Minima has created an ultra-lean blockchain protocol that fits on a mobile or IoT device, like your mobile or tablet, allowing every user to run a full node.
The birth of blockchain was all about decentralization. BTC was created to allow value to flow globally, without the involvement of large players. As BTC became more popular, and far more valuable, the ecosystem that allows BTC to exist has become centralized.
While this may seem like a conundrum, Minima has the answer. Let everyone become a node, and allow the network to operate at a level of depth that was unthinkable in the early days of BTC.
The root power of BTC was the ability to drive people to think in new ways about value.
That power created the crypto ecosystem we know today, but the original decentralized blockchain had some limitations that have become more apparent over the past few years.
Now, it is time for new ideas. Let’s have a look at why Minima might be the next big idea in blockchain, and how it can change decentralization as we understand it today.
Minima Makes Blockchain Small
Minima is a base layer protocol that maximizes all of the benefits of blockchain for any potential users, and reduces existing vulnerabilities.
The platform has the potential to operate globally, and use existing infrastructure that isn’t exclusive.
For example, BTC mining requires specialized equipment, however, the Minima network can run on consumer-level devices, greatly expanding the potential for rapid market penetration.
In addition to being a far more scalable system, the network is also censorship resistant, and ensures that no centralized authority can prevent users from distributing information.
The Sustainability of Complete Decentralization
Energy consumption and sustainability are among the topics most discussed in cryptos today. Climate researchers and business leaders provided insights into the impact of cryptography and the wish to find more environmentally solutions.
Galaxy Digital estimates in its May 2021 research report that banking systems today consume twice the amount of energy BTC consumes. While this may be true, many people are now looking at cryptos as an non-sustainable technology.
If a blockchain has competing miners and centralized server farms, the incentive to receive income is more important than the energy price. No wonder that calls for more sustainable blockchains continue to gain traction.
This is where MINIMA has engaged new ideas to build a green, decentralized network. Not only does it operate on many consumer-level devices, it also is built to allow people to connect without fear of censorship.
Some blockchains are switching from proof-of-work to proof-of-stake, proof-of-burn, and proof-of-weight mechanisms.
Rather than using miners to solve problems, these models focus on tasks that require less energy, such as securing blockchain networks and validating transactions.
According to Minima,
“The Minima protocol consists of two distinct protocol layers. Layer 1 is the base verification layer of the protocol and is called Minima, while Layer 2 is called Maxima and is the transactional layer. The reason for this is that Layer 1 does not scale, whereas Layer 2 does.
Scalability relates to the number of transactions per second that a layer can process. On Layer 1 there is an upper bound limit on the number of possible transactions per second, but on Layer 2 there is no limit. Having these differentiated layers, enables the reduction of transaction fees while increasing processing speed.”
Layer 1, known as Minima, can be thought of as the verification layer of the protocol. Minima is slow and secure.
It is used for:
- Setting up a transacting relationship
- Starting and completing a transaction
- Ending settlement and conflict resolution
All on-chain transactions occur here, where users of the network collaborate to secure the chain, removing the need for centralized miners.
Layer 2, known as Maxima, is the transactional layer of the protocol. Maxima is fast and scalable.
Layer 2 is used as the:
- Peer-to-peer transacting layer
- Operational level for any number of transactions
All off-chain transactions occur here, where the bulk of peer-to-peer exchange between users of the network takes place.
This is faster because users of layer 2 only need to process their own transactions instead of processing the entire network’s transactions, as occurs on layer 1.
Making New Things Happen
Minima is unique because users can participate in building and maintaining the chain on a mobile or IoT device. Location isn’t very important, and people can operate the network from almost anywhere.
All of the users of the network are basically the same. People can be a full blockchain network participant, and operate their very own node on the blockchain.
The chain is actually fully decentralized, because it is simply run by the users, with no user classes that dominate the control of the chain – like miners or block producers.
At this time, there are a few issues with the established blockchains. While every blockchain has some advantages, going forward, innovation will be important.
BTC has limited transaction rates, and many people no longer trust its green credentials. ETH has high transaction fees while Mina has limited utility that is an impediment to growth.
Instead, Minima is working to provide:
- Truly decentralized, fundamentally secure and scalable
- The first and only blockchain to truly address The Blockchain Trilemma
- The Most Scalable Blockchain
Main MINIMA Features
- Ultra-lean mobile blockchain: Minima is light in file size and heavy in the range of options to which it can be applied. It can be used on small devices, and isn’t going to need massive server farms to operate.
- Anti-censorship: Anti-censorship is the one true value proposition of blockchain, and the degree of anti-censorship defines the true level of value that a blockchain can possess. By creating a network that is owned, run, and secured by its users, Minima has created a platform that allows users to be completely autonomous.
- Highly Decentralized: By re-engineering the blockchain, Minima has created a more resilient protocol, with no central points of failure, where all participants collaborate as equals, removing the need for on-chain governance.
Blockchain has become popular, but with that popularity has come a much higher level of centralized interest in the more popular platforms. BTC mining is no longer feasible for most people, nor would the network be sustainable if there were only small-scale operations.
Minima has a solution, and from the looks of it, the platform addresses numerous issues that early decentralized blockchain designs have struggled with. There should be a way for anyone to operate a part of a blockchain, and ensure that the network is both strong and flexible.
To be sure, the level of adoption of the Minima blockchain will determine how well it is able to deploy into the real world. If people still have the same values that made BTC so popular, there is no reason to doubt that Minima will be a smashing success.
The post Minima: A Blockchain Where Every User Runs a Complete Constructing & Validating Node appeared first on Blockonomi.