The king of congested public chains
Looking back at the competition on the public chain track, it can be said that the generals of the iron fight, the soldiers of the water.
Ethereum has always been criticized by the issue of “scalability”. From CryptoKitties in 2017 to DeFi today, Ethereum has repeatedly exposed its shortcomings while witnessing the ecological prosperity.
Tokenview data shows that the current TPS of Ethereum is only 13, but the daily transaction volume is about 120,000, and the inefficiency of system transactions is visible to the naked eye.
From the perspective of the user side, when a transaction is made when the network is congested, there will be a problem that the transaction cannot be confirmed late, which seriously affects the transaction experience. At the same time, along with the rise in the price of ETH , the “huge” gas cost caused by on-chain activities is even more unbearable for small and medium investors.
The congestion problem of Ethereum has given opportunities for the birth and development of a batch of new public chains and exchange public chains. Naturally, Ethereum has also become a target, so much so that a public chain dared to call itself “Ethereum Killer”.
Of course, the market also has high hopes for the new public chain. After all, the blockchain wants to carry more transactions, move towards large-scale commercial use, and become the infrastructure of Web3.0, which requires greater scalability.
However, the public chain track is full of kings, short-lived and brilliant, and even the king-level projects such as EOS are “in the middle of the road.”
Judging from the current situation, whether it is the security, decentralization, and robustness of the underlying system, or the abundance of upper-level applications, funds, and traffic, or the degree of recognition and trust from the outside world, Ethereum is still present. The king of public chains.
In addition to scalability issues, Ethereum also lacks overall support for Web3.0 in terms of functionality. In addition to the high threshold for traditional businesses to migrate to the blockchain, the existing functions of the blockchain are also difficult to support some more complex business operations.
Although see, Dfinity, Polkadot and Solana chain are also known in other Web3.0 target, and improvements on the basis of Ethernet Square. However, in the short term, it is difficult for the new public chain to surpass and replace Ethereum’s position in the crypto world, but Ethereum also urgently needs to solve congestion and functional problems. Therefore, before turning to PoS, it can improve for Ethereum. Layer 2 with efficiency and expanded functions is worthy of attention.
Among the many Layer 2 protocols, Metis built a high-performance and innovative Layer 2 foundation Metis Rollup based on the Optimistic Rollup solution, which may be a good choice and benefit for Ethereum.
Advantages of Metis Rollup
Key points: Compared with other Layer 2 solutions, Metis Rollup has the highest degree of decentralization, the shortest challenge period, and the most abundant features.
At present, the more popular Layer 2 solutions include Arbitrum , Optimism and Polygon Network. Compared with the former, Metis Rollup has unique advantages.
Rollup solutions such as Optimism and Arbitrum are generally too centralized. Many structures copy a centralized structure from a single sequencer and rely on verification mechanisms to prevent participants from committing malicious behaviors. It may take several days for users to withdraw their funds from Layer 2 to Layer 1, which affects the user’s experience and the efficiency of fund utilization.
In terms of efficiency, the structure of many Layer 2 determines that their throughput will eventually be limited by the computing power of the centralized stack. Therefore, with the increasing number of users on Layer 2, it will further lead to new scalability problems.
Metis Rollup itself refers to the Layer 2 scheme of Optimistic Rollup, and has made improvements on this basis. Both the Optimism and Arbitrum solutions themselves only support limited single virtual machine VMs. Metis Rollup supports multiple virtual machines in parallel to support the simultaneous operation of different DACs (decentralized companies) and avoid potential throughput bottlenecks. This can also further increase the degree of decentralization and avoid single points of loss and centralized institutions. control.
The virtual machine of Metis Rollup is also compatible with Ethereum’s EVM, so various protocols on Ethereum can be easily migrated to Metis Rollup. Similarly, for many non-blockchain professionals, they can launch their decentralized applications just like opening other web applications.
In addition, a plug-in microservice tool module is built on Metis Rollup. Developers can directly expand various tool sets, smart contract templates and rule charters in the form of module plug-in, and simply build their applications. Compared to other Layer 2 bottom layers, Metis Rollup is more friendly to developers.
At present, in terms of storage solutions, Layer 2 protocols are basically stored in a centralized form, while Metis Rollup uses IPFS for decentralized storage.
As the commercial bottom layer of the future Web3.0, user privacy is particularly important. The integration of IPFS can further protect the privacy requirements of different decentralized services. Similarly, the DAC system can also choose what content to put on IPFS to protect business privacy, and the storage options are more flexible.
