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Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from MetisDAO, a platform where you can build your blockchain, DeFi or NFT business without being a developer. The AMA took place on May 11 and our guests were Elena Sinelnikova (co-founder) and Kevin.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Paul Mont | Satoshi Club: Hello Satoshi Clubbers! Today we are excited to announce our AMA session with MetisDAO! Welcome to Satoshi Club. @elena_cryptochicks @kevinmetislab! Welcome! Great to have you here!
Gold Rocket | Satoshi Club: Today our guests are @elena_cryptochicks @kevinmetislab!
Elena Sinelnikova: Hi everyone! Happy to be here, Thank you for the invite! Waiting for @KevinMetisLab to join.
Paul Mont | Satoshi Club: Please tell us more about your background. How did you get to be involved in crypto & MetisDAO?
Elena Sinelnikova: My name is Elena Sinelnikova. I am Founder of CryptoChicks.ca and Metis.io. I have a tech background?—?over 20 years’ experience working as Microsoft solutions architect in Canadian government and law enforcement. In 2015 I became interested and started learning in blockchain. In 2017 me and my friend Natalia Ameline founded Crypto Chicks?—?a female organization focused on blockchain education for women. We started it as a small meetup group and nowadays it grew to have chapters in 56 countries.
I met my two Metis co-founders a few years ago?—?Kevin Liu, who is an excellent product manager and released products before with 100 million downloads and Yuan Su, who was in the IBM team that built the very first Hyperledger. We were partners in one of the educational projects with CryptoChicks. Then we worked together on the Token Economy Institute project that grew into Metis Protocol. We have a long history before we became co-founders for Metis. Now Metis has 26 people working on the project?—?we accomplished so much! Creating a great product!
Gold Rocket | Satoshi Club: What is the essence of MetisDAO?
Elena Sinelnikova: Metis is a platform where you can build your blockchain, DeFi or NFT business without being a developer. We are building the platform for people as well as companies to benefit from the perks of blockchain technology without being aware so much that they do so on the blockchain. There are lots of barriers for people to really use blockchain for business?—?we tackle all the barriers.
We built a tech to protect our users from the hiking gas fees and provide them with high throughput of transactions and at the same time provide them with all the perks of blockchain such as trust, security and transparency but with added rich functionality and minimal learning curve. Nowadays in order to use blockchain hence to start the business, you need to be tech savvy and prep lots of funds to hire expensive blockchain developers. We are building a tech that allows anyone to launch business on blockchain without money or special skills. Come to the Metis platform, create your business unit?—?we call it DAC (Decentralized Autonomous Company) in two clicks and launch any of the following: NFT minting and trading business, freelance business, freelance business.
Kevin: An active researcher of the Token Economy, DAO and the governance protocols. A serial startup entrepreneur.
Q1 from Telegram User @yellowchamp
One of the feature of Metis Dao is an Optimistic Governance in which stated in your website that “the best governance is NO governance at all” so can you explain more about this statement? How does Optimistic Governance work in Metis Dao? What is the role of the community in your platform since you are in an Optimistic Governance form of management? How it affects investors? What is the strong points of having an Optimistic Governance? Thank you.
Elena Sinelnikova: Metis platform implements Optimistic Governance, which means anyone will be able to create an account and use blockchain features to do the business on the platform, but needs to play by blockchain rules to prove that they are good players. For example, once you create an account you get an NFT passport where all your deeds on the platform get recorded and you keep earning the reputation. You can’t buy reviews on the platform, like for example you can buy user reviews for centralized ones.
Another part of the Optimistic governance on Metis is staking and pullback, which means you will need to stake some amount of tokens to start the collaboration with others on the platform. These tokens will be returned to you once collaboration is completed. You also will be paid and rewarded by Metis token on the platform. We made this process extremely simple. We made this process extremely simple.
Paul Mont | Satoshi Club: So reputation is individual for users, but also there is a DAC reputation as well?
Elena Sinelnikova: It is completely decentralized and not controlled by any centralized entity, not by MetisLab company that created it, not by the government. Everything is based on your own performance, collaborations and contributions. Next question.
