TORONTO, ON / ACCESSWIRE / April 6, 2021 / Ethereum Layer 2 protocol Metis has released details of its Metis Rollup design and Alpha testnet. The initiative will enable decentralized finance projects to trial the creation and management of their own DApps on Metis Rollup, a scalable Layer 2 solution, within an ultra-low-fee and more-function environment.
Built using an optimized version of Optimistic Rollups, Metis Rollup enables users to easily launch their own decentralized applications and leverage the embedded framework of Decentralized Autonomous Companies (DACs) to manage decentralized collaborations from within, while ensuring they are low-cost and highly scalable, and offer more functionality. The Alpha testnet will give interested parties an opportunity to experiment with some showcase features of Metis ahead of the Layer 2's mainnet launch.
Rollups entail transactions being batched into a single tx on Layer 2, before later being broadcast to the main network - Ethereum - to ensure full finality. Leading developers, including Ethereum founder Vitalik Buterin, have advocated for rollups as the best solution for scaling Ethereum.
On Metis Rollup, an array of possibilities that are impractical to conduct on Layer 1 become available. These include micropayments, business applications, and incentivized social media DApps that support a thriving economy between creators, influencers, and fans.
Metis overcomes several of the problems that are inherent to existing Layer 2 solutions, including bottlenecks of long waiting time from Layer 2 to Layer 1. Metis' solution provides greater decentralization through utilizing multiple VMs; greater usability through providing enhanced privacy (storing sensitive data to IPFS) and shorter withdrawal times (Rangers system); and an easy-to-build setup through its microservice framework, which enables users to plug in various smart contract templates, tools, and mechanisms.
DeFi projects, DApp developers and community leaders exploring Layer 2 technology are invited to participate in the Metis Alpha testnet and discover its many capabilities. With a host of improvements over existing rollup-based solutions, Metis has the potential to become the infrastructure for a wealth of decentralized and business applications running on Ethereum.
Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases including yield farming, DEX trading, and powering the gig economy via DApps that offer cheap and fast micropayments.
Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world's largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum.
Learn more: https://metisdao.org/
MetisDAO Co-Founder and Product Lead
View source version on accesswire.com: