Minima recently closed its Series A funding round with the protocol raising $6.5 million from a number of notable investors. Key players in the Series A funding round expect the investment to be crucial in launching Minima’s Mainnet by next year.
Speaking excitedly at the announcement of the conclusion of the fundraising, Minima’s CEO, Hugo Feiler, said, “We are excited to announce this oversubscribed Series A fundraise.
“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.”
GSR, AGE Crypto, DEX Ventures, Vinny Lingham, and SMO Capital are all part of the investment round.
What Does This Mean for Minima and Its Giant Strides So Far?
For starters, Minima, by design, is the most decentralized, scalable, and immutable protocol on the market. The protocol will not only allow users to secure the Minima Chain in a sustainable and decentralized way, but it will also natively support smart contracts and token transfers.
While they’re at it, once Minima realizes that scaling through layer-one is not doable, expect the protocol to launch a layer-two solution bound to the base-layer blockchain.
Meanwhile, in the last few months, Minima already has more than 5,000 nodes onboard across 94 countries as it countdown to its 2022 launch not far behind.
Minima’s community has high hopes that the just concluded Series A round will be the much-needed boost the Minima project needs to reach its release timeline quicker.
The protocol’s Minima Incentive Program allows users to start earning coins when they download the Minima app.
The app can be downloaded on Android mobile devices or run on PC, Linux, and Mac devices. What’s more, users can earn extra Minima coins when they participate as testers after signing up on a waiting list.
What More to Learn About Minima Protocol
In 2018, Minima was founded in London, and since then, it has created an ultra-lean blockchain protocol that is flexible enough to fit on an IoT or mobile device.
With that, users can run full constructing and validating nodes. Such an approach has helped Minima create the possibility of operating a truly decentralized, inclusive, and scalable network.
What’s more, the protocol does all this while remaining resilient and secure. The level of total decentralization that Minima promises will guarantee anti-censorship by ensuring the absence of overarching authority controlling the network.
It will create an ecosystem that is totally autonomous and accountable. In the end, Minima is working towards being a base layer protocol that leverages on all the benefits that blockchain has to offer while eradicating existing vulnerabilities.
Conclusion
All of this bodes well for Minima, whose innovation is based on the possibility that every user can be a node. Minima has gone ahead to apply a variation of the Proof of Work consensus mechanism.
This means that the protocol will require less computing power, allowing it to run totally on IoT and mobile phone devices.
For the protocol, this is a small step towards its drive-in building the most decentralized network in the world.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
