Blockchain project: METIS DAO

Gepubliceerd op 18 februari 2023 om 10:37

One of the innovations of blockchain is decentralization. There is no central authority that determines what happens in the network. Metis DAO is a company dedicated to promoting decentralization. What is Metis DAO and what are they doing to promote decentralization?

Metis DAO

From the name, it can be inferred that Metis DAO is a Decentralized Autonomous Organization (DAO). The idea of a DAO is to "digitize" an organization through the blockchain. Metis DAO sees all kinds of problems in the current organizations and has new ideas to transform organizations. This fits in with the current developments of blockchain, namely web 3.0 and a decentralized economy (the Decentralized Exchanges).

Metis DAO is a layer 2 project that aims to solve problems in the layer 1. Metis DAO aims to ensure that the developments around the decentralized economy of web 3.0 continue.

Metis DAO in short

Metis is a Layer 2 scaling protocol for Ethereum applications that allows faster and cheaper transactions. It also facilitates the creation of a scalable and multipurpose framework for apps and businesses transitioning from Web 2.0 to Web 3.0. 

Layer 2 refers to protocols that aid in application scalability by processing transactions outside the Ethereum Mainnet (layer 1) while preserving the mainnet's security and decentralisation.

Metis aims to make developing decentralised applications (dApps) and decentralised autonomous companies (DACs) on its platform easy and straightforward, especially for blockchain novices.

The platform has various use cases: supporting users to build their own NFT minting and trading business, yield farming, launchpad, decentralised exchange (DEX), investment business or their own token. Metis is well-suited for powering the sharing economy through dApps that offer affordable and speedy micropayments.

Metis DAO whitepaper

“At Metis, we believe the future lies in the decentralised, autonomous management of day-to-day operations in a decentralised organisation called a Decentralised Autonomous Company (DAC): a system entity that supports an organisation’s day-to-day operations, including those of large scale enterprises,”

Decentralized Autonomous Organization (DAO) in Brief
DAO stands for Decentralized Autonomous Organization and is an organization that can operate completely independently. The entire operation is written out in programming code through smart contracts which eliminates the need for employees. You can compare this to a computer program that gives your computer a certain work instruction. The computer then carries this out automatically. When you open a program from your desktop, your program gives an instruction to the computer to open it. This same concept applies to smart contracts. 

Decentralized Autonomous Company (DAC).
A DAO is also often called a Decentralized Autonomous Company (DAC). This is an organization that is represented by rules that are stored in a smart contract. The members of this DAC control this smart contract. There is no board that determines or approves it. Thus, there is no central party that manages this. So the decisions are made solely by the members in a DAC.

According to Elena Sinelnikova, co-founder and CEO of Metis:

#DAC Decentralized Autonomous Company. Imagine the world where you can create a company, hire and pay people without needing anyone's approval, or bank account, or registration. The world where no one can shut you down. This #decentralized world is unfolding already! @MetisDAO

— Elena Sinelnikova (@ElenaCryptoChic) February 14, 2022

Ethereum vs Metis DAO

Metis DAO attempts to address the larger problems of Ethereum, such as the relatively low transaction speed and the high transaction fees. In addition, many developers find it difficult to build a Decentralized application on Ethereum. One reason is that developers must learn a new programming language called Solidity. Not all developers feel like doing that. In practice, you do see that many developers learn Solidity because Ethereum is a popular blockchain used by millions of people. Developers don't want to miss the boat.

On the other hand, Ethereum is not doing nothing either. Ethereum is working on 'the Merge' and this would allow Ethereum to process transactions even faster and bring down transaction costs. The Merge is completed and the transfer from Proof of Work to Proof of Stake is underway. 

To note: a decentralized application is nothing but an application on your phone, but a decentralized application has smart contracts and the blockchain as its source.

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