Metis Rollup has also added Layer 2’s Ranger mechanism, which uses a competitive mining mechanism to incentivize verification nodes to perform verification quickly. Compared with other Layer 2 solutions, the verification period is shorter.
The most intuitive embodiment is that the withdrawal period of Metis Rollup only takes a few hours, while Optimism requires at least 7 days, and Arbitrum also takes several days.
As the Zk-Rollup in the Rollup solution, although based on zero-knowledge proof, it can achieve high efficiency and low cost for verification, but it can also verify the authenticity of data concisely and quickly while protecting privacy. But its shortcomings are the large amount of calculation, high technical difficulty and difficulty in supporting virtual machines, and the integration with Web3.0 is much lower than Metis Rollup.
Sidechain was once one of the most popular solutions, but the sidechain itself is not a trustless environment. Users need to transfer funds to the sidechain, and the overall maturity of the sidechain is lacking and decentralization is even worse. In the current Polygon solution, there is also a side chain part.
Polygon itself is an aggregator of the Layer 2 solution, which includes two bridges, PoS and Plasma. Users use different bridges and have different withdrawal periods when withdrawing funds. Plasma is longer and the PoS verification group is shorter. At present, Polygon is more like a side chain of Ethereum, an interoperable chain, which allows DApp developers to build a blockchain framework more flexibly.
Compared with Polygon, Metis Rollup, as a more pure Optimistic Rollup solution, has already deployed OR technology in the protocol “by default”. They do not need to configure an optional layer specifically for OR on the chain. Metis Rollup’s sorter pool and verification The human pledge mechanism is more reliable than the current scheme of the Matic PoS chain. Similarly, Metis Rollup’s solution can also achieve horizontal expansion by separating the state and transaction execution without the need to deploy a new chain.
All the data required by Metis Rollup is on Layer 1, so there is no need to interact with the Layer 2 side chain. Polygon requires the user to obtain the Merkel root of the checkpoint on the Matic PoS chain for verification. In terms of safety and efficiency, Metis Rollup is even better.
In general, Metis Rollup has the highest degree of decentralization, the shortest challenge period, and the most abundant features compared to other current solutions. Ethereum is the largest landing ecology of DeFi. Due to its bearing problem, the experience of most users is poor. Metis first solves the current scalability problem of Ethereum by building Layer 2 and improves the user experience of DeFi. .
Powering Ethereum’s Web3.0 ambition
The main points of the subsection: Does Web3.0 rely on the new public chain? Metis+Ethereum may be a better solution.
In addition to the advantages of Metis Rollup, Metis is more importantly its role as a Layer 2 open framework that supports the operation of the Web 3.0 economy.
Metis has built a low-threshold platform for creating blockchain applications. On Metis, you can build your own blockchain, DeFi or NFT applications, and even your own DEX without developers.
Metis DAO provides all the privileges of the blockchain, such as trust, security and transparency, and also adds rich features and minimal learning curve. Metis itself is built on its own Layer2 Metis Rollup, which further ensures the efficient operation of the Metis platform and the low-cost use of users.
The DAO autonomous framework of the traditional blockchain only focuses on providing an efficient voting system or governance structure. In order to establish trust among dispersed community members and manage decentralized collaboration, Metis has built a DAC (decentralized autonomous company) governance framework. For the decentralized and autonomous management of daily operations, the DAC system can support the daily operations of organizations including large-scale enterprises. Metis’ DAC architecture is integrated into its Layer 2 infrastructure, making it easy for developers, project parties and community leaders to build their applications and communities.
In the Metis ecosystem, the middleware Polis will become the center for developers to go online and manage Web3 applications. At the same time, it will be convenient for developers to manage smart contracts, manage transactions and user authentication. The subsequent online version will implement smart contract template calls and one-click deployment. Release and integration with existing Web2 front-end applications provide convenience for developers who are not familiar with smart contracts.
Users only need to make a simple choice to create DAC with a low threshold, and support NFT casting and trading business, freelance business, social reputation business, investment business, and so on.
And Polis will also be a company user, a basic tool for transferring his company’s business from Web2.0 to Web3.0.
The Metis ecosystem uses Metis Token tokens as governance tokens. To activate the Metis virtual machine and create a DAC, a certain amount of Metis Token needs to be stored, and the establishment of collaboration also needs to be done by staking Metis Token in the meta pledge contract. Similar to Layer 1, all transactions that call the Metis protocol on Layer 2 need to pay gas fees through Metis Token (transactions consume only a small amount of Gas), and for Ranger verifiers, they need to verify the calculation results through competition to mine Metis Token and serve as excitation.
