What is MetisDAO?

Metis is a blockchain-based network focused on decentralized autonomous organizations (DAOs). It aims to enhance scalability and functionality within the Ethereum ecosystem, by using Layer 2 scaling solutions to address high transaction costs and network congestion issues that are very commonly associated with Ethereum.

This network aims to improve transaction speeds and reduce costs by implementing a Layer 2 framework specifically designed for Ethereum’s scalability challenges. This makes the platform suitable for businesses and applications needing efficient decentralized solutions.

History of MetisDAO

MetisDAO was founded in 2019 with the mission to make blockchain technology more accessible and effective for real-world applications. It emerged from recognizing the challenges faced by Ethereum, including slow transaction speeds and high gas fees, which hinder wider adoption.

In response, MetisDAO developed its framework to optimize these issues by using Optimistic Rollups and other Layer 2 technologies.

The launch of the Metis Virtual Machine (MVM) in 2021 was a significant milestone, marking the platform’s readiness to support complex dApps with improved performance and lower operational costs.

MetisDAO was co-founded by Elena Sinelnikova, Kevin Liu, and Yuan Su.

• Elena Sinelnikova has large experience in blockchain and cybersecurity, having previously founded Crypto Chicks.
• Kevin Liu is an executive with a strong background in investment and strategic development.
• Yuan Su is a former IBM software engineer, bringing a lot of technical and organizational knowledge.
  The diverse backgroun of the team ensures a strong technical starting point for the organization.

Timeline of Development and Key Milestones

• 2019: Founding of MetisDAO.
• 2021: Official launch of the platform.
• 2022: Launch of Metis Andromeda mainnet.
• 2023: Introduction of Hybrid Rollup technology combining optimistic rollups with zero-knowledge proofs.

MetisDAO’s Layer 2 Solutions

MetisDAO’s core solution to Ethereum’s scalability issues is its implementation of Optimistic Rollups, a technology that allows for the batching of multiple transactions into a single one, which is processed off-chain and later verified on the Ethereum mainnet.

This approach significantly reduces the strain on Ethereum’s network, leading to faster transaction speeds and lower costs. Metis enhances this setup through the Metis Virtual Machine (MVM), which not only supports the execution of complex smart contracts but also ensures compatibility with Ethereum, allowing for easy migration of existing dApps onto the Metis platform.

Metis Hybrid Rollups

MetisDAO’s hybrid rollup is an approach to addressing Ethereum’s scalability challenges. It combines the benefits of both Optimistic Rollups and ZK-Rollups, creating a synergy that theoretically maximizes efficiency and security.

Optimistic Rollups enable the bundling of numerous transactions into a single batch, processed off-chain for faster speeds, and later verified on the Ethereum mainnet. This method drastically reduces congestion and gas fees. MetisDAO integrates ZK-Rollups, which introduce an additional layer of security through Zero-Knowledge Proofs. These proofs cryptographically verify the validity of transactions without needing to execute them on-chain, thus ensuring trustlessness and privacy while maintaining the benefits of scalability.

The combination of Optimistic Rollups and ZK-Rollups in MetisDAO’s accelerates transaction speeds, reduces costs, and fortifies the network against potential vulnerabilities, making it a good choice for developers and users seeking a robust and scalable blockchain platform.

The Metis Virtual Machine (MVM)

The Metis Virtual Machine (MVM) is an important component of MetisDAO’s infrastructure.

Designed to be fully compatible with Ethereum’s Virtual Machine (EVM), MVM offers several enhancements, including improved transaction throughput and reduced gas costs. These improvements are achieved by handling most computational tasks off-chain, thus alleviating the burden on the Ethereum network.

MVM’s architecture also supports a unique DAC framework, facilitating the operation of decentralized businesses and applications in a more organized and scalable manner.

What Metis Offers

MetisDAO offers a comprehensive suite of tools and services designed for developers and businesses looking to build and scale dApps.

Beyond technical solutions, there is a robust governance model where METIS token holders can influence the platform’s development and management decisions. This inclusive approach ensures that the DAO remains adaptable and responsive to the needs of its community, actively supporting innovation through developer grants and hackathons, and encouraging ongoing development and engagement within its ecosystem.

What Are Layer 2 Solutions?

Layer 2 solutions are protocols or frameworks that are built on top of existing blockchains, like Ethereum or Bitcoin, to enhance scalability, efficiency, and functionality.

These solutions were created as an alternative to alleviate some of the limitations of the underlying blockchain, such as high transaction fees, slow transaction confirmation times, and limited throughput. They enhance blockchain networks by processing transactions off the main chain, which lowers costs significantly and increases transaction speeds.

As blockchain applications expand in number and complexity, the underlying networks face increasing performance bottlenecks, which hinder scalability and certain features’ feasibility. Layer 2 solutions are very important to address these challenges, as they allow networks to handle more transactions per second without compromising the security maintained by the main blockchain.

This approach helps to manage the increasing transaction volumes without demanding a complete overhaul of the base layer infrastructure, by offloading the transaction load to a secondary layer, which interacts with the main blockchain, ensuring that performance improvements are achieved without sacrificing security or decentralization.

Layer 2 Technologies

Layer 2 scaling solutions can be categorized into several types, each employing different mechanisms to enhance transaction capacity and speed:

• State channels establish two-way communication channels between parties for interaction outside of the blockchain.
• Sidechains are separate blockchains linked to the main chain, allowing assets and data to traverse between the two.
• Rollups consolidate multiple transactions into a single one that is processed off-chain before being finalized on the main blockchain.
  Among the solutions mentioned above, rollups are particularly effective, because of their combining speed and security, by processing multiple transactions as a single batch.

Optimistic Rollups and Zero-Knowledge Rollups

Optimistic Rollups and Zero-Knowledge Rollups are two different approaches to the rollup technology.

Optimistic Rollups handle transactions off-chain and assume them to be valid by default, only verifying them through the main chain in the event of a dispute. This method is effective in saving resources, as it uses very little computational power, unless there is a dispute involved, which requires them to validate the information.

Zero-Knowledge Rollups provide cryptographic proof of transaction validity upfront, allowing immediate finality on the blockchain without waiting for any types of confirmations. This not only enhances security, but also improves transaction throughput as less information needs to be processed on the main chain.

Highlights

• MetisDAO utilizes Optimistic Rollups to enhance Ethereum’s scalability by efficiently processing transactions off-chain, reducing computational load and gas costs.
• Launched in 2019, MetisDAO addresses Ethereum’s scalability issues, notably marking its progress with the introduction of the Metis Virtual Machine (MVM) in 2021.
• Metis Virtual Machine (MVM): MVM boosts decentralized application performance through off-chain computation, offering faster processing and lower costs than Ethereum’s Virtual Machine.
• Ethereum Compatibility: MVM supports seamless transition of apps from Ethereum, combining Ethereum’s security with improved scalability and efficiency.
• Applications and Governance: MetisDAO facilitates a broad range of decentralized applications and promotes community involvement through a decentralized governance model.
• Layer 2 solutions enhance Ethereum by handling transactions off the main chain, reducing costs and increasing transaction speeds without compromising security.
• These solutions are essential for blockchain scalability, enabling networks to manage higher transaction volumes efficiently.
• Key types of Layer 2 technologies include state channels, sidechains, and rollups, each providing different mechanisms to offload transactions from the main chain.
• Optimistic Rollups process transactions assuming they are valid, only verifying them on the main chain if a dispute arises, which conserves computational resources.
• Zero-Knowledge Rollups provide immediate transaction validity proofs, improving security and throughput by reducing the data processed on the main chain.