Metis Weekly AMA review.
1. Please introduce Metis to us in one statement?
A: A Layer 2 Rollup infrastructure to support the running of the Web 3.0 economy.
2. What are the ways to earn Metis tokens?
A: You will be able to mine Metis tokens once our mainnet is live (Q3 2021).
3. Has Metis management given proper consideration to the global nature of cryptocurrencies?
A: The beauty of crypto’s global nature is that it actually defines success of our business. We are not restricted and people from different countries will be able to build their own businesses using Metis.
4. How does Metis plan to deal with technology and security concerns for cryptocurrencies?
A: Metis focuses on the speed as well as the security of the entire ecosystem. We employ multiple Sequencers as well as L2 Rangers, which act as incentivized auditors. This is to ensure both fast and secure transactions and withdrawals on and from our Layer 2 solution.
5. How does the Bitcoin market affect Metis’ trading price?
A: The crypto market as a whole has historically had a strong correlation to Bitcoin’s price. However, we are in a far more advanced phase in 2021. Today, blockchain companies with strong use cases and functionality are being rewarded with token price gains, even when BTC struggles. Expect that decoupling to continue as time goes on, and for Metis to continue to unveil new functionalities in the days, weeks, and months to come.
6. Can you share details of your partnership with Opolis? What benefits are we as a community going to get from Metis’ partnership with Opolise
A: We are glad to have Opolis as our partner. Here is a short brief about them and why we were in sync as partners:
Until now, independent workers struggled to gain the rights and protections afforded to salaried employees. For example, Uber drivers have been fighting for more rights and protections for years, but have often to gain traction in their fight.
As an organization committed to building a better, more just #FutureOfWork, Opolis aims to change that. Opolis is a digital employment cooperative for independent workers. Using the structure of that cooperative and it’s $WORK token, Opolis will help provide everything from payroll services to health benefits for independent workers, building an ownership economy for the world of Web 3.0.
The Opolis mandate fits perfectly with Metis technology. One of the most exciting functionalities of the Metis Layer 2 platform is its ability to support individuals in building their own Decentralized Autonomous Companies (DACs) in just a few clicks and a few minutes. Giving everyone from seasoned developers to tech novices the ability to adopt that DAC governance structure marks a leap forward for the #FutureOfWork.
More and more, independent workers are becoming a vital component of the broader global workforce. Together, Opolis and Metis will give the global independent workforce the ability to reap all the benefits and advantages currently available to salaried employees. With a target market of hundreds of millions of independent workers around the world, the partnership of Opolis and Metis could have massive global implications.
We are very great friends with Opolis and are planning to work together on regulated decentralized organizations. Opolis has strong ties with the state of Wyoming, which is planning on legalizing DAOs. You can read more here: https://www.theblockcrypto.com/linked/102813/wyoming-dao-law-to-go-into-effect-in-july-after-receiving-final-approval
7. What is new in your Layer 2 technology solution?
a. I love the Layer 2 solution; do we have timelines for its release?
b. How can one be ready to use the Layer 2 solution apart from seeing updates on social media?
7. We offer many forms of technical as well as customer experience improvements. One main difference is the use of multiple sequencers and L2 Rangers in order to ensure network security and fast withdrawal times from our Layer 2 compared to other Optimistic rollup solutions such as Optimism and Arbitrum. We also have an integrated IPFS storage solution and a permission system to manage your participants in your Decentralized Autonomous Company (DAC). We are also planning on integrating a reputation system that is tracked through the use of NFTs. Our current goals include introducing smart contract templates to make it simple to create, deploy, and manage your smart contracts, even if you do not have any direct smart contract development experience.
7a. Answered Below
7b. you will be able to try our testnet starting from June 15 (Mainnet September 2021) — deploy or port your Dapps and smart contracts and see speed and gas fees. Then we release a middleware on June 30 where you will be able to create a chat with your friends and send to each other crypto without Metamask and without gas fees.
8. Considering everything that has happened in the last few weeks in the market and the uncertainty expected in the next few months, how has that changed the short-term plans of Team Metis?
A: We are tracking the market, technologies, and competitors constantly and are. ready to pivot at any moment to be able to stay on top of things. So far out technology is still the best, so we are confidently going forward with our initial plans.
Actually none of our short-term plans have changed. We are on schedule to release our testnet and mainnet. We are working for the future of Web 3.0, so it’s a long construction stage. No matter how turbulent the market is, the actual needs for a better infrastructure will not vanish, and it will only strengthen more. The infrastructure for the Web 3.0 economy is the value that Metis stands for.
