What is the purpose of metis token
The Metis token (METIS) is a governance and utility token used within the Metis ecosystem, an Ethereum Layer 2 rollup platform that aims to solve scalability, transaction speed, and high gas fee challenges. The main use cases for the METIS token include paying transaction fees on the Metis network, staking for Decentralized Autonomous Companies (DACs) that confirm transactions and pool them back to the Ethereum mainnet, and purchasing goods and services on the Metis protocol. METIS is an ERC-20 token that can be bought from various cryptocurrency exchanges and is used to activate the Metis Virtual Machine (MVM) to create a decentralized autonomous company (DAC). The total supply of METIS tokens is 10,000,000, with 2,144,164 in circulation.
what is the technology behind metis token
The technology behind the Metis token involves a Layer 2 scaling solution for Ethereum that utilizes a unique hybrid rollup design combining zero-knowledge rollups (ZKRs) and Optimistic rollup technologies. This integration aims to enhance scalability, security, and transaction confirmations on the Ethereum network by ensuring Ethereum Virtual Machine (EVM) compatibility, validity proofs for security, and faster transaction processing using zero-knowledge proofs. Additionally, Metis employs a decentralized sequencer pool to distribute responsibilities among multiple sequencers, enhancing stability and security within the network.