How does Metis help bridge businesses to Web3?
In this episode of blocmates, host Jedi speaks w/ Kevin Liu, Co-Founder of Metis, on what decentralization looks like from DACs to soulbound tokens, the future of DeFi & the role that Metis gets to play in this revolution.
Read our notes below to learn more.
Mission of Metis
To onboard traditional business from Web2 to Web3.
Currently developing a very solid technical infrastructure to support high transaction volumes at a very low cost which is called the smart L2 technology.
Metis background
One of the lowest cost blockchains in the $ETH ecosystem.
Achieved the initial goal to build a scalable & solid infrastructure for business expansion.
Blockchain is not just finance.
Blockchain needs to support the real business operation first then finance or DeFi can work as a large financial market to support all these real business operations.
Currently supporting & incubating two other businesses.
Reputation Power metrics can serve as a layer to get users to easily enter Web3.
DAC framework is a decentralized autonomous company that enables automatic workflow where you can create your company, hire people, finish tasks, do payroll tax & even some legal documents.
Digital identity
No need to download Metamask or create a wallet w/ a private key.
E-mail, profile in LinkedIn or Discord can be used to log in to Metis’ Polis & create a digital identity.
The prime key is encrypted as a back-end.
Thoughts on reputation power
This idea came from a long time when the 3 co-founders first met.
If everything is built on a token, in the end it is centralized in a way.
When a user does something checkable, it serves like a track record then track records can be converted into their reputation power, that is also part of governance.
Will roll out different eco nodes next year & eco nodes will have different reputation power as a way to vote.
Reputation power is like a soulbound token.
A profile serves as a passport & also a soulbound token in the Web3 world.
When voting or participating in tasks, a user can claim an NFT badge that is non-transferrable which will be connected to their personal profile.
Governance on Metis
There are some considerations regarding how to get decentralized.
Finding the balance between the team operation & community.
Will be launching two layers of the governance system
Anyone can create a DAC in Metis platform.
A DAC that stakes $METIS will become a Common which has a privilege to propose Metis enhanced proposal.
A Metis enhanced proposal can be voted among all the Commons, once the enhanced proposal passes, it will be submitted to a second layer which is called Eco nodes.
The Metis Foundation doesn’t have any co-founders & will work as a coordinator to allocate resources & support different Commons & Eco nodes in their involvement in the ecosystem.
Early days of Metis
The first step of achievement was a workable infrastructure.
Supported a lot of builders to onboard & develop in the Metis ecosystem.
Launched the Community Ecosystem Governance Program which acknowledges the community’s voice on which project to support instead of the team deciding it.
Metis grants program
Looking for DeFi & currently working on Aave to be the money market infrastructure.
Looking forward to the release of the DAC platform.
Looking for traditional businesses or large brands like Starbucks, Nike or Samsung.
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Thoughts on traditional business adoption
A lot of companies are actually considering blockchain solutions.
There should be some entry point for them like how they can benefit from leveraging blockchain technology or their own users to be more engaged on their products or platform.
Thoughts on DeFi after FTX incident
DeFi is very important to the whole blockchain ecosystem.
The key is to define the role it’s going to play in the whole framework.
30-40% of businesses in crypto should be real world businesses.
DeFi can work as financial markets.
A lot of projects are still controlled by some large capitals or large fund holders & there’s no power to balance it.
The problem w/ most DAO’s is the project has too much power to do everything & the community is not really involved.
There should be some benefits for the community that gets involved.
Thoughts on approach to mass adoption
It needs to be done piece by piece & step by step.
There are certain ways new people can engage w/ the current users at the very beginning.
The DAC has two markets in this framework, traditional business & freelancers.
Thoughts on incentives
Grants programs can help builders get incentives.
Metis has a sustainable mining program wherein if a project launches on Metis, they will be rewarded w/ rebates based on the transaction numbers onchain.
Genesi DAC is an investment fund in the ecosystem that is actively looking for solid projects to invest in.
There are a lot of products in the ecosystem that users can try.
Looking forward to the release of Andromeda week, which is a celebration of the one year anniversary of Metis & there are incentives planned for users.
Challenges as a founder
To find the talent that can help develop the technology for Optimistic rollups technology.
Working out professional ways of management for the growing company & team.
The key message delivered to the industry & community is not that clear.
Thoughts on the market & its cycles
It still takes time for all the bad news to be absorbed by the market.
People are going to be sensitive next year.
The FTX incident caused a lot of damage in the ecosystem of Solana.
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TODAY’S EDITION IS BROUGHT TO YOU BY LEDGER HARDWARE WALLET
We are all having trust issues with centralised exchanges this week so we have partnered with the Ledger, who is the industry leader and most trusted vendor in the hardware wallet space.
Using a hardware wallet is the smartest way to secure your assets.
Act now, click the link below and secure your crypto.