MetisDAO: Meet the Project Powering the Web 3.0 Economy
First launched in 2018, MetisDAO is a Layer2 DAO protocol that is on a mission to leverage current DAO infrastructure while opening up access to a full suite of administration and community tools and making the Web 3.0 revolution a reality.
Many DAO projects have entered the market, and are looking to be a part of a huge opportunity. Unfortunately, many use architecture targeting solely for voting and governance purposes, and this creates its own limitations.
MetisDAO
MetisDAO stands out from the pack for a few reasons, and its unique architecture helps it to appeal to a much wider audience than many other DAO platforms. Additionally, it is simple to create a DAC with the platform, as it has been created with non-technical professionals in mind.
Metis’s core values are to expand the emergence of DAO structure in the business context and to create accessible tools that work for a wide range of use cases.
In simple terms, the protocol will provide an innovative framework where any individual, community, crypto dev, or project can benefit from low gas charges, scalability improvements, high-performance features, and a user-friendly interface.
The potential of the DAO framework and promising potential applications make it a breakthrough point in blockchain business operations. Apart from voting, community members can contribute to the development of the projects and take advantage based on their contributions.
What is MetisDAO?
MetisDAO’s primary objective is to build up a solid organizational infrastructure that empowers the Web3.0 economy to thrive and provide community-based support to builders and projects via the DAC structure in a reliable and easy-to-use way.
To realize this goal, the MetisDAO team has created ways to over obstacles regarding some technical and organizational issues within the DAO protocols.
These consist of the heavy dependence on smart contracts and the centralized design of the standard layer 2 protocol, low transaction management, and high gas fees, all of which results in poor user experience.
MetisDAO is addressing these challenges through adopting Optimistic Rollup – a groundbreaking Layer2 blockchain framework solution.
Web 3.0 Could Make a Big Impact
As more people look for ways to transfer ownership beyond national borders, platforms like MetisDAO’s vision of a highly integrated Web 3.0 economy make a lot of sense.
Until now, people were locked into ownership structures that were based on their citizenship in a nation, not their free will to opt into digital ownership agreements.
The idea might sound strange, but the global blockchain networks allow people to own items without the direct involvement of nations. There are already some good examples of this, like Decentraland, but the potential is actually much larger.
Much like Bitcoin, which introduced the idea of a global, digital currency, but lacked the technical capacity to act as a single global decentralized currency, many DAO platforms have a great ideological basis but may struggle once widespread adoptions have been achieved.
While MetisDAO is still being developed, it has looked into the future and considered what would be necessary if the DAO and DAC structures become as popular as Bitcoin and Ethereum, or even more so.
MetisDAO Key Features
If the first decade of the crypto revolution has taught us anything, it is that when the general public enters the market, the platforms need to have anticipated that demand in the early phases of the design and development process.
Here are some of the features that MetisDAO has built into its platform, and make it a viable option as interest in DAOs becomes stronger:
Web 3.0 Oriented Solution for Business
Despite its widespread usage and mainstream adoption, Web 2.0 brings has limitations regarding a stateless protocol. Data is still basically controlled by the networks that deliver it, which is an issue for the Internet of Value (IoV).
As the world moves forward to a robust IoV, it is essential to have a new infrastructure layer where decentralized applications are managed by community members. Web 3.0 needs to evolve to address and eliminate technical as well as organizational limitations.
MetisDAO’s architecture is built to solve these significant concerns, and also address payment cost and network performance. The focus is on giving a solution to implement operational output activities (collaborations) on the blockchain to form the backbone of Web 3.0 economy’s functionality.
The Optimistic Rollup solution, as an Ethereum sidechain, creates of faster transactions, lower transaction costs, and increased scalability. Microservices, individual-centric DAOs, Optimistic Governance, and NFT-embedded Reputation Power can be developed and deployed through this infrastructure.
To be sure, it will take talented devs to create IoV systems that leverage the capabilities that MetisDAO has brought to the market, but every technical leap forward has to begin somewhere.
Technical Advantages
In pursuing high scalability for decentralized adoption, the MetisDAO framework will support multiple virtual machines, enabling numerous different operating systems.
The mining incentive mechanism of Rangers achieves high transaction speeds; withdrawals from Layer2 to Layer1 are instantly processed to reduce the amount of time involved in the whole process. The microservice framework manages the extension of high-functionality computing.
The scalable blockchain supports all EVM-compatible smart contracts and protocols, which allows all protocols on Ethereum to be ported to MetisDAO with ease. Another major advantage is that dApp communities will have the ability to release their own tokens on the protocol.
Organizational Solutions
MetisDAO thinks decentralized businesses can be built based on DAO architecture. The structure functions as the fundamental base for running dApps and communities rather than providing a voting mechanism for community members, which may discourage value creation.
The Optimistic Rollup core mechanism serves as a shell structure and also targets trust, connections, and accountability building in a trustless environment. This approach aims to set up a united community, ensuring each collaborator is committed and motivated to contribute to the whole system.
Intuitive Usability
A poor user experience is one of the major weak points of DeFi protocols, along with technical implementation.
These issues reflect in the complexities of growth and deployment for crypto users, which likely results in the decreased mainstream adoption, at least in the short run.
MetisDAO has addressed the problem and created a platform that can be scaled up to meet the needs of both new and existing businesses.
Developers are able to establish a decentralized company on the blockchain, launch their own dApps and manage the business operations via a DAC structure regardless of their technical background.
In fact, a DAC can be created in just three easy steps, and then the company is up and running!
MetisDAO is Scalable and Well Thought Out
MetisDAO is working to create a new way for people to own value, make transactions, and form digital organizations.
Here are some of the ways that MetisDAO makes the DAO structure better for everyone (supplied by MetisDAO):
- Supporting multiple virtual machines running to avoid the throughput bottleneck.
- Supporting the microservice framework for easy extension of toolkit, builders can plug/unplug different microservice tools to build their applications.
- Leveraging IPFS to protect sensitive data, lower the cost and increase the efficiency.
- Incentivizing L2 Rangers with racing to mining Metis Token to shorten the fraud-proof window required.
- We think Web3 is a whole economy, so every DAC should have its own business sustainability. That’s why we support DApps/communities to launch their own tokens, to incentivize the internal economic activities.
For more information on MetisDAO, or how it is working to make Web 3.0 a reality, just click here to visit its website and learn more!
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nicholas Say, @Khareem Sudlow