Mintlayer: Abbreviated Introduction
Presently, dominant networks offer many different trade-offs to users, and many existing popular networks experience several issues. For instance, blockchains can get clogged, causing a rise in transaction fees, and there may be high barriers for users to run a node. These issues sacrifice decentralization, the core feature of blockchain technology.
These issues also surround the Ethereum blockchain, which largely dominates the Decentralized Finance (DeFi) space. Mintlayer asserts that the problems surrounding Ethereum make it an unsuitable solution in the long-term for truly decentralized finance. Mintlayer is presented as a project that creates the first sustainable architecture for decentralized finance.
The Mintlayer blockchain is embedded in the Bitcoin blockchain, and users can batch multi-token transfers into one transaction to increase scalability. The project uses Dynamic Slot Allocation consensus, which combines Proof-of-Stake (PoS) and Proof-of-Work (PoW) mechanisms.
The network’s native token, MLT, provides several utilities to the holders. The total supply of MLT tokens is finite, most of which are subject to long-term lockups.
The project is located in San Marino, and its development is currently supervised by a company called RBB LAB.
The team has a strong technical background, and Mintlayer has secured a seed funding round.
Currently, the project is operating on the testnet and needs to meet other development goals outlined in the roadmap.
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