Milestone deployment represents a huge leap forward for Ethereum scalability
TORONTO, ON / ACCESSWIRE / March 14, 2024 / EVM-equivalent Ethereum Layer-2 scaling solution Metis has launched the Alpha Version of its groundbreaking Decentralized Sequencer, marking a major step on the path to rollup decentralization.
The Decentralized Sequencer is an evolutionary leap beyond the single-sequencer model currently being used by other Layer-2 rollups. The launch makes Metis the first Ethereum rollup to decentralize its sequencer.
Rollups are one of the most promising scalability solutions out there, but they come with downsides in their current state. The only way rollups can fully inherit Ethereum's underlying security is by having a decentralized fraud/validity proof system and a decentralized sequencer.
However, until now, no other rollup has prioritized sequencer decentralization, which makes networks vulnerable to a single-point-of-failure or being subject to censorship. This is by design: by running a single sequencer, the foundations maintain almost total control over the network, as well as any revenue the sequencer generates.
This hurts communities twofold - once from the inherent security risk of a single sequencer, and again by not sharing in the revenue collected by the foundation and its founders.
By decentralizing its sequencer, Metis will enable multiple parties to run sequencers, enhancing the network's security and decentralization while sharing revenue with its users. A distributed sequencer will also unlock key features like seamless and safe sequencer rotation, expulsion of malfunctioning or malicious entities, and enhanced network stability.
Users can help maintain the network's decentralization, transparency, and stability by becoming Sequencers and participating in the consensus process. More nodes or entities taking part makes it more difficult for malicious actors to control or compromise the order of transactions.
Sequencer nodes can earn METIS token rewards for their role in producing blocks and processing transactions within the network. Active community participation can increase recognition within the group, opening up possibilities for future collaborations or potential partnerships. In addition, during the first year there will be a 20% Mining Rewards Rate (MRR) for all sequencer nodes.
About Metis
Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a decentralized and scalable easy-to-use network secured by Ethereum. Metis became the first Ethereum rollup to decentralize its sequencer with the launch of Decentralized Sequencer, which enhances network security and provides more revenue earning opportunities for users.
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Contact:
Colin Landers
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SOURCE: Metis