Metadium 2021 Roadmap and a Letter from Justin
Times are changing. More and more people are turning to Bitcoin and other virtual assets as an alternative solution to the current financial system. Besides, the fact that the market’s interest is centered on the institutional sector is very suggestive: it means that the real value of blockchain technology itself is spreading rapidly into our lives, moving away from the “simple” investment point of view. This also keeps the door open for blockchain technology to be used in new ways as a new market creation opportunity.
With faith in the technology and overcoming various challenges, Metadium has been making steady progress in the past years. Since the launch of the mainnet in 2019, Metadium has grown into one of the representative blockchain projects in South Korea. It has created one million wallets and manages 300,000–500,000 daily transactions, which positions it in the 14th place of the world’s mainnet ranking. (You can find the details here).
In this post, we would like to share Metadium’s short-term roadmap and mid-long term goals. Furthermore, we will share a letter from our CEO to the community, where he explains the direction of the project.
Please note that the following is a roadmap that shows the big picture and, since reacting to a rapidly changing environment is essential, some details might change.
Letter from Justin
Metadium launched its service as a special purpose public chain with the intention of spreading DID. By ‘special purpose’ I mean that the services implemented on the chain must have sufficient competitiveness compared to the centralized method (you can find the details here).
DApps related to DeFi and NFT, which have been hot issues these days, have shown the ideal utilization of public chains. Meanwhile, the scalability issue and the resulting volatility in gas prices are the future tasks to deal with. Another problem that comes with the nature of open sources is the scam projects which are easily reproduced. Because of these concerns, the scope & definition of governance and the mainnet management team’s responsibility must be considered once again.
In Vitalik’s recent blog “The Most Important Scarce Resource is Legitimacy”, he expresses his concerns for the development of a healthy ecosystem and emphasizes, once again, that active support from the community is more important than anything else. This is a common mission, not only for Ethereum, but for all public chains.
I think of Metadium as an amusement park that is visited by a lot of people due to its fun rides: developers make fun and safe rides (dApps) and people (users) actively participate in them. Now, let me explain further how this amusement park called Metadium is being made and how it will further develop.
1. Making tickets: Infrastructure for commercialization of DID
Metadium is a project focused on DID (Decentralized Identifier), looking to implement the Self-Sovereign Identity (SSI) principles. With this vision, Metadium blockchain has been used to develop services like MYKEEPiN, B PASS and THEPOL. The fact that recently many mainnets have implemented the DID layer into their basic infrastructure can be seen as a recognition of the necessity of DID, the admission ticket for an amusement park. Admission tickets (DID) allows you to identify yourself to access multiple rides (services) while protecting your personal information.
2. Making fun rides: activation of Metadium dApps
- Enhancing THEPOL: NFT model in Q2
- Metadium-based NFT platform: METApie
- Metadium Defi ecosystem creation (Swap, Bridge, Stable Coin)
Metadium has been creating dApps that the general public can use and enjoy. The development and tools used for these dApps will serve as a reference for developers to create even better apps in the future.
Metadium blockchain was used to develop THEPOL: Coinplug’s poll and survey service. THEPOL has implemented an NFT-based badge structure and it’s now growing its own ecosystem.
Reinforcing our role in the NFT world, Metadium blockchain will be used to develop a new platform that will support NFT issuance and P2P transactions: METApie. This marketplace will be operated by Coinplug and will be linked to MYKEEPiN for identification and authentication.
DeFi has demonstrated the importance of smart contracts. That’s why we’ll release a Metadium DeFi ecosystem including swap, bridge and stable coins. What will differentiate us from other DeFi projects is our DID technology, which has proved along the years its stability and reliability.
3. Park enhancement: upgrading Metadium Mainnet
- Metadium Explorer
- Application of Berlin and London hard fork
- Selection of 21 BP nodes among MYKEEPiN Alliance member companies, global partners, and the community pool
- User protection with “Metadium Certificate System”
As a mainnet project, management and upgrades of the mainnet are an important part of the roadmap. Metadium, based on the SPoA consensus algorithm, similar to EIP-225 (PoA), is a blockchain that restricts decentralization and enhances scalability. Based on this, we set up a short-term plan for technology advancement such as security and optimization according to the actual operation rather than to a relatively scalable technology trend such as L2 or sharding.
(Among L2 technologies, ZKP-related contents are being considered for application to DID scalability).
Metadium Explorer is scheduled for the first half of 2021. We are planning to complete the selection of Block Producers for 21 nodes within this year. We will enhance the decentralization and transparency of the Metadium network with the combination of Coinplug-led MYKEEPiN Alliance member companies, Metadium Global Partners, and a pool that allows general individuals participation.
Through advancement of the governance function, we will actively apply the Metadium Certificate System and provide guidelines for user protection. The application of this system is considered to be the minimum requirement of the Mainnet foundation.
Last year, Metadium conducted a hard fork (Istanbul) to review the EIPs added in Ethereum and adding the corresponding functions, if necessary, to Metadium. Following this, we are planning to conduct the same procedure once the Berlin hard fork is completed and its stability is verified (end of May). The key of the Berlin Hard Fork is that its four EIPs can reduce the cost of certain types of network transactions. After this, if the London fork succeeds in July, and once its stability is verified, we are planning to apply it on the Metadium blockchain at the end of September.
Moving forward, Metadium will continue working hard to develop our technology and expand our DID ecosystem. In conclusion, and referring to the previous analogy of the amusement park, we will provide more, bigger and safer rides to be enjoyed by everyone.
Thank you for your support.