Congruent Labs is proud to announce the Signata project is building on Metis! Metis is an Ethereum Layer 2 Rollup Platform, and expansion of the Signata project into this network will provide more options for users to access decentralized identity services on cheap and fast networks, but also to take advantage of unique network features that the Metis project is building.
As announced earlier, Congruent Labs is also founding the Signata Identity Group (SIG). To operate and manage this network, Congruent Labs will create this group as a Decentralized Autonomous Company (DAC) on the Metis network - a unique capability the Metis network provides to extend decentralized organizations beyond just controlling project treasuries which conceptually was proposed by Ethereum founder Vitalik Buterin back in 2014.
"Building on Metis is a crucial piece for Signata, and for establishing the Signata Identity Group," explains Timothy Quinn, co-founder of Congruent Labs. "Not only will users be able to transact quickly and cheaply on the Metis L2 network, our creation of the SIG DAC will let us manage and grow the group in new and innovated ways. As we see newer cryptocurrency projects eventually discovering a strong need for decentralized operations, we want to support them in that journey to building projects with strong identity and truly decentralized teams."
Signata seeks to establish itself as the first 3rd party identity protocol on the Metis network, as well as an active consumer and contributor to risk and reputation management systems within the network. These systems are becoming essential for protecting DeFi protocols and bringing stronger assurance to crypto users in their blockchain interactions.
The Signata Project has successfully deployed its core Identity and NFT Rights contracts onto both Metis Andromeda and Stardust networks, and has additionally deployed the Signata (SATA) token onto the Andromeda network with a fixed token supply of 2.5 million tokens. To account for this minting of supply on the Metis network, 2.5 million tokens have been burned on the Ethereum network. Information about bridges and trading liquidity will be released in future updates.
Congruent Labs is the company building Signata, a privacy-focused and “full-stack” identity and access solution for the future, building private authentication solutions, delegated rights management, and integrating strong hardware key storage for the protection of everyone’s online lives. Signata is also a zero-knowledge crypto wallet solution and will be the first service that integrates the Identity framework into the real world.
Metis is building a hub for the Web3 economy in three stages: Layer 2 Ethereum scaling solution with fast and cheap transactions; no-code integration via smart contract templates; and a Decentralized Autonomous Company (DAC) infrastructure enabling both blockchain and Web2 companies to build decentralized businesses on-chain, with all the functionalities of real-world enterprises and all the security and decentralization of Ethereum.
For more information, please email Metis at: Contact@Metis.io. Website: https://metis.io Twitter: https://twitter.com/MetisDAO Telegram: https://t.me/MetisDAO Discord: https://discord.com/invite/pE8FPFgF