Minima Closes Series A Round Raising $6.5 Million To Build ‘The Most Decentralized Network
This article was originally published in the DailyHodl.
Minima, the protocol designed to run on smartphones, has closed a Series A funding round while raising $6.5 million from several notable investors. These investments will be instrumental in launching Minima’s mainnet in 2022.
The investment round includes GSR, DEX Ventures, AGE Crypto, SMO Capital, and Vinny Lingham.
Minima’s innovation lies in the possibility of making every user a complete node. The blockchain protocol uses a variation on the proof-of-work consensus mechanism that requires minimal computing power, enabling it to run entirely on mobile phones and IoT devices.
Minima is designed to be the most decentralized, immutable, and scalable protocol on the market. In addition to enabling users to secure the Minima chain in a more decentralized, and therefore sustainable manner, Minima will natively support token transfers and smart contracts.
As Minima realizes that scaling purely through layer one is largely impossible, Minima will launch with a layer two solution tethered to the base layer blockchain.
Minima has already onboarded over 5,000 nodes across 94 countries in the last few months, ahead of its upcoming launch in 2022. The Series A round will propel the project to the finish line and accelerate its release.
In the meantime, the Minima incentive program allows users to begin earning coins by downloading the Minima app on their Android mobiles, or running Minima on PC, Mac, or Linux. Additional Minima coins can be earned if users participate as testers. To join the Minima incentive program, users must sign up for a waiting list.
Hugo Feiler, CEO of Minima, said,
“We are excited to announce this oversubscribed Series A fundraiser. 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 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.”
Minima was founded in London in 2018. It has created an ultra-lean blockchain protocol that fits on a mobile or IoT device, allowing every user to run a full constructing and validating node. By adopting this approach, Minima has created the possibility of operating a completely decentralized network that is scalable and inclusive, while remaining secure and resilient.
Jon MacDonald, CMO of Minima