
https://twitter.com/Cov_duk/status/1500714387417436168
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