The next generation of web platforms is beginning to emerge, as the explosion in demand for DeFi projects demonstrates. Unfortunately, as the high gas fees and scaling issues plaguing Ethereum have shown, there are currently limitations to innovation and adoption. The technology behind Metis, however, enables a true breakthrough in blockchain business operations, allowing companies to easily launch decentralized companies with a full suite of management and community governance tools. Through the Layer 2 framework, Metis will act as the missing puzzle piece in ushering in the age of Web 3.0.
Here’s everything you need to know about Metis and how it will revolutionize the blockchain industry.
Learning The Difference Between Layer 1 and Layer 2 Blockchain Technology
Long before a contractor can begin building walls or start laying tile, they must first build a strong foundation that can support the structure for decades to come. The more ambitious the project, the stronger that foundation needs to be to support what’s built on top of it currently and anything added in the future.
Think of Layer 1 technologies as that foundation. Much of the crypto universe is built on Ethereum, including most of DeFi. However, the platform’s popularity, combined with a lack of ability to scale, has left decentralized applications difficult to use due to high ETH gas fees.
The costs have begun to hinder innovation and force developers to consider other blockchains and avoid using the platform altogether.
Fortunately, there are solutions to this today, as Vitalik mentioned, “Rollups,” which can significantly improve the scalability, lower the cost, and enable more functions to be built on top of it. Optimistic Rollups, for example, are layer two constructions that enable running smart contracts at scale while still being secured by Ethereum. These constructions resemble Plasma, but trade it’s almost infinite scalability to run an EVM compatible Virtual Machine called OVM (Optimistic Virtual Machine) which enables ORs to run anything Ethereum can.
By hard-forking Optimistic Rollups and tailoring for managing a virtual entity, Metis enables the streamlined building of decentralized companies, building trust among distrusted community members, and managing all the collaborations(business activities) via blockchain-based tools.
Metis and other Layer 2 technologies can be thought of as the framing built on top of the foundation that can correct many of the limitations of the foundational Layer 1. With a strong foundation laid down, and a proper framework in place, innovators can begin to build the future of Web 3.0 before our eyes.
More About Metis Protocol Powering The Future of Web 3.0
Metis is a disruptive Layer 2 blockchain technology aiming to enable Web 3.0 to flourish. Using the Metis protocol, anyone can create a decentralized company in just three easy steps.
To begin, simply visit the Metis app and input the DAC name, logo, and description; stake Metis tokens to activate, and within a few clicks, a fully autonomous, decentralized company can be launched.
Using the Metis toolset, decentralized companies can manage their community, create incentivized tasks, build a community-based knowledge base, perform accounting, and much more at an extremely low operational cost.
Developers and entrepreneurs can innovate without limitation, creating the future of Web 3.0 consisting of Dapps, sharing and gig economies, volunteer networks, open-source projects, etc.
Metis is launching its own mainnet in 2021, which will further improve scalability. To learn more or leverage state-of-the-art blockchain-based tools for the streamlined creation of decentralized companies and stay updated regarding the upcoming token airdrop and public sale, visit the Metis website.