Bittime - Metis Protocol delivers an advanced Layer 2 scaling solution for the Ethereum blockchain. This protocol is able to significantly increase transaction capacity, while reducing costs and increasing security.
Metis' main goal is to streamline the use of Ethereum . Currently, Ethereum can only handle a few transactions per second, resulting in frequent network congestion and high transaction fees. With Metis, Ethereum can process transactions more quickly and cost-effectively.
What is Metis?
Metis is a Layer 2 Rollup platform built on the Ethereum network. The goal is to address some of the main challenges faced by the Ethereum mainnet, namely transaction speed, fees, and scalability.
Metis achieves this goal by offering a framework for simple and fast deployment of smart contracts within its network. This enables smooth and efficient operations on the Ethereum blockchain.
At the heart of the Metis service are several key features: Metis Oracles, Metis Nodes, and Metis SubGraph. Metis Oracles provide real-time data from external sources, connecting the blockchain to external systems and supplying smart contracts with critical information from the outside.
Metis Nodes, which store a complete copy of the distributed network, increase security and reliability.
Lastly, Metis SubGraph functions as an indexing protocol to collect, process, and store data for use in blockchain networks.
It aims to make it easier to retrieve information through a service known as GraphQL. These features combined make Metis an important player in improving the functionality and performance of the Ethereum network.
Apart from the explanation above, Metis also has its own crypto coin, namely METIS . METIS is an ERC-20 governance token compatible with the Ethereum blockchain network. The main function of the METIS token is to pay transaction fees on the Metis network and staking.
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Innovative Products from Metis Protocol
Metis is poised to transform the Web3 space with its infrastructure that includes three core products: an NFT bridge and storage service, a custom framework for Decentralized Autonomous Companies (DAC), and a smart contract management middleware called Polis.
All of these services run on Metis' own Blockchain framework, Andromeda, which is connected to Ethereum. This enables smoother NFT transfers and better storage solutions through IPFS integration.
The DAC framework of this protocol focuses on governance and organization. DAC members must hold and stake DAC tokens to participate. This structure encourages alignment of interests and reputation building within the Metis ecosystem.
Meanwhile, Polis makes it easier to interact with smart contracts and will ultimately translate transaction history into “reputation strength,” encouraging collaboration between DACs.
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Role of METIS Coin in the Ecosystem
In the Metis ecosystem, the METIS coin is critical to validating transactions and maintaining network integrity. The “Rangers,” or network actors, stake METIS coins to validate transactions on the Andromeda network and enforce penalties for dishonest activity.
In addition to validation, these coins are also used to pay transaction fees on Andromeda and to earn staking rewards, including the Builder Mining program that encourages network usage.
METIS coin has been listed on Binance since March 11, 2024. Traders can buy and sell METIS using various currency pairs, including METIS/BTC and METIS/USDT.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
MetisDAO (METIS): Ethereum Layer 2 Scalability Solution
What is Ethereum (ETH) 2.0 and how is it different from Ethereum
Ethereum History Story: How Ethereum Became Popular
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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