Mintlayer: Bitcoin Sidechain For Scalability and Interoperability
Mintlayer is an upcoming Bitcoin Defi blockchaiin project whose TGE is scheduled in next two weeks. Let’s explore more about the Bitcoin blockchain project, its usecases, roadmap, tokenomics and more.
Blockchain technology has become increasingly popular in recent years, with many organizations exploring its potential for use in various industries. However, one of the biggest challenges facing the blockchain industry is scalability. As the number of users on a blockchain network grows, the transaction speed slows down, which can make it difficult for businesses to adopt blockchain technology. Additionally, the lack of interoperability between different blockchain networks can make it challenging to exchange information and assets between them.
What we are going to learn?
What is Mintlayer?
Mintlayer is a blockchain platform that aims to solve these problems by providing a scalable, interoperable, and customizable solution for businesses looking to adopt blockchain technology. In this article, we will explore the key features and benefits of Mintlayer and how it can transform the blockchain industry.
Scaling blockchain technology is a major hurdle faced by the industry, as increasing the number of users on a network leads to longer transaction processing times, ultimately causing slow speeds and high transaction fees. Mintlayer has tackled this issue by implementing a distinctive consensus algorithm known as Proof-of-Authority (PoA), specifically designed to enhance scalability and transaction speeds. PoA has been highly effective, with transaction confirmations taking just a few seconds, enabling the Mintlayer network to process a much larger number of transactions when compared to other blockchain networks.
Interoperability is another major issue faced by the blockchain industry due to the differing protocols and standards used by different blockchains, making it difficult to exchange information and assets across networks. Mintlayer has addressed this challenge through the implementation of cross-chain interoperability, enabling users to exchange assets and information between various blockchain networks with ease. This is facilitated by atomic swaps, which enable users to exchange assets without relying on a trusted third party.
Mintlayer is designed to be highly customizable, making it an ideal platform for businesses looking to adopt blockchain technology. The platform allows businesses to create their own blockchain network with custom rules and governance, enabling them to tailor the network to their specific needs. Additionally, Mintlayer offers a range of smart contract templates that businesses can use to create their own smart contracts quickly and easily.
Mintlayer has an ambitious roadmap for the coming years, with several key milestones planned for each quarter. In 2021, the team launched the “Von Neumann” testnet, followed by the “Lovelace” testnet in 2022. In 2023, Mintlayer plans to release a full node candidate for Linux, Windows, and MacOS, as well as implement the MLS-01 and MLS-03 standards in the testnet. Additionally, the team plans to introduce a testnet full node with basic PoS consensus and an Atomic Swap DEX with Distributed Hash Table.
Other key developments in the roadmap include the implementation of UTXO and BLS on Substrate, the integration of the Lightning Network, and the launch of the mainnet with the DSA Consensus System v.0. In Q1 of 2024, Mintlayer plans to integrate mobile wallets with the MLT and MLS tokens, as well as introduce a free gas market for transactions. The team also aims to release a new node codebase to replace Substrate, develop a basic Atomic Swap system, and introduce a mobile wallet beta version with Bitcoin integration.
With its robust roadmap, Mintlayer is positioning itself as a leader in the blockchain industry, striving to provide its users with cutting-edge technology that addresses key challenges such as scalability and interoperability. As Mintlayer continues to progress towards its goals, it is likely to attract more users and solidify its position as a prominent player in the blockchain space.
Mintlayer’s token distribution is divided into several categories. The company reserve holds 18.62% of the total token supply, with 10% of tokens unlocked at TGE and 5% unlocked monthly over 18 months. The protocol development and community incentives categories hold 10% and 5% of the total token supply, respectively. The marketing and listing category holds 12% of the tokens, while the public sale (TBA) category holds 5.5% of the tokens unlocked. The team and advisors hold 12.5% of the total token supply, with a four-year vesting period. The pre-seed sale category holds 0.63% of the total token supply, while the seed sale and website presale categories hold 13.65% and 1.03%, respectively. Finally, the launch pool fair sale category holds 1.58% of the total token supply. The token unlock periods vary based on the type of unlocking, ranging from 12% at TGE with 8% monthly over 11 months to 4 months locked after TGE and then unlocking 5% monthly over 20 months. This distribution model aims to ensure a fair distribution of tokens while incentivizing long-term engagement and commitment from stakeholders.
Usecases of Mintlayer
Mintlayer is a blockchain platform that has been specifically designed for financial use cases. It offers a range of features that enable users to participate in decentralized trading with built-in P2P atomic swap exchange, allowing them to trade assets on Mintlayer or trade Bitcoin on its native chain. Mintlayer also supports security tokens and provides built-in decentralized tools for fundraising on primary and secondary markets that are access-control-list compliant.
Additionally, Mintlayer is compatible with Lightning Network, which makes it ideal for stablecoin use, providing users with faster and cheaper transactions. The platform also offers non-custodian asset storage, where users can protect their assets under private keys, and all cryptocurrencies, security tokens, and collectibles can be stored in a single wallet. Furthermore, Mintlayer supports Turing incomplete smart contracts that provide reliability and outcome predictability for DeFi dApps. Finally, Mintlayer also supports confidential settlements, which make transactions anonymous and provide complete anonymity with the ‘Confidential Transaction’ mode.
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How to participate in Mintlayer token sale?
Mintlayer token sale is expected to start from March 21st, 2023. However, there is a pre-TGE sale which is scheduled for March 13, 2023, and will begin at 9AM CET, concluding after 24 hours or when the allocation runs out.
The tokens available for purchase will be ERC-20 with no vesting period, and priced at $0.25 each. There will be $50k worth of $ML tokens for sale, and participants are limited to buying a single ticket from a choice of three ticket sizes: $50, $150, or $300.
Mintlayer is a revolutionary blockchain platform that solves some of the most significant challenges facing the blockchain industry. With its unique consensus algorithm, cross-chain interoperability, and customizability, Mintlayer provides a scalable, interoperable, and customizable solution for businesses looking to adopt blockchain technology. The platform is designed to be user-friendly, making it easy for businesses to get started with blockchain technology. As the demand for blockchain technology continues to grow, platforms like Mintlayer are likely to play a significant role in the future of the blockchain industry.