Q2 from Telegram User @victorogb
MetisDAO recently announced its strategic partnership with Gate.io, that will allow $METIS to trade on Gate.io thereby joining Uniswap as the second exchange that will also allow investors trade $METIS tokens. Gate.io will as part of the agreement, host a sale of METIS tokens on its startup platform and participation is subject to meeting certain conditions and criteria. Therefore, what are the general requirements to participating in this sales and are there separate rounds and investment categories available to traders, what is the long term projection of MetisDAO in terms of expansion and listings on.
Kevin: As it described in Gate.io, to participate in the startup sales, you should be VIP1 level, please check https://www.gate.io/en/article/20681/?ch=en_sm_0521 for more details. We have finished all the fundraising rounds, and will start to trade on May 13th. So there will be no separate rounds available. Metis supports decentralized business running on our layer 2, Metis Rollup. So we support various applications, including Defi, NFT, collaborations, and many more innovations. The expansion of our ecosystem will be fast but steady. And more listing on exchanges will be coming soon.
Elena Sinelnikova: BTW there are lots of scammers that impersonate Metis now, so please be careful. Join our telegram group to have the truthful information : https://t.me/MetisDAO
Q3 from Telegram User @Highpee
Most decentralized Crypto platforms often offer unhindered and unrestricted access to their docs, blogs and project resources in other to acquaint investors with both capital and small letters details of their projects. However, after being able to scan through few articles on your medium, I was denied access to further documents and was told I have to subscribe in order to educate myself about your project. Why are you monetising your documents and repositories? Don’t you think this can be discouraging to interested users who wish to get informed about MetisDAO? Is this not against the decentralised principle of being open source and transparent or was this collectively agreed by your ecosystem?
Elena Sinelnikova: You have probably hit the Medium restrictions that has nothing to do with Metis. All our articles are available to everyone, You can have access to all Metis medium articles via metis.io website: https://www.metis.io/learn/
But this centralization issue is exactly what Metis is solving. As a decentralized platform Metis will be providing Knowledge Management feature to the participating projects, companies and individuals based on their contribution. You contribute to Knowledge management and you get to use the Knowledge Management contributed by others. All rewards will be based on the contributions. No one can ban you or deny your account. It is fully decentralized.
Gold Rocket | Satoshi Club: Thank you very much for the clarifications and answers! this is very important information.
Elena Sinelnikova: We do it via our Layer 2. Metis is building a whole new Layer 2 framework (called Metis Rollup) to support the decentralized economy running on the blockchain. Various Layer 2 solutions, including rollups, state channel, and plasma, are all aiming to reduce fees for users and increase transaction throughput. But for Metis, we jumped out of the box.
Compared with other Layer 2 solutions, Metis is highly scalable (supporting multiple virtual machines), highly functional (micro service framework for easy extension of toolkit), highly usable (EVM-compatible) and self-sustainable (supports DApps/communities to launch their own tokens). Metis also defines a new DAO structure, DAC (Decentralized Autonomous Company). DACs act as the fundamental unit to support the operation and management of decentralized applications, communities, and business.
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Q4 from Telegram User @Jonahapagu
For verification and validation purposes, the Metis platform uses the concept of L2 Rangers in their MVM (METIS Virtual Machine) … can you explain how this concept works, who makes up the L2 Rangers, what do they do in the validation and verification process, what benefits do the L2 Rangers get as Validators, and how can users become members of this special DAC called L2 Rangers.
Elena Sinelnikova: Users can stake a certain amount of metis tokens to participate in the ranger DAC. DAC (Decentralized Autonomous Company) they will be assigned a random range of transactions from all DACs along with the starting stateroots. The rangers will compute and submit the state root. a challenge process will trigger if the majority of the assigned rangers resulted in a different state root from the one submitted by the sequencer.
Rangers will get reward or penalized based on the challenge process, Rangers will also be able to mine Metis tokens when they participate in the exercise. The consensus among the rangers are done via power of stake. We are currently in the process of patenting this technology as it outperforms all our Layer 2 competitors, So, I am very proud of the tech that we built!
Paul Mont | Satoshi Club: You should, the underlying design is apparently brilliant! Thank you for the comprehensive answer.
Q5 from Telegram User @cryptofollower
I see on your website about Metis token airdrop is coming up soon. Is it only for early investors or is it for the all community? What are the requirements we need to participate for the airdrop? Also I couldn’t find anything about Metis token tokenomics on your whitepaper. Could you please tell us about Metis token and what are the features for long term investors?
