Metis Protocol Announces Decentralized App Hackathon With A Million Dollar Prize Pool
While it is yet to be a household name like Bitcoin, Ethereum, and Binance the layer-2 Ethereum protocol, Metis is certainly on its way. A slew of announcements has seen MetisDAO, the platform’s coin, soar to new highs over the past month and the Metis team is poised to take full advantage, riding the wave to its zenith.
What Is Metis?
Metis is a project operating on the Ethereum network which aims to bolster scalability and ease of use on the network. Ethereum is one of the largest cryptocurrencies in the world by market cap and although it fulfills a wide range of uses, it also comes with significant drawbacks. These drawbacks have over time become a problem that developers aim to solve to attract new users to their network. Metis is one such protocol. Unlike many others though, it aims to do more than just be an Ethereum spinoff.
It is a Layer 2 platform harnessing the distributed ledger technology with a fundamental component – Metis Virtual Machine (MVM). The team has announced an innovative outline of its intended activities going into the end of the year and each step seems measured and calculated to push the usage of its system into the mainstream and create awareness around it.
The most anticipated of these is the worldwide hackathon intended to take place almost throughout November. The announcement has created a furor in the crypto sphere as not only will this be a historic opportunity for developers to showcase their skill and get noticed but the event also comes with a mouth-watering $1 million prize pool.
Scalability And Efficiency Will Be Central To Program Grading
Since its announcement, the hackathon has drawn a wide range of attention throughout the community. Slated to begin at 3 pm UTC on the 2nd of October, the event aims to create high-performing decentralized applications(dApps) by pitting willing developers against themselves. The Metis team has stated that every dApp will be graded based on a multitude of criteria.
First of the grading criteria will be an assessment of the dApp based on its impact. The app will also be graded based on its value proposition. This means that each program must have real-world value. It must have a use case that applies to existing problems.
Each program will also be tested for how well it solves the problem it was designed for. Its capability in these issues will be a major determining factor in how well the developer is graded. Following this, the developer must have an understandable guide outlining the inner workings of their solution with the technicalities surrounding the program explained thoroughly. Finally, the project must have a vision and a transparent team behind them.
Along with all of these requirements comes a substantial reward. The hackathon will feature a $Metis prize pool worth a million dollars. Developers will all be looking longingly at the prize as a share of such a large prize pool could go a long way. The team has also opened the competition to any initiatives looking to offer bounties to participants. This is also not without its incentive as these initiatives will be given special privileges as judges and speakers in the competition as well as access to the Metis Ecosystem Development Program.
Metis Team Already Looking Forward To Future Development
While it is nearly impossible to perfectly predict the future performance of anything in the crypto community, it has to be said that Metis is doing all it can to amass staying power and make a name for itself. Even with the hackathon on the horizon, Metis is already looking forward to more development of its system. It plans to launch its public mainnet and testnest soon which will surely further accelerate its already impressive growth.
MetisDAO has over the past month reflected the astonishing growth of the network. Although it sat around $5 last month, it now rests comfortably around $42.88 with an all-time high of $63.73.
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