In short, the MetisDAO system allows everyone to create and run their own business based on the blockchain, build trust (through OG), promote collaboration (through on-chain tools), and coordinate and manage community members to achieve business goals. Community members can be motivated based on their contributions, and they can also accumulate reputation values that will benefit them in the long run.
Similarly, while some traditional companies build applications based on Metis facilities, they can also build efficient collaboration based on the DAC framework. Metis can help some companies create and transfer value based on the blockchain, and realize the expansion of functions based on the original blockchain. , To further help ecosystems such as Ethereum to build Web3.0 scenarios.
Web3.0 is an “ultimate” outlook for blockchain applications, which makes many public chain ecosystems aim to build Web3.0. Ethereum itself has poor scalability, resulting in low performance and efficiency. Many people believe that Web3.0 relies on a high-performance new public chain and its ecology. However, as mentioned above, the current public chain is in addition to performance. It is still incomparable with Ethereum in terms of security, robustness, and network effects.
Metis greatly reduces the developer threshold and the cost of migration, and the Metis Rollup Layer2 solution built by Metis can ensure the security and decentralization of the Ethereum Layer 1 level with high burst, high efficiency and low cost. Similarly, compared to public chain ecosystems such as Dfinity, Polkadot, and Solana, Metis solves problems in a better and more direct way.
Therefore, in the future, compared with the new public chain, the ambition of Web 3.0 may be realized by relying on the Metis+Ethereum ecosystem.
Ecological progress of Metis
Key points of the section: Founding team, financing situation, project progress, Metis development at a glance.
As an accelerator of Web3.0 ecological promotion, Metis itself has a high market popularity. It is also worth mentioning that Elena Sinelnikova, the co-founder and CEO of Metis, is the co-founder and CEO of CryptoChicks and an international blockchain speaker. , The finalist of the Fintech Awards. In addition, she is V God my mother’s girlfriends, while another co-founder CryptoChicks V is the mother of God.
Therefore, whether it is the model built by Metis itself, or the identity of the founder of Metis, Metis continues to shine in the market.
In March of this year, Metis completed $3 million in Series A financing, and in May, Metis completed $4 million in financing.
At present, Metis has obtained OKEx’s Block Dream Fund, DFG, Waterdrip Capital, Chain Capital, Hotbit, Jubi Labs, Ralf P. Gerteis, P1X Capital, AC Capital, Block.power Combinator, SSSnodes, Crasolum, Kernel Ventures, CatcherVC, Investment from Jubi Labs and Liu Ming, the former co-founder of TRON.
At the same time, the public chain project CasperLabs announced a partnership with Metis and launched a joint laboratory: TranspilerLab.DAC.
In addition to financing, in April of this year, Metis launched the first ever community collaboration to complete the NFT artwork “Rebuild the Tower of Babel” activity, and sold 16.1 ETH.
On May 13th of this year, Metis tokens were IDO on lgnition Launchpad and Gate.io, and they were oversubscribed by 657.2 times. Gate.io and Jubi were officially launched on the same day. The market recognition of Metis can be seen.
In June of this year, the Metis network successively opened the Beta testnet and the official version of the testnet, and launched the ecological development plan and the WEB3 technology alliance, which also indicates that Metis has entered a brand new stage.
At present, the test network has supported users to deploy and try smart contracts (compatible with EVM) on Metis, and the anonymous chat room DAPP run by community members on the Metis Layer 2 Beta test network, and users can transfer money to friends/others. At the same time, blockchain developers with low or zero experience can use API/templates to develop their own Dapps on Metis Layer 2, and allow some commercial builders to simulate some business behaviors, such as some retail trade simulations.
At the beginning of September, Metis will launch a public testnet, when community members (including ecosystem development plan applicants) can create their own Layer2 DAC and allow users to migrate assets (Metis tokens) from Layer1 to Layer2, on Layer2 Pledge and get rewards for yield farming, and user mining is officially started. The more users invited to join the DAC created by the user, the higher the mining power of the inviter’s DAC, which means that the more rewards will be obtained from the mining reward pool.
At the end of September, Metis will further launch more features of Layer2 DAC to help the cold start of projects in the ecosystem-from initial funding to community building, from marketing to technical assistance. All DAC members will be able to pledge Metis tokens to mine the tokens of these new projects. In addition, they will also be able to vote whether they want to invest in these projects in exchange for their tokens. The computing power of DAC will also Determine the discount for token distribution.
Metis has developed three distinct but complementary ways to help the ecosystem development plan be selected for projects.
