Minima: Your ULTIMATE CHANCE to run nodes and earn coins!
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So, what makes Minima so unique in the blockchain landscape? Well for one, it’s the worlds first layer 1 to run in full on a mobile phone. Putting the power of blockchain into everybody their hands and making it the world’s first completely decentralized blockchain protocol. Every user on Minima runs a full constructing and validating node on their mobile phone, desktop or internet of things device. My name is Rico Richardson, and I teach people about new crypto projects. If this is something you’re interested in, and want to learn about future new projects, then make sure to subscribe to my Youtube channel and watch the video on Minima at the end of this article!
Background
Minima is designed to be:
- Ultra compact
- Remain completely decentralized
- To not have any rules
- Without miners
- Without an ever growing database
The problem they see since the release of bitcoin in 2008, is the increasing centralization of all crypto projects. Every single cryptocurrency operating today has sacrificed some or all decentralization in their race for increased scale and supposed security. Centralization causes huge efficiency gains after all. But if 1 group of users is paid to perform any ‘task’ on the network for the rest of the users, this inevitably leads to centralization. Which is showcased by all the major crypto networks. Current miner-centric networks rely on a relatively small number of users that run full validatory nodes which process every transaction. This ensures that no one cheats the system and no one accepts an invalid transaction.
Solution
The solution Minima has for this is turning all users into equal and complete node runners. This means that if someone wanted to disrupt the network, he’d have to bribe or attack 51% of it’s users to even stand a chance. With a launch target of 1 million nodes, persuading 500,000 of them would be astronomically complicated and expensive. This is because every user is equal and runs a full constructing and validating node. This gives each user full control of their data, identity and online transactions. This also means there is no middlemen, no miners, no stakers, and no block producers. The result of that? Complete decentralization – effectively solving the blockchain trilemma.
Sponsor
Now let’s take a quick break and thank todays sponsor which is Solr Dao. They have asked me to do the video at the end of this article after succeeding on a private sale with Minima. Joining them will give you the possibility to join in on private sales and be super early when it comes to new projects. Always do your own research though ;-)!
Protocol layers
Minima operates a validatory network, like Bitcoin, rather than a computational network, like Ethereum. Computational networks require far greater resources to operate than validatory networks. Minima consists of 4 protocol layers. Each layer contributes to making Minima a truly decentralized, peer-to-peer network for value and information transfer.
The first two layers
Two of them are off-chain layers which are layer 2, and the Maxima layer. One is on-chain which is Minima and the other one is for web3 applications which is the minidapps layer. The Minima layer 1 is an on-chain censorship-resistant value transfer layer. All transactions on this layer are processed by all nodes on the network. As a backbone for communication, it uses the peer-2-peer system. The Maxima layer is a censorship resistant information transport layer that runs over the minima network. Messages can be sent off-chain to chosen connected peers and the communication is point to point.
The second two layers
Then there are two layers left of which the first one is the layer 2. This is fast cheap and scalable and enables instant peer to peer payments by creating bi-directional payment channels between participants, using technology similar to Bitcoin’s Lightning Network. Minidapps is the final layer and these are truly decentralized applications built using the functionality enabled by the Minima Network: Value transfer on Minima, Information transfer on Maxima, and Unlimited transactions per second on Layer 2.
How it works
Now how it works is this, you have The Minima blockchain where all on-chain transactions are processed. Every node in the network collectively comes to consensus on the state of the blockchain so all transactions are accounted for.
Maxima is an information transport layer, enabling encrypted, peer-to-peer exchange of information between 1st and 2nd degree connections on the Minima network. Maxima can be used to build censorship resistant messaging applications over the Minima network and will be used for sending messages for Layer 2 communication. All transactions can be performed off chain on layer two after users have set up their transaction relationship on Minima. This allows transactions to be much faster because they are no longer settled on the blockchain and are being processed by the relevant users rather than the entire blockchain. The web 3 applications of the Minidapps can be used for things like gaming, social messaging, identity, exchanges, defi and wallets and the front end of minidapps can be written using the widely known javascript, html and css. So now that we know what Minima is and how it works, let’s look at how to get involved.
Incentive program
Minima has an incentive program to allow you to assist them in their development. By doing so, you can assist in building the minima network, test how different devices operate, find or fix bugs on the minima network, help enhance the minima application and protocol for the mainnet launch and help grow Minima community membership and participation. What you need to participate is a device that uses Android 9 or newer, a PC, a MAC or a Linux machine. For all you iPhone users I have some good news because even though you can’t participate right now, they do plan on making this possible and it’s scheduled for early next year. Also, anyone can run a node.
Minima rewards
That means you, me, your neighbour, your friend, anyone can start receiving 1 minima reward each day. These rewards will be added to your balance weekly. The easiest way to earn extra rewards is by inviting other people to join. You can also earn addidional rewards by finding bugs as a tester, participating in one of the test cycles. These incentives have grown Minima into already being the largest blockchain in terms of node count, operating in over 150 countries before it has even hit mainnet. You can join from their website or join their Discord channel where the majority of conversations take place. The links for the website and Discord can be found in the description for your convenience. Please be advised though that the rewards will be available at the token generation event scheduled for Q3 this year. So, this means that you won’t receive them straight away as tokens until they are generated of course. For questions regarding the incentive program I highly encourage you to go to their Discord or to their Telegram.
Disclaimer
But before we do, please keep in mind that I’m not a registered financial advisor. These videos are not meant as financial advice but are meant to be educational and entertaining. If you want to learn more about crypto and talk everything related to it, join my Telegram. Now let’s look at the tokenomics.
Token and tokenomics
The TGE of Minima is set for Q3 of this year and the total token supply will be 1 billion. The total supply of Mimina tokens is fixed and pre-allocated. As there are no dedicated miners, there is no method for minting new coins after Mainnet launch. This is one of the unique features of our cooperative Proof of Work chain. The team and advisors take up 14.05% of the tokens. They are vested linearly over 3 years starting 3 months after TGE. Here’s an overview of the release schedule. After 3 years they will still have less than 25% of the total tokens released. So that means the team and advisors have a very long vesting schedule which is something I always like to see. Now speaking of teams and advisors…
Team and roadmap
The founder and CEO of Minima is Hugo Feiler and their entire core team consists of 26 people. The management team consists of the CEO, CTO, and CMO. Their roadmap runs from February 2019 till the end of 2023. In the upcoming quarter of this year they will complete their final private round, reintroduce MiniDapps and announce some major global partners. Their mainnet will be launched in Q3 of this year. Their socials are Discord, Telegram, Twitter, Medium, Github and Youtube. I’m always fond on projects that run a Youtube channel because that gives them the opportunity to visually tell their audience the plans and developments and allows them to interact in the comment section.
That’s it for this article! If you want to read more, check out my article on leverage trading. And until next time: Doei!
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