Minima closes $6.5M Series A funding round
- Novel contribution lies in the possibility of making each and every user a full node
- Their variation on the Proof of Work consensus mechanism requires minimal computing power
- Protocol will start with a layer 2 solution connected to the base layer blockchain
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
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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:
We are excited to announce this oversubscribed Series A fundraise. Our mission is to create a blockchain that no one controls and everybody owns, making it completely decentralized. This fundraising round will enable us to bring onboard the resources we need to launch Minima’s Mainnet in the middle of 2022.
Vinny Lingham, one of the main investors in the funding round, added:
I love to back founders who are thinking about the future differently, and I think that Minima is doing just that. I see decentralization as a vital cornerstone in the future of value and information exchange, and my investment into Minima is an investment into the next generation of connectivity, and enabling different use cases for blockchain technology. In my view, enabling everyone to easily run their own node without any third-parties involved, will put blockchain technology in the hands of everyone, literally.
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.