Has Metis management given proper consideration to the global nature of cryptocurrencies?
The beauty of crypto’s global nature is that it actually defines the success of our business. We are not restricted and people from different countries will be able to build their own businesses using Metis.
How does Metis plan to deal with technology and security concerns for cryptocurrencies?
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.
How does the Bitcoin market affect Metis’ trading price?
The crypto market as a whole has historically had a strong correlation to Bitcoin’s price. However, we are now in a far more advanced phase. 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.
What is new in your Layer 2 technology solution?
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 Memolabs 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.
What kind of use cases does Metis support?
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:
Your own NFT minting and trading business
Your own launchpad
Your own decentralized exchange
Your own yield farm
Your own freelance business
Your own investment business
Your own token
Can you list a few advantages Metis has over its Layer 2 competitors?
Metis supports you to build your own Dapp or businesses on Ethereum with:
Low gas fees (as low as a few cents as opposed to tens of dollars on Ethereum or more than $1 on Polygon)
Fast transactions (2 seconds as opposed to at least a few minutes on Ethereum)
Native file storage (not possible on Ethereum, nor on Polygon)
No coding smart contracts - Metis will provide one-click deployment from our own pre-developed templates
EVM Equivalent - if you are already on Ethereum you can port to Metis for all the above advantages at no cost and in no time
Is Metis planning for a mobile app? Or is this not needed?
No, we do not currently have a mobile app.
Is the Metis platform suitable for crypto beginners? Or does it only appeal to professional users?
Metis supports both professionals and crypto beginners. All users can benefit from secure, fast, and cheap transactions.
Do you plan to burn your Metis tokens and do something with Metis' total supply?
Can anonymous transactions be performed on Metis Andromeda to hide transaction details in order to protect the confidential information of owners and tokens?
No, you have to use another service for that, like Monero.
It is unfortunate that some projects remain half way due to their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how does Metis plan to make this project sustainable for its development?
Metis will take a small percentage of all transactions that occur on the network.
What jurisdiction does your project belong to?
MetisLab Foundation is registered in Singapore. Though Metis is a decentralized platform and will not be dependent on MetisLab Foundation in the future.
Although ETH 2.0 has been postponed until next year, it will solve all of ETH's current issues and become the greatest choice for dApps in the future; therefore, do you believe this is a threat to your project and how may you overcome this obstacle?
Metis Layer 2 solution is the ETH scaling solution, but Metis is also much more with the no-code dApp development capabilities and DAO creation capabilities. Though even after ETH2.0 is ready scaling solutions will still be needed as this upgrade will not solve all Ethereum issues.
ETH 2.0 is great, but TBH, I don’t think it will come out next year. And Vitalik also mentioned that, even with ETH 2.0, Ethereum community will still need Layer2. Layer2 is not just the speed and cost, we see Layer2 as a scaling layer for more functionalities, for building the whole Web 3 world on Layer2. Of course, the speed increasing on ETH 2.0 will help our Layer2 scaling as well.
I’ve seen that the middleware is called Polis, why did you choose Polis as the name? Any reason behind that?
Polis means a city in Greek. The middleware will be the management tool to build applications on the Metis Layer 2 including smart contracts and user authentication management.
Is it possible for new developers to use the Metis platform to build their own products & What are the benefits for developers and Metis itself?
Yes, you will be able to use Polis to create your wallet and manage or call the smart contract templates and APIs, to make the development much easier for new developers. And in this way, we hope to onboard the Web2 applications into the Web3 world.
With the current price of Metis the gas fee will be in cents but what if Metis price increases dramatically in the future? Will this affect the current gas fee or is there a workaround on this?
The gas cost of Metis Layer2 is related to the ETH price, not the price of Metis Token.
The only reason I know why Layer2 projects are happening is Low Gas Fees. Is this the only problem needing to be solved in Ethereum? Sometimes, gas fees are very low, at that time, how will Metis Layer2 make a difference and retain users?
Not only gas fees, but also congestion and scaling abilities. Users enjoy transactions at a few cents and withdrawal times in a few hours and an easy mechanism to deploy a DAC and so much more!
How is Metis different from other popular Ecosystems?
We are not just an Optimistic Rollup. We provide ways to enhance DAO capabilities, including the concept of Decentralized Autonomous Companies and management systems for them. We include a way to store files using a decentralized file storage system. We include Polis, which is a middleware for easily managing your smart contracts and user authentication management. Future versions of Polis will include smart contract templates for non-blockchain developers to easily create, deploy, and manage their smart contracts.
Metis is more than an Optimistic Rollup, we intend to be the leader of a scalable, secure, and usable decentralized experience.
Could you explain to us how you achieve the decrease in the price of GAS in the ETH network?
Metis is an optimistic rollup. We bundle multiple transactions and that allows us to spread the cost over the multiple transactions keeping the cost per transaction down.
What kind of breakthrough has METIS brought to Layer 2? And comparing with other Layer 2 projects, what’s METIS advantages?
Metis is much more than an L2. Even just focusing on L2, we have some of the cheapest fees, very fast withdrawal times and introducing on-chain storage for NFTs. Over and above our L2 offering, we have middleware and DACs which is a big distinguishing factor. Finally, we provide the architecture to enable the next big migration from web 2 to web 3.
Are we able to have our own custom currency in a DAC?
Yes, you can deploy your own custom token with a click of a button.
Quick look on Etherscan and I can see that there is one address holding 39% of all Metis Tokens available. Doesn't that pose some risk for investors?
You are looking at the contract address for locked tokens.
What will be the DEX for the METIS ecosystem? Are there multiple projects?