Metis, an Ethereum Layer-2 rollup platform, aims to transform how individuals and businesses use blockchain technology. The Metis platform is transforming how Layer-1 solutions are implemented. Layer-1 solutions, such as Ethereum, have slow transaction speeds, limited scalability, and exorbitant gas fees. Metis is deploying a layer-2 solution to create a fast, scalable, and low-cost network.
In today’s world, most people and businesses on Web2 are transitioning to the Web3 economy. The main issue is that early iterations of the web3 economy are built on slow and expensive layer-1 blockchains like Ethereum, which limit performance and scalability. The goal of the Web3 economy is to establish a decentralized economy, but most Layer-1 DApp solutions are not fully decentralized, making the vision of the Web3 economy difficult to realize. As the blockchain ecosystem expands, new solutions to the current flaws of layer-1 blockchains emerge. Layer-2 solutions on Ethereum, such as Optimistic Rollup (OR), aim to evolve the blockchain community. Layer-2 solutions help improve the performance of layer-1 solutions by increasing throughput, allowing the web3 economy to thrive.
According to the Metis team, “the present DAO governance structure is heavily centered on participation in voting for new features, integration, or collaborations.”
Metis believes that web3 economy decentralized governance should include voting systems and autonomous management of day-to-day operations in decentralized companies or entities. Therefore, the Metis platform is implementing a decentralized governance structure known as Decentralized Autonomous Company (DAC), which aids in the day-to-day operations of the web3 economy.
Metis began as a hard fork of Optimism due to the effectiveness and simplicity of its roll-up technology. The optimistic rollups allow for a large number of transactions, which aids in creating a network with high transaction speed, scalability, and low cost. Furthermore, since they can be developed as Layer-2 solutions, the optimistic rollups benefit from the Ethereum blockchain’s security and decentralization.
The upcoming release of OVM 2.0, which proposes the concept of “EVM equivalence” rather than the original vision of “EVM compatibility,” has rendered Optimism no longer fully decentralized. The Metis platform explains that it will not compromise on its decentralization because it is a core feature of the platform. Still, Metis will implement Optimism’s scalability elements and structure. Optimism chose “EVM equivalence” over “EVM compatibility” due to the barrier that “EVM compatibility” poses to the migration of Ethereum DApps to Layer-2 solutions. The proposed “EVM equivalence” has the disadvantage of reducing the level of decentralization on OVM. The new OVM2.0 does not adhere to the Metis platform’s vision of full decentralization, accessibility, and transparency.
The Andromeda Structure
The Metis platform’s expert team researched and discovered a way to achieve the goals of “EVM equivalence” and “full decentralization.” The Metis team claims that the combination of “EVM equivalence” and Full decentralization allows Metis to achieve scalability and the highest level of security. Metis plans to launch the Andromeda Layer-2 Network on November 15th, the first phase of its mainnet launch, to deliver this plan to its community. The Andromeda structure includes the following new features; The Andromeda Layer-2 Network, EVM Equivalence, Metis Explorer for confirming and verifying on-chain transactions and smart contracts, Multi-VM, decentralized virtual machines and tools that help secure and achieve scalability for Metis Layer-2 infrastructure. Andromeda also includes Peer nodes for fraud detection, Metis Bridge for token transfers between the Ethereum mainnet and Metis Layer-2, DAC Saking and Mining, and a Polis hub where users can establish wallets or connect with Metamasks and developers can manage smart contracts.
The Metis platform intends to adjust and extend the deposit time to improve asset security. Metis also confirmed that in the current version of its Layer-2 network, users must wait seven days to transfer assets from Layer-1 to Layer-2, but that in future releases, users will be able to transfer assets in minutes. Finally, it is worth noting that Metis is working on third-party chain bridges to reduce withdrawal time and load balancing on its next network, which will be released next month.
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