In this post:
- Mintlayer is a layer 2 sidechain for Bitcoin Dapps and real-world assets.
- It is backed by prominent VCs like Lotus Capital, Alphabit, 2A Ventures, X21, and more.
- Mintlayer is listed on major exchanges like Gate.io, MEXC, Bingx, Bitget, Bitmart, and Poloniex.
Mintlayer is transforming the Bitcoin ecosystem with its Layer 2-based sidechain for decentralized applications (DApps). Through atomic swaps built directly on the Bitcoin network, Mintlayer ensures unparalleled security and reliability.
Mintlayer boosts the power of the decentralized finance (DeFi) game by granting users the ability to exchange assets without intermediaries, encouraging a more connected, more effective DeFi environment.
Mintlayer’s UTXO-based model simplifies token creation
Mintlayer’s advanced tokenization system, which supports both fungible ( MLS01 ) and non fungible ( MLS03 ) tokens, is the company’s foundation. The dual approach is flexible enough for developers to easily create a wide variety of digital assets.
Mintlayer’s UTXO-based model simplifies token creation by incorporating additional data into transactions, as opposed to other platforms resting upon wrapped Bitcoin or complicated smart contract languages.
Mintlayer uses the UTXO model and, therefore, has greater privacy than typical account-based systems. This design choice ensures user transactions and data are safe. It also features advanced cryptographic techniques such as Schnorr signatures and uses the Bech32 address standard, which shows that security and privacy are intrinsically tied to the protocol.
Mintlayer was always designed to be scalable. The nodes are highly optimized and can operate on low-cost hardware such as a $50 Raspberry Pi. This level of efficiency is made possible by using a non-Turing complete approach and a set of other technical optimizations that make the network sustainable and accessible.
Scalability and efficiency of Mintlayer
Mintlayer reduces transaction sizes by up to 70% through batching and remains compatible with Lightning Network to avoid congestion and keep fees low, solving a common pain point for other blockchain networks.
Mintlayer further ensures security through the use of Rust as the programming language. Rust is technically thread-safe and type-safe. The risk of errors is minimized by placing a thorough test on every output type and increasing overall platform reliability.
The addition of Segregated Witnesses provides further security and efficiency for the network. Mintlayer follows Bitcoin’s strong secure security standards, using the elliptic curve secp256k1 for digital signatures.
Mintlayer’s Proof of Stake consensus mechanism makes participation accessible
Users can participate in securing the network by staking ML tokens. They can do this either by running a staking pool or delegating their tokens to an existing/delegated pool.
By being inclusive overall, users with small holdings can also participate in the network and collect rewards to build a decentralized and resilient ecosystem. The minimum pool size is 40,000 ML tokens, and anyone can delegate their tokens to a pool to earn rewards, thus evenly spreading participation.
The Mintlayer ecosystem revolves around the ML token. The total supply consists of 400 million ML tokens, which can be used as utility tokens to pay transaction fees and staked for participation in staking and block production.
Other platforms expect users to pay gas fees in their native tokens, which means extra friction, while Mintlayer takes the whole hassle out by accepting ML or any MLS-01 token via fees.
The platform has prominent venture capital backing
Mintlayer community is engaged with over 300,000 members in the ecosystem and 140,000 followers on social media. Key opinion leaders like Alex Man and Evan Luthra, as well as influential advisors such as Charlie Shrem and Michael Terpin, have helped make the platform credible and reach greater heights.
Also, as it enters the competitive blockchain landscape, Mintlayer has prominent venture capital backing, including X21, Alphabit, and Lotus Capital.
Mintlayer is accessible to wallet or mobile wallet holders through its listing on leading exchanges such as Gate.io, MEXC, Bingx, Bitget, Bitmart, and Poloniex. The platform is easy for traders and investors to work with. Its presence on major market data sites such as CoinMarketCap and CoinGecko draws a large user base, enabling more informed investment decisions.
Mintlayer promises to upgrade even further with the launch of ZK Thunder Layer 3
ZK Thunder Layer 3 is an advanced execution layer that aims to accelerate scalability and interoperability alike. Mintlayer is ensuring this impending feature cements its position as a long-term and secure solution for DeFi’s future. Meanwhile, it is maintaining its mission to make a lasting, scalable bridge between the Bitcoin world and the DeFi world.
