Memo Labs Partnership With MetisDAO
MEMO is based on blockchain technology to provide safe, efficient and large-scale decentralized cloud storage services for users around the world. This text shows its system architecture, role functions and key technologies.
Memo Lab is thrilled to announced a strategic partnership with MetisDAO, a layer 2 Ethereum scaling solution. Metis has developed an Optimistic Rollup solution to bundle and sequence transactions on the layer above Ethereum and then send that data back as one transaction to the Ethereum Layer 1 main chain.
The Metis Layer 2 network assumes all transactions are valid until proven otherwise (hence the “Optimistic” part of “Optimistic Rollup”). These are called fraud proofs which are submitted in case the transactions are invalid. Validators post a bond, and this is slashed for invalid transactions. This is rigorously verified by Rangers.
MetisDAO have a multi-chain stack which, rather than just including one sequencer, uses multiple sequencers which are basically multiple random chain data verifications. So this splits the load, so that if one chain is overloaded, they can run on a different chain. Chains get added as needed, removing a huge bottleneck.
Metis Rangers are supplemental to the verifiers that other Optimistic Rollups use. Rangers are financially incentivized auditors or validators – they will stake and mine Metis tokens by verifying transactions. They must post a bond, and If they process an invalid transaction, their stake will be slashed, which dis-incentivizes bad actors. This is all secured by Ethereum Layer 1.
“The decentralized storage network built by MEMO and its strategic partner Metis has been officially launched this month, which helped Metis to be the cheapest L2 project” — Memo Lab
This co-built storage network is also built on a formal production environment and the basis of MEMO’s technical architecture. Currently, the nodes are all distributed in North America and the two parties will jointly deploy more nodes in Europe and Asia-Pacific in the future,
ABOUT Memo Lab
MEMO is a new-gen blockchain decentralized cloud storage protocol developed by MEMO Labs. Its mission is to build a reliable infrastructure for Web3.0. To achieve high scalability and availability, MEMO has vastly innovated data tiering, verification, fault tolerance, and recovery mechanisms. MEMO has made technological breakthroughs on blockchain cloud storage with a new architecture and multiple innovations.
ABOUT MetisDAO
Metis has developed an Optimistic Rollup solution to bundle and sequence transactions on the layer above Ethereum and then send that data back as one transaction to the Ethereum Layer 1 main chain. This way, Metis are able to offer extremely fast transactions that take just a few seconds and cost just a few cents, while still maintaining the security of Ethereum Layer 1.
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Memo Lab
