our focus is mostly on the mass adoption for the sochi big to bring big enterprises for
seamless integration for the blockchain and that's why we created all this infrastructure
with the cheap fast and decentralized so can we provide a service for the companies
who don't even think about blockchain right now but in the future when they think about
it and they want to be on it they come to us welcome back everybody to altcoin daily
2022 might very well be the year of ethereum layer twos ethereum is getting used like crazy the gas
fees are out of control so we must look to layer twos where we can have fast cheaper transactions
on ethereum and keep the decentralization now i'm curious to know your favorite layer twos
in the comments below today we are joined by the great the powerful ceo of meatus network
elena cinel nick nickova is that correct that's correct thank you aaron thank you thank you
um and um you know how's everything going today i love if you know could you introduce
yourself or our audience at home yes of course um my name is elina cinelikova i am ceo of meetings
that's correct and one of the co-founders as well and happy to be today on the show and
present a layer two and some wisdom about layer twos yeah i am looking forward to that i guess
before we jump into meetus how did you get into crypto what's your story what's your background
um that's an interesting story because that started like back in 2014
when me and my friend natalia so and that's when back back when vitalik just got involved with
bitcoin and then invented ethereum and uh so we were trying to install the
wallet and vitaly couldn't help natalia my friend to to do so and therefore she
you know asked me and that's where was my first encounter with the blockchain and ethereum wallet
and i found out that it's not very straightforward to install a wallet yeah so and then um after that
we decided to help other women uh we organized a meet-up in toronto to get women um to learn crypto
right so on the first night we got 50 people to join and then all the events and everything
we um formalized our startup as a cryptid chicks non-profit to help women to get educated
now it is uh basically the educational hub in 56 countries so we educated people everywhere online
we also help the startups as well so metis was one of the startups that we helped and incubated
yeah so actually uh lots of projects that came to cryptochicks at the very beginning for our events
with the help of the you know marketing and all our um education and connection so one of them
was avi for example uh also at some point we have chain link so all these projects uh these are the
ones that we touched and helped and uh yeah so metis is one of them and you know i became a ceo
because i really really love the idea it crossed with what we have with the cryptochicks uh to
help everyone to get on blockchain without coding seamlessly with the fast and cheap transactions
so and you just kind of said it but for somebody who's never heard of metis before would you just
give the what it is of course so metis is the scaling solution for ethereum but not only so
metis platform uh actually offers the capability for people to get on blockchain without quoting
to get your business on a blockchain and start doing business right away so kind of you can
just click one button and you have a business on the blockchain we call it dac or dc decentralized
autonomous company and you can already create it on portal.meters.oh um for example but yes all the
underlying technology is the scaling solution for layer 2 which is cheap and fast transactions and
we're developing much more for that as well that's awesome i'm trying to wrap my head around it still
how does metis compare to other l2s in this space i guess the ones that i you know everybody knows
matic optimism arbitrarum uh yes so these are not layered twos these are the scaling solutions
right so layer two is actually the rollups so optimistic roll ups zk roll ups that would be
the layer two uh side chains as the for example matic polygon is the scaling solution but it's
not a roll up because so this is something that you have to keep in mind the decentralization
and that's what we compromise sometimes for the decentralization the cost and the speed
because these three things gonna go hand in hand decentralization cost and speed and when you
have one higher then the others have to suffer so that you have to understand so it's easy to
build a centralized solution when it is cheap and fast but to build a decentralized solution when
it's stupid fast this is a really really really hard work so that's uh that's the difference
right so decentralization is the difference that's one of them and then also what mitis
offers uh again scaling solution is not the main offer of meetings uh main offer again this is
a no-code possibility to get on a blockchain and this is for enterprises and for everyone
so so is medus more decentralized than a polygon did i hear you correctly uh yes amitis is the
optimistic roll-up right so and uh it's it up is if you know the kind of like a differences between
side chains and optimistic roll-up side chains there are also limited number of the key holders
so when you bring your project on a sidechain you have to be aware about 51 attack possibility it
means that if there will be this possibility if the 51 attack occurs you you're gonna lose your
money uh so yeah and that's what limited number of key holders is going to come into play um yes with
optimistic roll-up uh this is not possible with ethereum uh it is not possible so it means that
it's possible to get an attack on ethereum for the 51 attack or meteos but your funds gonna stay
intact so that's the huge and biggest difference and that's the decentralization um benefit cool
so where is meetus now on its roadmap and what do you have planned for 2022
uh yes uh so we launched only uh so now it's nine weeks ago in november 2021 so we launched our
mainnet and in eight weeks we reached uh 500 um 500 million uh total value locked so that's like
we reached really fast because the project came pouring on meetings because of our offer
right now this is the fastest network that and decentralized network that you can find
and uh also in terms of the price uh we compare with other optimistic roll-ups
and also we are evm compatible which is actually equivalent it means that if you import your
project from ethereum you don't need to do any code changes supporting the project from ethereum
