Developed after Metis raised $4 million (USD) in angel, seed, and private funding, Metis Rollup is aiming to be the infrastructure for the Web 3.0 economy, enabling users to launch their own decentralized applications and leverage the embedded framework of decentralized autonomous companies (DACs). They can thereby manage their decentralized collaborations from within, while ensuring they are low-cost, highly scalable, and offer more functionality.
As the vision of a Web 3.0 decentralized economy has advanced, with decentralized businesses running on the blockchain, the blockchain community has built out its infrastructure in an attempt to replicate real world functionality. The problem is current Layer 1 solutions are plagued by high gas costs, reduced efficiency levels, a lack of on-chain management tools, and difficult-to-use available platforms. All of these factors make Layer 1 solutions ineffective when it comes to supporting the operation of a complex logic application or business.
The Metis white paper explains the problems inherent in previous Layer 2 technologies, the potential of the Rollup and how the Metis framework supports the running of the Web 3.0 economy. Unlike other Layer 2 solutions which only solve the issues of transaction cost and throughputs, Metis Rollup tackles the broader issue of how to implement value creation activities (collaborations) on the blockchain to backbone the running of the Web 3.0 economy.
Metis Rollup functionality and characteristics include:
Scalable, decentralized, and EVM-compatible, supporting multiple businesses and the launch of proprietary tokens.
The mining incentive mechanism significantly reduces the token withdrawal time from Layer 2 to Layer 1.
The microservice framework is built on Layer 2 to allow extension of toolkits.
Integrated with IPFS for privacy data protection.
Embedding DAC framework for DApps, communities, and projects to easily launch and manage the collaborative relationship.
A demo DAC is currently available.
“Layer 2 is still the Wild West, full of new opportunities but hard to build on,” project lead Kevin Lu said. “Metis is constructing a fully functional infrastructure to empower all kinds of applications and new ideas to enjoy the benefits of Layer 2, including high scalability, low cost, high functionality, and ease of use.”