MetisDAO is a blockchain platform that leverages layer 2 scaling technology to improve the efficiency and scalability of Ethereum-based decentralized applications (dApps). One of the scaling solutions used by MetisDAO is Optimistic Rollup.
Optimistic Rollup is a Layer 2 scaling solution that uses a combination of off-chain computation and on-chain verification to improve the scalability of dApps on the Ethereum network. This is based on the principle of optimistic execution, meaning that if a transaction is first executed off-chain and no errors or conflicts are detected, it is considered valid and pushed to the Ethereum blockchain.
Optimistic rollup relies on a system of proof-of-fraud where transactions are first processed by off-chain sequencers and then challenged to potential fraud by validators who submit evidence to smart contracts on the main chain. increase. If no fraud is detected, the transaction is considered complete. This process allows for faster transaction processing times and lower fees than the main chain, while maintaining the same level of security as the underlying blockchain.
The basic workflow for optimistic rollup is:
(1) A user submits a transaction to a rollup contract on the Ethereum blockchain. (2) The rollup contract then submits the transaction to the optimistic rollup chain, which executes the transaction off-chain. (3) If the transaction is valid, the Optimistic Rollup chain generates a proof and sends it back to her Rollup contract on the Ethereum blockchain. (4) Rollup contracts validate proofs and commit transactions to the Ethereum blockchain.
Optimistic rollups can greatly improve the efficiency and scalability of Ethereum-based dApps by reducing the on-chain computational effort required for each transaction. This translates into lower gas bills, faster transaction confirmation times, and a better overall user experience.
In the context of MetisDAO, Optimistic Rollup is used to improve the scalability of the platform’s distributed governance and DAO management functions, and improve the efficiency of the platform’s transaction processing functions.
MetisDAO is a decentralized autonomous organization (DAO) built on the Ethereum blockchain; Combining the security and decentralization of Ethereum with enhanced scalability solves the blockchain trilemma and enables a fast and affordable blockchain experience. The rise of Metis L2 connected to Ethereum, creates a consensus layer to ensure blockchain security and good performance.
The Metis foundation implements eco node structures as part of the decentralization process to enable decisions that support the expansion of the Metis ecosystem.
Let’s take a look at some of these EcoNodes;
The Smart L2
Matrix Reputation Power
The Smart L2
Smart Layer 2 is a term used to refer to a class of scaling solutions for blockchain networks that aim to improve their transaction throughput and reduce the associated costs while maintaining a high degree of decentralization and security.
Layer 2 scaling solutions work by processing transactions off-chain and only settling them on the main blockchain when necessary. Smart Layer 2 solutions typically use smart contracts to automate various tasks and provide security guarantees, such as fraud-proofing and dispute resolution mechanisms.
Some examples of smart layer 2 solutions include:
Plasma: a scaling solution that creates “child” chains that can process transactions off the main blockchain, while still being anchored to the main chain for security purposes.
State channels: a technique where two parties can conduct multiple transactions off-chain, updating the state of their balance between them, before finalizing the end state on the main chain.
Rollups: a solution that aggregates multiple transactions into a single transaction on the main chain, reducing the overall cost and congestion, which is adopted by the Metis foundation.
Smart layer 2 solutions offer several advantages, such as lower transaction fees, faster transaction confirmation times, and increased throughput. They are particularly useful for decentralized applications (dApps) that require more complex and frequent transactions than regular cryptocurrency transactions.
Matrix Reputation Power
Is a mechanism design for sustaining value and protecting privacy. In the Matrix, reputation power (or RP) can be acquired by engaging in and making a contribution to protocols, decentralized applications, and decentralized autonomous companies. Think of having web3 credentials that serve as a physical representation of your on-chain accomplishments for the entire community, friends, builders, etc. which are readily visible in your personal profile.
With the help of Reputation Power, this issue of false ownership is resolved, and new, web3-only functionalities like composability are made possible (which are not possible in web2 reputation systems). These functions are exclusive to decentralized networks. The Metis Andromeda Smart L2, which can use Ethereum’s security to confirm the veracity of interactions and activity, serves as the unifying element of the Matrix reputation system, deployed on Metis.
Please Note, Matrix Reputation Power recently changed its name and is now known as Nuvo Power.
The Decentralized Autonomous Company (DAC) framework is a sort of organizational structure that employs blockchain technology to establish a self-governing entity without a central authority. DACs are made to function independently, with decision-making authority shared among all participants and stakeholders.
In a DAC architecture, ownership and governance are shared throughout the network of stakeholders, who are generally motivated to participate in decision-making and make contributions to the company’s success by receiving tokens or other prizes. These tokens, which can be sold on cryptocurrency exchanges, can stand in for ownership or voting rights.
Decentralization, openness, and community-driven decision-making are the pillars on which DACs are based. With rules and procedures inscribed in smart contracts that guarantee accountability and fairness, they are created to be self-regulating.
Thus, the Metis Foundation announced the first DAC operating system, KORIS, integrated in Q1 2023. The MetisDAO Foundation’s KORIS is the only end-to-end operational solution for DACs, an improvement to DAO created to address the specific demands of businesses by employing smart contracts for business operations.
KORIS offers web3 companies;
Treasury Management with Gnosis Safe Infrastructure.
Task management to help create,modify, and assign tasks to different individuals.
BLS Wallet Integration for gasless transactions.
Payment Management to facilitate payments for tasks.
Governance Tools to manage internal organizational decision making
Discord Integration to easily onboard communities.
Early Metis backers formed P1X, which will oversee marketing, incubation, investment, and the Metis Asian community.
Eco Node Roles And Selection
Eco Nodes in the Metis Ecosystem can take up the following roles;
Based on Selections, the choice of EcoNodes will be debated and decided by all of the current EcoNodes, under MetisDAO Foundation coordination. DACs may apply, but in order to be eligible to become an EcoNode, applications must pass a probationary term outlined in the governance guidelines.
What Qualifies an EcoNode in the MetisDAO Ecosystem
Professional behavior in some contexts (skillset)
A transparent and long-term business plan (EcoNodes will need to feed themselves, and not rely on MetisDAO Foundation to provide support.)
Perform significant roles or make significant contributions to the Metis ecology. Some contributions include: Increasing TVL, transaction generation, business lead introduction, helping with tech development, marketing, and more.
(To be determined) number of Metis tokens to stake. The number of staked tokens may change as the platform develops; the governance regulations will determine this.
Possess the MetisDAO Foundation-approved and issued EcoNodes Reputation Power Badge.
EcoNodes contribute to the overall Metis ecosystem and will serve as the foundation for the Foundation’s future growth.