San Marino, January 29th, 2024 - Mintlayer, a Bitcoin layer 2 sidechain that will enable the use of native Bitcoin within DeFi applications, has officially gone live (on Jan 29, 2024) with its Mainnet. The team has been running a public Testnet and now will launch their Mainnet to the public. This milestone marks the culmination of 2+ years of development by a team of top industry engineers, cryptographers, and researchers.
In the coming year the project looks to enable atomic swaps on its platform which will allow for tokens minted on Mintlayer to be swapped directly with Bitcoin. This approach will aid in security by removing the need for intermediaries and complex mechanisms such as peg-in, wrapped, or federated tokens. This eliminates counterparty risk and reduces friction.
Mintlayer Mainnet: Bitcoin Inspired Architecture
Mintlayer, drawing architectural inspiration from Bitcoin, emphasizes security, simplicity, and reliability over flexibility, foregoing rapid block generation and high transaction throughput for a more robust system.
Key features that set Mintlayer apart in the DeFi landscape include:
- Adoption of Bitcoin's UTXO Model: Mintlayer utilizes the Unspent Transaction Output (UTXO) model, akin to Bitcoin, to enhance transaction flexibility and composition, focusing on security and reliability over speed.
- Integration of Non-Turing Complete Smart Contracts: By implementing non-Turing complete smart contracts, Mintlayer simplifies auditing processes, significantly reducing the likelihood of bugs and exploitable issues. These smart contracts are unique because they are integrated as hardcoded, specific output types within the system.
Mintlayer's commitment to a future-proof financial infrastructure is further demonstrated by its choice of Rust for node development, known for its efficiency and safety. Rust's unique borrowing system and thread safety features contribute to reliable software development, aligning with Mintlayer's dedication to top-tier security standards in blockchain technology.
Mintlayer's Unique Approach to Consensus
Mintlayer's innovative consensus system combines proof-of-stake with elements of proof-of-work. In this hybrid model, block signers ‘guess’ blocks with limited computational demands, enabling the running of Mintlayer nodes on devices as modest as a Raspberry PI. This approach democratizes network participation and enhances security.
The ML Token: Driving Mintlayer's Ecosystem
The ML Token plays a crucial role in Mintlayer's ecosystem, incentivizing network protocol adherence and powering the proof-of-stake mechanism. Participation in the mainnet staking pool with the ML Token not only contributes to network security but also aligns individual interests with the network's sustainability.
Token Supply and Economic Model
Mintlayer's ML Token pre-mined supply is set at 400 million, with a gradual additional token generation over ten years, amounting to roughly 200 million for staking and block signer rewards. The protocol has a hardcap of 600 million and includes mechanisms to burn ML tokens, ensuring a deflationary supply post the first decade.
Innovative Tokenization and Future Prospects (HTLC/Atomic Swaps)
Mintlayer introduces capabilities for creating both fungible and non-fungible tokens with customizable features, providing a flexible platform for tokenizing a variety of real-world assets. The upcoming Hashed Time Lock Contract (HTLC) feature will allow for basic atomic swaps that will further enhance the platform, paving the way for decentralized exchanges for atomic swaps and the integration of layer-2 solutions like the Lightning Network.
Mintlayer is committed to evolving as a versatile, regulation-compliant blockchain ecosystem. The team is actively developing groundbreaking advancements to further innovate in the Bitcoin space.
About Mintlayer
Mintlayer is a blockchain platform designed to expand Bitcoin's functionality. By enabling atomic swaps with native bitcoin for use in DeFi, powering real world asset tokenization and incorporating innovative consensus mechanisms, Mintlayer aims to revolutionize the DeFi landscape.