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Metis, a Layer-2 Ethereum network scaling protocol providing fast and cost-effective transactions, along with economical IPFS-powered storage space, reveals that it will be holding a METIS HACKATHON, an event that will begin on October 2 at 3pm UTC (the Opening Ceremony) and will end on October 30, 2021 at 3 pm UTC (culminating in an Awards and Closing Ceremony).
Metis’ first-ever hackathon will require program participants to create scalable, Ethereum-enabled decentralized applications (dApps) on Metis Layer 2. The participants will get an opportunity to win a share of the $1 million $METIS token prize pool. Initiatives that will offer bounties will gain special speaker or judge privileges and get to enter the Metis Ecosystem Development Program. You may register for the event now.
Creating Enterprise-Grade Ethereum dApps on Metis
The goal or main objective of the Metis hackathon will be to implement scalable, performant Ethereum-based dApps. The hackathon participants may also choose to integrate or migrate their existing Ethereum dApps onto the Metis Layer-2 development environment.
As noted on Metis’ website, the main criteria to assess a dApp includes its economic, environmental, and social impact. The app’s value proposition (what use-cases it can solve), and problem solving capability will also be evaluated during the hackathon event.
Program participants will also be asked to outline an easy-to-follow walkthrough of their dApps/solutions with technicalities explained thoroughly. The aim of all projects has to be clear and there needs to be reliable information about the team members involved in developing these applications.
The Metis development team stated:
“Being part of the Metis Hackathon opens the door for your project or DApp to draw additional funding from the Metis Web3 ecosystem.”
As mentioned on Metis’s website, here are the Hackathon guidelines that need to be followed:
- Do Not Harass
- Do Not Spam
- Respect the Opinions and Abilities of others
- Avoid sharing misleading titles
If you have any questions about this event, please send an email to: [email protected]; TG: @MetisDAO
Basic Info About Metis
The Metis Layer-2 platform aims to fundamentally improve how people and businesses interact with each other, by harnessing the power of blockchain or distributed ledger technology (DLT). It’s now a well-known fact in the crypto space that Layer-1 DLT networks like Ethereum (ETH) are not offering a seamless user experience because of extremely high gas costs and very low throughput.
To achieve enhanced collaborative outcomes and successfully deploy a robust framework that handles many different on-chain operations, needing fast response times, 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 needed to enhance the manner in which people and companies work together. This process must be transparent and seamless.
As noted in the Metis whitepaper, the MVM makes use of sequencers, block producers (compute), IPFS cluster provider, service provider and rangers to solve important issues with many popular Layer-2 solutions. Additionally, it creates a system that’s efficient and adequately decentralized.
The initiative’s whitepaper also mentions that Metis is powered by the MVM and it establishes an ecosystem to create a “truly” decentralized economy that’s based on layer-2 solutions. The Metis development team claims that this may be “the future of organizations, communities and the economy.”
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