only you know takes one minute uh so therefore uh we developing really fast and then we also have
a bunch of development programs for projects for example one of them is a builder mining
it means that projects get thirty percent of the transactions ticked back to them so it means that
they actually fund themselves via the transactions from every transaction they get this profit
uh so therefore we help these projects to actually you know work and fund on write directly on meteos
and not only enjoy low cost and uh speed but also to get the funding uh so another thing
that we're developing right now and this is in our roadmap and it's going to be in 2022
that is a decentralized um storage where you will be able to actually store the data right on
chain and for cheap and for that the decentralized storage also allows us to roll up more transaction
therefore bringing the transaction cost into cents so it's going to be still cost only a couple of
cents to do transactional meetings once we're done with that upgrade and uh yeah so we officially
going to be the fastest the cheapest and the most decentralized and how is decentralized how is it
so cheap the decentralized storage is it the roll-ups that keep it that inexpensive uh no
it's it's a technology so it's very similar to ipfs technology that uh so yes the decentralized
storage because right now as you know probably as you know uh the all the blockchain projects um nft
projects they need to develop their own storage or use some you know third-party storage to store
data because it's not practical to store data on chain because it's for example in ethereum it cost
a million dollars to store one low quality image right so the store data on chain is not practical
so with the technology that we're developing right now it's going to be much much cheaper and that on
the side it's also not only allow us and our uh the projects that are building on top of meetings
the uh store they don't chain but also will allow for our roll-up
to roll up hundreds of thousands transaction in one batch which is optimistic roll up
and that allow us to bring the cost of each transaction very very low cool cool
one of my final questions on medus and then maybe we'll zoom out and just talk about
cryptocurrency as you you mentioned this in the beginning i don't know if her audience caught
it natalya i think is vitalik's mom this project is uh you know she's close to the project can
you explain her relationship with the project because that's pretty cool i think people look
at that and be like oh that's interesting yes uh so yeah well natalie is my long-time friend so i
i know her way before vitalik was born um so and uh so she she was my co-founder at the and
once we started meetings project i brought her on board of meetings right away as well
so her role right now she is responsible for funding the new projects that come in onto metis
so she's she's basically helping them to get funded from uh from vcs from also we have genesee
dc this genesee dac which is decentralized company that created by our investors uh on metis platform
and that's what she's uh served as a liaison between though this this dc uh that funds and
new projects and also she supervises all the grants and everything so so basically she's the
one that evaluates and see who we can help how we can help so she is the kind of the key ecosystem
uh developer in that in that sense do you think vitalik favors meatus over all other alternatives
he certainly knows a lot about it everything about it uh yes so we just like we again again
uh this is our project this is not a vitalix project and you know vitalik is a smart kid and
he created ethereum and that's what his focus and he's now focusing on other things as well
so i think it's kind of unfair to bring him and you know brag about him and anything like
that and use his name in any way because uh first he uh i mean he's already busy enough
and second that is not fair to our project because our tech is great and we don't need any promotion
from you know any of the celebrities so that's uh that's for sure that's fair
my final question is looking five years down the road what does success look like for metis
five years from now uh yeah so as i said uh our focus is mostly on the mass adoption
for the sochi big to bring big enterprises for seamless integration uh for the blockchain and
that's why we created all this infrastructure with the cheap fast and decentralized so can we provide
a service for the companies who don't even think about blockchain right now but in the future when
they think about it and they want to be on it they come to us and we will be the one the go-to
um platform and what's an example of a typo like for example uh if uh let's say the um oracle
who provides the service like database service for you know probably the entire world right so
they would be providing meetings uh and as the platform for for that for their clients
or the airlines for example when they issue the tickets they will be doing it on meetings as nfts
so that kind of things that i'm talking about that's the vision that we have appreciate that
appreciate that um any final thoughts elena about me it is for our altcoin daily audience
um yes so i again want to stress a lot about the decentralization because right now like people
can get carried away with profits with speed and with um maybe with the yields right so
and this is with so much more than that right so we are here for a long time we're here for
the technology and the decentralization is the key piece in that technology because think of it so if
instead of creating something centralized you can have profit on well you might as well use you know
sql server and a centralized database why to use blockchain for it because yes uh so the
real power of our technology and i'm saying ours not only meteos but the blockchain technology
overall in is in decentralization so um i would like people to think about that when they are
jumping you know on opportunities on networks on that just think about the future what happens to
your future funds to your future projects if uh for example one or the other chain gets
compromised or in other ways you know regulated or something like that so the decentralized
this being staying decentralized is actually protects you from all this
things hell yeah links to elena's twitter and the media's website down below check it
out for yourself uh elena thank you so much for coming on today no problem thank you for inviting