Minima, the protocol designed to run on smartphones, has closed a Series A funding round, raising $6.5 million from notable investors, such as GSR, DEX Ventures, AGE Crypto, SMO Capital, and Vinny Lingham. The investments will be instrumental in launching Minima’s Mainnet in 2022.
Innovation to Empower the User
Founded in 2018, Minima was created as an ultra-lean blockchain protocol that fully functions on mobiles and Internet of Things (IoT) devices, allowing every user to run a full constructing and validating node.
The blockchain protocol uses a variation of the Proof of Work consensus mechanism that requires minimal computing power. By adopting this approach, Minima has created the possibility of operating a completely decentralized network that is both scalable and inclusive, while remaining secure and flexible.
In addition to enabling users to secure the Minima chain in a more decentralized and sustainable manner, Minima will natively support token transfers and smart contracts.
In the run up to the release of Minima, users are encouraged to participate in the Minima Incentive Program, which allows users to begin earning coins simply by downloading the Minima app on Android mobile devices, or by running Minima on a Windows PC, Mac, or Linux.
Users can earn additional Minima coins by participating as testers. To join the Minima Incentive Program, users must sign up for the waiting list.
A Scalable Network
The innovative design incorporated by the project makes Minima the most decentralized, immutable, and scalable protocol currently available on the market. Minima strives to be a completely decentralized platform, on which every user runs a Complete node.
With the upcoming launch in 2022 swiftly approaching, Minima has already onboarded over 5000 nodes across 94 countries over the last few months. The Series A funding round will propel the project to the finish line, accelerating its release.
The Minima Protocol allows for both on-chain and off-chain transactions. The block size is adaptive and can grow or shrink as users see fit.
There are no special user classes, no master nodes, no delegates, and no miners. Though the protocol uses a small number of resources, precisely so that every user can run a Complete node at all times. Any systemic attack on the network would require an attack on the entire user base, so there are no centralized points of failure.
Minima realizes that scaling purely through Layer 1 is nigh impossible, so the network will be launching with a Layer 2 solution tethered to the base-layer blockchain.
Layer 1 is the base verification layer of the protocol, and is called Minima, while Layer 2 is called Maxima, and is the transactional layer. By differentiating the layers, Minima enables the reduction of transaction fees while increasing processing speed.
"Our Mission is to create a blockchain that no one controls and everybody owns, making it completely decentralized. This fundraising round will enable us to bring onboard the resources we need to launch Minima's Mainnet in the middle of 2022," said Hugo Feiler, CEO of Minima.
The Future of Blockchain
Vinny Lingham is enthusiastic about his investment in Minima because of the company’s value proposition for the future of blockchain technology.
"I see decentralization as a vital cornerstone in the future of value and information exchange, and my investment into Minima is an investment into the next generation of connectivity and enabling different use cases for blockchain technology," said Lingham.
He believes that enabling everyone to run their own node, without any third party involvement, will easily put blockchain technology in the hands of everyone, enabling the industry to move forward with the mass adoption of the technology.
Why You Should Care?
Creating an ultra-lean, truly decentralized, fundamentally secure, and scalable blockchain protocol that fully functions on mobile and IoT devices, has the potential to contribute to the mass adoption of blockchain as a whole.
On The Flipside
To facilitate the system being runnable by all, at all times, Minima requires a large user base and consistent participation. By its nature, the network requires users to be connected. In order to succeed in developing their envisioned ecosystem, the Minima network will have to ensure user onboarding, and encourage an active user base.
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