Minima is the one mobile-native layer 1 blockchain, enabling full decentralization.
The promise of the blockchain was for people to have the ability to come to a consensus in a decentralized method, with out intermediaries. Nonetheless, layer 1 blockchains available on the market right now have compromised decentralization in pursuit of scalability or velocity.
Minima has taken a basically completely different method, putting decentralization as its prime precedence for each protocol design choice. It resulted in a community that permits anybody to take part in validating and setting up the chain on a smartphone.
This text will present a deep dive into Minima and its key options.
Minima is a layer 1 blockchain designed to be accessible to as many individuals as attainable. This has been achieved by enabling anybody to run a absolutely validating and setting up node on a smartphone without having a technical background.
Just by downloading and putting in the app, anybody can simply assist construct and safe its community as an equal, enabling a very decentralized community to be constructed.
Minima has a hard-capped provide of 1 billion cash, which can perform as a retailer of worth and medium of alternate on its community. People will be capable to alternate worth and knowledge instantly and securely, without having third events.
“By making blockchain expertise accessible to all, Minima has constructed a very decentralized community the place everybody cooperates as equals.” Hugo Feiler, Co-Founder
Hugo Feiler, Co-Founder
Objective, values, and objective
Minima exists to empower people to construct a community that permits anybody to freely alternate worth and knowledge.
Therefore, members of the community can run a full node on their smartphones, so anybody may also help obtain this.
- Collaboration: Minima is about collaboration, not competitors. Working collectively and being clear with different Minimalist’s is a elementary a part of what makes Minima tick.
- Participation: The blockchain will solely succeed if everyone seems to be an energetic participant. Therefore Minimalist’s should put within the work to be rewarded.
- Empowerment: Minimalist’s are working collectively for freedom, so they offer everybody the liberty they should thrive. Irrespective of who they’re.
- Accountability: With empowerment comes accountability. Minimalist’s belief one another to take duty when issues go unsuitable, ensuring that they first try and resolve any points themselves.
Within the quick time period, the blockchain intends to empower 1 million people to run a full node on their smartphone. The variety of members working a node issues as a result of though people carry out the minimal quantity of labor essential independently, the chain have to be secured with the utmost quantity of collective work.
Minima community overview
The Minima community consists of 4 distinctive layers that work collectively to ensure that a very decentralized community to be achieved.
Minima: layer 1, worth switch, on-chain
Minima is the base-layer blockchain for transferring worth. Each node on the community processes each transaction. Nodes talk utilizing a peer-to-peer mannequin to create the inspiration of the community.
All on-chain transactions are executed on the Minima blockchain. Each node within the community collectively agrees on the state of the blockchain, making certain that each one transactions are recorded.
Maxima: info switch, off-chain
Minima’s info transport layer is known as Maxima. On Maxima, communication is point-to-point, so messages could be despatched off-chain to chose linked friends.
Maxima allows encrypted peer-to-peer info alternate between first- and second-degree connections on the Minima community.
Omnia: layer 2, worth switch, off-chain
As soon as constructed, Omnia can be Minima’s layer 2. It will likely be fast, inexpensive, and scalable. By establishing two-way cost channels between individuals and using the latest Lightning expertise, ELTOO, it’s going to allow fast peer-to-peer funds.
It will likely be much like Bitcoin’s Lightning Network however extra superior. Minima may also maintain different scaling options like state chains and facet chains.
MiniDapps: layer 3, web3 functions
MiniDapps are decentralized functions that mix the scripting language of Minima with the performance provided by Minima, Maxima, and Omnia.
“Minima’s layers have been designed to allow the community to scale and be safe with out sacrificing decentralization in any respect.”
Paddy Cerri, Co-Founder & Chief Architect
With its really decentralized nature, Minima has the next utility:
- Worth storage: Over time, the Minima coin could be utilized as a wealth retailer, for the reason that Minima coin provide can’t be inflated away, in distinction to traditional Fiat financial techniques
- Medium of alternate: The community’s major medium of alternate would be the $MINIMA coin. Anyplace, at any time, all customers working nodes can conduct direct peer-to-peer transactions
- Burn: The associated fee incurred for sending transactions on the community. Because of the Burn, the general circulating provide of Minima slowly declines over time, making Minima’s provide deflationary
- Tokenization: For custom-made tokens or NFTs to be created on Minima, $MINIMA cash are wanted. NFTs and customized tokens share the identical elementary security as $MINIMA cash and can be utilized for transactions in the identical method
- MiniDapps: Minima’s foreign money has limitless potential functions throughout the MiniDapp ecosystem, which can be constructed by neighborhood builders. Apparent MiniDapps examples embody funds, DEXs, DeFi, DAOs, gaming, and so forth.
- Third-party partnerships: The fame of the community and its foreign money will rise on account of partnerships that incorporate its native foreign money into their product choices
MiniDapp’s are decentralized functions that run on Minima. With the chance to additionally make the most of its info layer, Maxima, in addition to sooner or later, its layer 2, Omnia.
Anybody can simply entry MiniDapps on their smartphone through the Minima app and use them like common cell apps. Making MiniDapps primed for mass adoption.
Minima has a hard-capped provide of 1 billion cash. There is no such thing as a method to distribute cash after the Mainnet launch since there aren’t any miners, one of many key distinctive traits of its cooperative PoW consensus mannequin.
51% of the Minima token provide is reserved for public circulation. With 30% of that allocation getting used to incentivize people to run a node. Study extra about Minima’s Incentive Program here.
Get incentivized by working a node
Anybody can run a Minima node, with the chance to earn 1 reward on daily basis your node is linked to the community, rewards can be transformed to $MINIMA following the Mainnet launch. Right here’s find out how to get arrange:
- Join the Incentive Program
- Choose your gadget: Android, Home windows, Max, Linux, or on a server
- Observe the directions to arrange your node
- Join your node to your Incentive Program account
- That’s it, count on your first reward inside 24 hours
The convenience of working a full node on a smartphone has enabled Minima to scale its community to greater than 400,000 full nodes in over 187 nations, all whereas nonetheless in testnet. Minima is due to this fact primed to convey decentralization to the plenty by making working a full node accessible to all.
With Mainnet launch going down subsequent 12 months, Minima must be your go-to layer 1 blockchain. Join Incentive Program today and get your node set as much as assist construct a very decentralized community that empowers freedom for all.
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