Kevin: I will take this one. Airdrop is for all the community, for the one we are doing with Coinmarketcap, https://coinmarketcap.com/currencies/metisdao/airdrop / anyone can participate. We also have our alpha testnet on the run(https://alphatest.metis.io/account/login?next=%2F) , people can try to build your own decentralized company(DAC) on our Metis Layer2 platform, do tasks and knowledge collaborations, and get rewards for participating and hunting bugs.
For Metis Token, it’s the utility token for staking into the system as a commitment to conduct collaborations. It is also the medium of exchange for all the DAC business activities or the tokens that these DACs will issue. It is also the medium of exchange for all the DAC business activities or the tokens that these DACs will issue.
for the token allocations and vesting schedule, please find more information here https://www.gate.io/en/article/20681/?ch=en_sm_0521
Paul Mont | Satoshi Club: By the way, let me tell you, I was astonished by the “Rebuilding the Tower of Babel” initiative, it managed to gather so much interest… which resulting in a 16.1 ETH selling price. You guys must be proud of the outcome as well as the outstanding community involvement!
Kevin: yes, 12K wallets connected to participate this event, it all proves that we are on the right track, providing easy-of-use and fun to play with.
Elena Sinelnikova: https://opensea.io/assets/0x5628d3eec4349e70541721bfc9f6ef7d70969d1b/0
https://tribe.metis.io/home This is the real one! Beware of the fake ones that popped up on OPENSEA now too.
Q6 from Telegram User @NataliyaKil
I found out that MetisDAO has some kind of user rating. What is this rating, what does it depend on, what benefits does it bring to the users themselves, who generally monitors the updating of this data and how often is it updated? The users themselves have access to this information, is there any section or table of this rating on your site?
Elena Sinelnikova: You are talking about the NFT passport?—?I touched on it earlier. NFT passport is used to track your activities on the platform?—?good and bad and adjust your Reputation Power automatically without anyone’s involvement. You will be able to stake this token to start a new collaboration, So, the other party can see your reputation and decide if they want to deal with you or not. This is the mechanism for the true rating. If you are a good player and complete all contracts and collaboration on time and provide value to other players on the platform?—?your reputation will grow indefinitely.
Paul Mont | Satoshi Club: So basically more reputation, more collaboration opportunities, right?
Elena Sinelnikova: If you overlook something or deliberately did something wrongful?—?your reputation will be deducted.
Paul Mont | Satoshi Club: It seems like a win-win design to me.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @highpee
You had a special NFT Airdrop tagged: “Rebuilding The Tower of Babel”. I can see that the total available NFT Airdrop is 2560 and total claim is 256. Does it mean that there are still NFTs left to claim? And since you said you will have 256 tribes, are the number of claims completed already?
Elena Sinelnikova: We ran the Tower of Babel community building and on boarded 2560 communities. All of them received NFT token that will have mining power in Metis, it means they will be able to mine Metis tokens. The first 256 received the monetary reward from the Tower of Babel OpenSea auction proceeds (16.1 ETH divided by all). The rest claimed NFT to mine in the future.
Q2 from Telegram User @highpee
Why is it necessary for you to create your own Layer 2 solution when we have other popular rollups like zk-rollups, optimism, Matic etc? How proven is METIS Rollups technology as it compared with others and can it allow faster and secure decentralized user experience on the Ethereum blockchain network faster than other available alternative?
Kevin: We have studied rollup for quite a while, I have to say they made a lot of progress, but the current mechanisms still have a lot of room to optimize. For Optimistic rollup, it is still very centralized designed, with one virtue machine to control all the application’s operation. And also its withdraw time is too long (1–2 weeks to withdraw money from Layer2 to layer1), and no privacy configurations for business who hope not to disclose confidential information. These are just some examples that Metis is optimizing.
Q3 from Telegram User @TrickyMoeid
The gas fee on Ethereum blockchain is crazy high. Why did you decided to build your project on ETH? Any plan to incorporate with other Blockchain such as BSC?
Elena Sinelnikova: Metis solves exactly this problem?—?we will help to lower down the transaction gas fees via our rollup solution, so our users don’t have to worry about the gas cost, and can focus on the business and community development. We also built out tech the way that it is portable to other blockchain. We also built out tech the way that it is portable to other blockchain. We also built out tech the way that it is portable to other blockchain. For example, we already have a plan in place to settle transactions on Casper blockchain as well. Other blockchain can be also the option?—?we will make an announcement about that if anything like that is decided.
