Minima closes $6.5M Series A funding round

Minima, a protocol designed to run on smartphones, raised $6.5 million from industry leading investors such as GSR, DEX Ventures, and AGE Crypto in a Series A funding round, Invezz learned from a press release. These investments will be critical in the launch of Minima’s Mainnet in 2022.

Every user – a full node

The protocol’s novel contribution lies in the possibility of making each and every user a full node. Minima uses a variation on the Proof of Work consensus mechanism that requires minimal computing power. It can run entirely on IoT devices and mobile phones as a result.

Native support for token transfer and smart contracts

Designed to be the most decentralized, immutable and scalable protocol on the market, Minima allows users to secure its blockchain in a more decentralized and more sustainable manner.

The protocol provides native support for token transfers and smart contracts and will start with a layer 2 solution connected to the base layer blockchain because it is very difficult, if not impossible to scale through layer 1 only.

Hugo Feiler, CEO of Minima, said:

Vinny Lingham, one of the main investors in the funding round, added:

So far, Minima has launched over 5000 nodes in almost 100 countries. The Minima Incentive Program lets users earn coins by running Minima on PC, Mac, or Linux or downloading the Minima app on their Android mobiles. They can also earn Minima coins by participating as testers. There is a waiting list to join the Minima Incentive Program.