Metis, a Layer-2 Ethereum (ETH) scaling solution offering 1-second transactions (TX) that cost only a few cents, along with inexpensive IPFS-based data storage, has announced the first-ever METIS HACKATHON, which is scheduled to take place from October 2 (3pm UTC Opening Ceremony) – October 30, 2021 (3pm UTC – Awards and Closing Ceremony).
The hackathon event will focus on building Ethereum-based decentralized applications (dApps) on Metis Layer 2. The competition participants will get a chance to win a share of the $1M $METIS prize pool. Projects that will contribute bounties will be able to gain speaker/judge privileges and may also enter the Metis Ecosystem Development Program. You can sign up here and start hacking your way and building ethereum dApps on METIS.
Developing High-Performance, Scalable Ethereum dApps with Metis
As explained by the Metis team, the main goal of the hackathon will be to develop a proper Ethereum-powered dApp. Alternatively, the program participants can integrate or migrate their existing Ethereum dApps onto Metis Layer-2.
As mentioned on Metis’ official website, the criteria to evaluate a dApp includes its economic, environmental, and overall social impact. The software application’s value proposition (how useful it is), and problem solving ability will also be assessed and measured accordingly.
Additionally, hackathon participants will be expected to provide a clear walkthrough of the solution with technicalities. The vision of the project should be clear as well, along with accurate information about the team members. As noted by the Metis development team: “Being part of the Metis Hackathon opens the door for your project or DApp to draw additional funding from the Metis Web3 ecosystem.”
The Metis Layer-2 platform has been launched in order to drastically improve how individuals and businesses collaborate, by leveraging the power of blockchain or distributed ledger technology (DLT). As widely reported, Layer-1 DLT solutions such as Ethereum are not providing the best user experience (UX) due to high gas fees and extremely low throughput.
In order to achieve significantly improved collaborative outcomes and effectively deploy a framework that involves several on-chain operations, requiring timely responses, a layer 2 solution is required for Metis to achieve its goal.
The Metis development team has proposed an optimistic rollup Layer-2 solution that offers greater efficiency and enhanced flexibility, addressing major Layer-2 solutions’ problems. The Metis Virtual Machine (MVM) is considered to be the “foundational must-have” component required to streamline the way individuals and organizations collaborate seamlessly and transparently.
As explained in its whitepaper, the MVM utilizes sequencers, block producers (compute), IPFS cluster provider, service provider and rangers to address the most critical issues with many widely-used Layer-2 solutions. It also builds a system that’s highly efficient and also sufficiently decentralized.
As mentioned in the project’s whitepaper, Metis is powered by the MVM and it creates an ecosystem to build a “truly” decentralized economy based on layer-2s. The Metis developers believe that this is “the future of organizations, communities and the economy.”