9. What kind of use cases does Metis support?
A: Metis is a platform where you can build your blockchain, DeFi, or NFT business, along with your own Uniswap without being a developer.
Use cases that Metis supports you to build:
1. Your own NFT minting and trading business
2. Your own launchpad
3. Your own decentralized exchange
4. Your own yield farm
5. Your own freelance business
6. Your own investment business
7. Your own token
An example of a realistic use case: Headphones Store
As a Business Owner:
You run a website that sells headphones; these headphones can be purchased directly from your website.
You go to the Metis Platform and create an account.
Once you create the account, you can deploy a smart contract which includes the logic to process a payment and deposit the amount into your wallet.
The Metis Platform creates a domain for your business and assigns any smart contracts that you have created to your domain and automatically generates an API in order to interact with this smart contract.
In order to use this service, you must request an API Key, after that, you can use the API in order to interact with your contract from your website.
In this case, you put a “Purchase with Metis” button into your store.
As a User:
You visit the headphones store and wish to buy a pair of headphones.
You login to the store and find a pair that you like and go to the purchase page
You see that there is a “Purchase with Metis” and you click on the button
This takes you to the page where you would login to your Metis account, if you do not have one, and then you will be prompted to create one
Once you have successfully logged into your account, you will be taken to the store page and a custom popup will be shown to you asking if you would like to confirm the purchase
You confirm the purchase and your order is placed.
10. Can you list a few advantages Metis has over its Layer 2 competitors?
A: Metis supports you to build your own Dapp or businesses on Ethereum with:
1. Low gas fees (as low as a few cents as opposed to tens of dollars on Ethereum or more than $1 on Polygon)
2. Fast transactions (2 seconds as opposed to at least a few minutes on Ethereum)
3. Native file storage (not possible on Ethereum, nor on Polygon)
4. No coding smart contracts — Metis will provide one-click deployment from our own pre-developed templates
5. Completely compatible with Ethereum (EVM) — if you are already on Ethereum you can port to Metis for all the above advantages at no cost and in no time
This chart gives a good illustration of why Metis is a far better option than any of our competitors:
11. Is MATIC/Polygon your competitor?
A: Sort of, but not entirely. And actually the market is large enough, we are glad that more and more solutions coming up to the market. Polygon is more like a sidechain, while we are a Layer 2 Rollup.
12. How is Metis different/better than Polygon?
We provide different advantages. For example, Polygon doesn’t provide the infrastructure for data and file storage — we do. If you were to try to build your own data infrastructure on Polygon, It would be super expensive. But on our platform, you can do so easily and inexpensively, with low gas fees and no need for any smart contracts.
There are many other differences too. Matic also doesn’t provide the capability to build your own business without coding smart contracts on Ethereum; Metis does.
Other advantages over Matic (Polygon).
1) We support a full range of smart contracts in an easily consumable way instead of just the token transfers that Polygon currently focuses on
2) Our IPFS integration — users can store and share files and data
3) Our multiple-chain (multiple VMs) construct — we are creating chains dynamically therefore making design decentralized and removing bottlenecks
4) User-friendly. Even people without much blockchain experience can use our middleware (containing modules, APIs, and templates) to build their own dApps or decentralized business on the blockchain
5) Lower gas fees
12. Optimism just launched its mainnet, and it is a well-known Layer 2 solution. It seems they have taken the lead on you and I believe many projects will be moving to them, and they will be sweeping the Ethereum market. What is different about Metis Layer 2 solution which makes it better than Optimism or other Layer 2 solutions?
A: Scalability is our primary competitive advantage with Optimism. They are using only 1 VM, therefore they will depend on the volume of transactions; the bigger the volume, the slower and more expensive the transactions. We are using parallel VMs and so we will not create such a bottleneck.
Another advantage Metis has is in withdrawal time. Optimism’s withdrawal time to Layer 1 is measured in days; Metis’ withdrawal time is measured in hours. You will be able to withdraw from Metis Layer 2 to Ethereum much faster.
Optimism also doesn’t provide any data or file storage capability; you need to build it yourself, which is very inconvenient.
Optimism’s biggest limitation is that it is purely an Optimistic Rollup. They have created technology that is very limited by the use of a single sequencer, which makes withdrawal time to Layer 1 painfully slow (~7 days). By comparison, Metis has an estimated withdrawal time of six hours, thanks to the use of multiple decentralized and financially-incentivized sequencers and L2 Rangers, providing a secure means of finalization to Layer 1. Optimism is also limited in the features that they provide to the end user. Meanwhile Metis offers IPFS storage integration, combined with permission management, allowing you to create an organization without borders or limitations. We are focused on a platform that makes it easy to create your decentralized company; Metis is building for the user.
