Minima (blockchain platform)
| Minima | |
|---|---|
 | |
| Precision | 2^16 decimals |
| Development | |
| Original author(s) | Paddy Cerri |
| White paper | Minima Whitepaper |
| Code repository | https://github.com/minima-global |
| Development status | Active |
| Developer(s) | Minima Global |
| Source model | Open source |
| Website | minima |
| Ledger | |
| Timestamping scheme | Proof-of-Work, Tx-PoW |
| Hash function | SHA-256 |
| Supply limit | 1,000,000,000 |
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Minima is a blockchain platform with a native platform token called Minima. Its protocol enables users to run a complete blockchain node on their phone.[1] The Minima network is currently in testnet, with the main net launch scheduled for 2022.
Minima Company
The company developing the Minima protocol is called Minima and was incorporated as Minima GmbH in Zug, Switzerland on December 28, 2018,[2] and as Minima Global Ltd in London, England on January 3, 2019.[3] Minima is led by Hugo Feiler, co-founder, and CEO.[4]
Minima raised $9 Million in two fundraising rounds. The $2.5 Seed Round was led by Blockchange Ventures in 2020, and in its series A raised 6.5 Million from investors including GSR, DEX Ventures, AGE Crypto, SMO Capital, and Vinny Lingham in 2021.[5][6][7]
Technology
The Minima blockchain uses a variation of the Proof-of-Work algorithm named TX-PoW - an algorithm also running on Monero[8]. This algorithm enables "multiple users to trustlessly perform small amounts of work and then sum all of those pieces up into a full block’s worth of PoW".[9]
The Minima blockchain consists of two separate layers. Layer 1, called Minima, processes is the build layer on top of which users settle their transactions off-chain[10]
Minima’s consensus relies on Hashcash, as established by Adam Back.[11][12] and a Token Burn mechanism that destroys tokens depending on network traffic[13]
History
The whitepaper was released in 2019 and the first version of the protocol went live in March 2019. In April 2019 Minima passed a Swisscom Blockchain Code Audit.[14] In March 2020 Manx Telecom successfully concluded a PoC with Minima sending tokens between phones on top of the Minima protocol.[15][16][17]
On 5 July 2021 Minima launched the incentive cash program which will reward early node runners with 1 Minima Coin per day.[18]
References
- ↑ "Minima". minima.global. Retrieved 2021-11-04.
- ↑ "Minima GmbH :: Switzerland :: OpenCorporates". opencorporates.com. Retrieved 2021-11-04.
- ↑ "Minima Global Limited - Company Profile - Endole". suite.endole.co.uk. Retrieved 2021-11-04.
- ↑ "Hugo Feiler, Co-Founder and CEO, Minima". www.topionetworks.com. Retrieved 2021-11-04.
- ↑ "Minima - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 2021-11-04.
- ↑ "Minima Closes Series A Round Raising $6.5M to Build 'The Most Decentralized Network'". www.accesswire.com. Retrieved 2021-11-04.
- ↑ "Stephenson Law Advises Minima on a $6.5m Series A Round | Stephenson Law". Retrieved 2021-11-05.
- ↑ "P2Pool.Observer". p2pool.observer. Retrieved 2021-11-04.
- ↑ Cerri, Paddy (2018). "Minima" (PDF). Unknown parameter
|url-status=ignored (help) - ↑ "Minima: A Blockchain Where Every User Runs a Complete Constructing & Validating Node". Blockonomi. 2021-07-12. Retrieved 2021-11-04.
- ↑ Back, Adam. "Hashcash". Unknown parameter
|url-status=ignored (help) - ↑ Back, Adam (2002). "Hashcash: A Denial of Service Counter-Measure" (PDF). Unknown parameter
|url-status=ignored (help) - ↑ "Minima". minima.global. Retrieved 2021-11-04.
- ↑ "Crypto AM shines its Spotlight on Minima". CityAM. 2020-04-28. Retrieved 2021-11-04.
- ↑ "Manx Telecom and Minima Complete Successful Blockchain Proof Of Concept To Show Future of Payment". Financial IT. Retrieved 2021-11-04.
- ↑ Walker, Peter. "Manx Telecom hails blockchain payment PoC". National Technology. Retrieved 2021-11-04.
- ↑ Editor. "Manx Telecom, Minima complete Blockchain proof of concept". advanced-television.com. Retrieved 2021-11-04.
- ↑ "IncentiveCash Program Launch". minima.global. Retrieved 2021-11-04.
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