Minima, a scalable and decentralized blockchain network for value and information transfer, has recently bagged $6.5 million from notable investors in a Series A funding round.
Accelerating Mainnet Launch
According to a press release shared with CryptoPotato, the funds acquired from the just-concluded funding round will be used to facilitate the launch of Minima’s Mainnet in 2022.
Minima’s system is designed to seamlessly fit on a mobile or IoT device, allowing every user to run a full constructing and validating node.
Although the network uses the proof-of-work (PoW) consensus mechanism, it employs a variation that requires very little computing power, which makes it easy to run on mobile phones.
The goal of the project’s developers is to ensure that Minima becomes the most decentralized, immutable, and scalable protocol on the market, natively supporting token transfers and smart contracts.
Minima intends to launch with a layer-2 solution that is closely tied to the base-layer blockchain to greatly increase scalability.
Speaking on the successful fundraising, Minima’s CEO, Hugo Feiler, 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.”
Minima Received Funding From Industry Investors
The investment round saw contributions from notable investors like GSR, DEX Ventures, AGE Crypto, SMO Capital, and Vinny Lingham, a South African entrepreneur and co-founder of the California-based identity management startup Civic.
Lingham also commented saying,
“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.”
Minima to go Live in 2022
While Minima has not officially been launched, it has managed to onboard more than 5,000 nodes across 94 countries in the last couple of months, the release added.
The project is scheduled to go live in 2022, and with the funds acquired from the investment round, the launch process will be accelerated.
In the meantime, however, Minima users can start earning coins via its Minima Incentive Program, which is currently available on the Minima app and web version.