13. Can you share your most recent updates and expected development timelines?
A: Currently: We are continuing to build our Layer 2 solution. Currently we forked Uniswap and tested Uniswap smart contracts on our Layer2, assisting our users in their ability to run their own DEX on Metis and see the metrics.
June 15, 2021: Beta testnet release. After June 15 you will be able to start deploying and trying your smart contracts on Metis (compatible with EVM). The advantages that will come with that release include low gas fees and fast transactions.
June 30, 2021: Middleware release. After June 30 you will be able to use our testnet to send money to other people through a web wallet. That means no need to use Metamask and no special management of the wallet. It will work in the same way that would use a simple app like Gmail, while enabling you to transfer funds on blockchain cheaply and quickly to other people using our Layer 2 testnet.
September 2021: Mainnet release. Our Layer 2 will be fully up and running, and you’ll get to reap benefits like:
— Gas fees costing just a few cents
— 2-second transaction speed
— File storage
— Rangers mining Metis tokens
— Fast withdrawals to Layer 1
— An introduction to a smart contract library and a smart contract marketplace along with the ability to deploy your own dApp, without the need to code any smart contracts, using one-click deployment.
Here’s a summary of our calendar:
Alpha Testnet Release — April 2021
Community-Minted NFT Event: “Rebuilding the Tower of Babel” — April 2021
IDO, Listing on Gate.io and Uniswap — May 13, 2021
Beta testnet release — June 15, 2021
Middleware release — June 30, 2021
Mainnet release — September 2021
14. Wow this sounds like a great opportunity for developers and users of these chains alike. How will you bring your Layer 2 solution to the masses?
A: We are strategically building with our close partners first. After that, we will onboard the development community and existing projects to port their smart contracts to Metis to take advantage of 2-cent gas fees, fast transactions and file storage. After that, we will onboard non-developers and non-technical people.
15. Metis is doing well in the market have you decided on which other exchanges would you be listing or are you waiting for the poll results?
A: We will be selecting our next exchange based on the community request/price/quality consideration. We have to be mindful of how we spend our money, as exchange listings are becoming more expensive for users and investors alike.
We don’t speculate or focus on our token price. Price will follow the technology that we provide. We know we will be the best Layer 2 on the market. In the future we will have more money and will be able to list on as many exchanges as we like. At the moment, we still need to choose!
16. How was your airdrop distributed? Some people say it was a scam.
A: Our airdrop was one of the most exiciting activities by our community. It was successfully distributed and acknowledged by most of our 1000 winners, check your CoinMarketCap profile to see if you have won!
17. Are there any ways to purchase Metis token outside of exchanges?
A: No, the only way is to buy Metis tokens. on Uniswap and gate.io for now.
Links can be found below:
🔔$METIS contract address🔔
18. Will METIS still use NFTs to mine the token when the pools open and if so will there be a cap on the maximum number of NFTs that can be minted?
A: Details on this will be released when we launch the mainnet (Sept 2021).
19. How do we mine Metis?
A: We are a technical infrastructure, not a DeFi project. So mining is limited to some mechanisms to support the running of the Metis platform, like the Rangers who validate computation results and mine out Metis tokens as an incentive. For the end users, we will launch some incentive pools when our mainnet is launched, which will allow you mine/stake Metis tokens too.
20. Is Metis eco-friendly?
A: Yes, we use a staking mechanism. We do not rely on a high consumption of electricity.
21. If I’m a long term investor what should I expect from Metis in the next 3–5 years?
A: We estimate that Metis will reach a billion-dollar market cap, so the long-term future is great. Of course this is not. financial advice, and if you have noticed recently in this chat group, I (Elena) have personally banned people who expressed that they weren’t interested in our technology and were only here for short-term token price gains. This is our position — we would like to maintain long-term relationships with our tech believers and supporters. The money will follow. Technology is first!
Our plan to revolutionize the industry and spark mass adoption by bringing non-techies to blockchain and making it easy for them to build.
22. What will be the circulating supply of Metis be in a year’s time?
A: Total Supply will be 10 million tokens.
23. I hope Metis keeps strengthening financially despite the uncertain market, as I want to be a long-term investor.
A: Our strategy is to help and work with DeFi projects first — the ones that have a real need and make profits in the industry. That will help us create a financially stable community. Any members of the community who can recommend great DeFi projects that we can partner with (to support our own business development efforts), we would be grateful!
Follow us on:
Telegram community: https://t.me/MetisDAO