First of all, Metis team members will provide strong professional technical support to allow companies to migrate their own platforms to Metis Layer2, and benefit from the 6 “S” features of Metis, including:
At the same time, the Metis ecosystem development plan will provide diverse financial support. Each selected project will receive 1,000 Metis tokens as a start-up bonus. The Metis Ecosystem Development Plan will also provide Metis marketing and community support for all selected companies, including promotion through Metis’ Telegram and Twitter communities, providing company leaders with AMA opportunities, in-depth industry activities, and collaboration with the blockchain industry. build connection.
The Metis ecosystem technically builds a low-threshold ecosystem for users, and at the same time promotes developers and users to enter the Metis ecosystem in the form of “incubation”, and further helps ecological members to develop better to achieve the prosperity of the Metis ecosystem.
Ecological outbreak may usher in the second half of the year
Key points: In September, the mainnet went live, and three types of mining encouraged community members to build a Metis ecosystem.
The important nodes of the Metis ecosystem are mainly concentrated in the second half of the year. According to Metis’s route plan, after the two testnet tests are over, the mainnet will be launched in September this year. This means that most of the functions of the Metis system will be launched, which also means With Metis’s Layer 2 ecology, it is set sail in an all-round way.
In the DeFi field, a large number of applications may also be migrated to Metis Rollup, bringing ecological prosperity.
Metis has gained market attention in the early stage, and the launch of the main network will also be the biggest benefit for Metis in the second half of the year, which will make the market pay more attention to Metis.
In the Metis system, in addition to the liquid pledge, the most important pledge is the pledge of verification nodes for verification and mining. With the launch of the mainnet, the mining mechanism will be further launched, which will also mean that Metis will become a rigid demand in the market, and pledge will further reduce the total circulation of tokens.
The mining mechanism of Metis is also worth mentioning. It is divided into three levels, which are respectively for community members, DAPP and verification nodes, and fully mobilize everyone’s enthusiasm to build the Metis ecosystem.
The first level is DAC mining. DAC mining is mainly for community members. The purpose is to establish a user base and DAO governance for the Metis ecosystem. Users can register and set up their own decentralized company, pledge Metis for mining, and the mining efficiency is improved through the DAC computing power NFT. The size of the DAC computing power NFT is differentiated according to the scale of the DAC and other ecological construction status. Metis first launched DAC mining to support ecological development and cold start of projects. DAC mining is launched on the public testnet.
The second level is DAPP mining. With the launch of the Metis mainnet, there will be more and more ecological projects to cooperate with Metis, and Metis will also select high-quality projects to cooperate, jointly conduct DAPP mining, and help DAPP The project party conducts a cold start.
Metis’ DAC ecological foundation will serve high-quality DAPP projects while developing the Metis ecosystem. Metis and DAPP will use the mining incentive mechanism to allow users to mine from every month, to every month, every week, or even every day there are new mines to mine, not only mining Metis but also DAPP tokens.
The third level is the verification node Ranger mining. The verification node mining is the mechanism design layer of the Layer 2 technology, which is an economic incentive plan to improve verification efficiency.
In the Optimistic Rollup mechanism, it is assumed that everyone is honest and credible. The data packaged by the sequence is not problematic by default, and the sequencer needs to pledge and use standard program software for packaging services, so the probability of error itself is also very low. As a result, the verifier actually has no economic incentive to do verification, because the probability of finding an error will be very low. Optimistic has set a time of 7 days. If someone finds a problem, they can raise their hands and raise questions to re-verify within 7 days to further ensure the security of the transaction.
The design of Metis Rollup’s Ranger system believes that verifiers can be motivated to take the initiative to verify, whoever takes the initiative to do the verification, who can dig out Metis as an incentive, everyone rushes to verify it. Will improve the verification efficiency and shorten the verification time.
After the launch of Ranger node mining, Metis will fully enter the stage of community governance.
From the perspective of hotspot liquidity, the concept of Layer2+DAO is expected to become a hotspot in the second half of the year. As a hot spot in 2020, DeFi has built a decentralized foundation for the industry. The rapid development of DeFi and the increasingly complete decentralized financial infrastructure have further promoted the current outbreak of GameFi, NFT and other sectors.
With the current development of various sectors to a certain height, the overall efficiency of the system will become a bottleneck to contain the overall development. It is foreseeable that Layer 2 as a means to solve this problem is bound to become one of the hot spots in the second half of the year, and the Metis ecosystem will also A great probability will usher in an outbreak period.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-web3-0-ambition-of-metis-the-basic-protocol-of-layer2/
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