Q4 from Telegram User @Robotliker1
What are the biggest milestones achieved by your project till now? What are your strengths and weakness of the project?
Elena Sinelnikova: We have released the Layer 2 alpha testnet, and also launched a demo app called “Prologue” to demo the speed and low cost of Layer 2, you don’t have to spend so much gas cost and wait for a long transaction time to conduct the onchain actions. Please try to test and create your very first Decentralized Company (DAC) on Metis, the test linkage is alphatest.metisdao.org
The testing has gone through 3 weeks, now we have 12,683 Wallet Created, 6,856 DAC (Decentralized Autonomous Companies) Created, Testnet Transactions number is 166,859, Layer2 Smart Contract Calls number is 22,607. So just in 3 weeks, we have received so much interest from the community without any promotion. This was our Freelance use case that users of our future platform can take an advantage off?—?as I said you will be able to run business, so for those whose business is freelancing?—?they can already see how it works on Metis platform.
We also launched The First-Ever Community-Minted NFT Event: Rebuilding the Tower of Babel?—?we talked about it already, 12,118 Wallets Connected with this event, created 2,560 Tribes in 100 minutes, and the number of full Members (15 Wallets Trusted) Tribes is 1,204.
We are focusing on developing our Layer2 and in parallel the priority use cases, for example freelance use case, secure messenger with ability to send crypto, NFT minting and trading usecase. We are forming strategic partnerships with other companies that are ready to build on top of our Layer2 and become the part of our ecosystem. As of now lots of NFT companies reached out to us?—?they would like to use no gas fees advantage to min and trade their NFTs.
Q5 from Telegram User @Sumione
What do you have on your roadmap ahead in next three months? what are your priorities and long term goals??
Kevin: We will have another version of testnet coming next month, which will allow more developers to develop on our layer 2, and in 3Q, we will have our mainnet launched. The priority for us is to build a builder-friendly environment to allow a lot of developers and projects to build applications on the blockchain, no matter they know blockchain technology or not. In the long term, we hope to be the infrastructure to support the whole web 3.0 economy running on the blockchain.
Q6 from Telegram User @Tony253210
MetisDAO claims that is the solution of current DAO issues, but Which problems exactly? Can we know How do you improve the DAO mechanism?
Elena Sinelnikova: As of now lots of NFT companies reached out to us?—?they would like to use no gas fees advantage to min and trade their NFTs.
Q7 from Telegram User @Manugotsuka
In your website it’s explained that MetisDAO use a Reputation Power System, so can you tell us how the Reputation works in your ecosystem? How users can get Reputation and which benefits brings have it?
Elena Sinelnikova: You will be able to enjoy our Reputation Power tracking mechanism where no one will be able to buy or fake the user reviews and therefore you will be able to engage in the collaborations trusting the other party?—?your client, your service provider or any other player on the platform.
Q8 from Telegram User @joson0305
Can you tell about your listing plans? Especially the ones involving major exchanges, CEX and DEX. What types Partnerships you are looking for and what values would they bring?
Elena Sinelnikova: Right now we are listing on Gate.io and Uniswap. These are the first steps. We will be listing on other exchanges as we progress!
Q9 from Telegram User @Xusuo
Can you explain about what is ‘Rebuilding The Tower of Babel’ NFT? It’s amazing that already sold for 16,1ETH, what will be the fund use for?
Elena Sinelnikova: The funds were shared already between all that participated in our community building. We had showed the power of the community with this. We are awarding our earlier testers, so in order to get rewarded with Metis tokens in the future, please subscribe to out newsletter and participate in our testing activities: https://metis.io/Subscribe
Q10 from Telegram User @Tony253210
MetisDAO claims that is the solution of current DAO issues, but Which problems exactly? Can we know How do you improve the DAO mechanism?
Kevin: the issues of current DAOs are most of them are only a voting shell structure, while voting is only a small part of the whole story if you operate a business in the physical world, you cannot have shareholder’s or board of directors meeting everyday, you will need a concrete management structure to manage and operate the business, we hope to make DAO become a real entity to conduct decentralized collaborations and business operations.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about MetisDAO. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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