After years of study and development, Mintlayer launches to rewrite the rules in the field of second-layer scaling solutions based on Bitcoin. The blockchain will combine the advantages of the most well-liked decentralised networks with an unusual hybrid consensus.
Mintlayer sidechain launches in mainnet: Details
Mintlayer, a second-layer platform built on top of the Bitcoin (BTC) network, officially launches on the mainnet today, January 29, 2024, according to a statement released by the team.
https://x.com/mintlayer/status/1745090644563947554?s=20
Mintlayer will debut with the creation of a Genesis block, much like Bitcoin. A lot of characteristics of Bitcoin are shared by the Mintlayer blockchain, such as a high emphasis on security and the UTXO (Unspent Transaction Output) paradigm.
Mintlayer has supported non-Turing-complete smart contacts since the beginning of its mainnet operations, which lowers attack vectors and streamlines the auditing procedure.
Atomic Swaps will enable tokens generated on Mintlayer to be converted into Bitcoin (BTC) for non-custodial use in the upcoming releases. This will eliminate the need for middlemen and provide an unparalleled level of security.
Working with seasoned professionals in the field, such as Charlie Shrem of the Bitcoin Foundation, who pioneered decentralisation, the Mintlayer sidechain was developed. As a strategic adviser, Shrem aids in the growth of Mintlayer.
Token staking and DeFi functions will be available to Bitcoiners
Rust, a popular programming language, is being used to construct Mintlayer, a consensus that combines aspects of proof of work and proof of stake. The network seeks to offer a financial innovation environment that carries over the finest aspects of Bitcoin.
Similar to Proof of Work, block signers must “guess” the next block. However, Mintlayer’s consensus places a far reduced computing burden on nodes, allowing even low-powered devices to operate a node and facilitating wider participation.
The ML token powers sidechain economic activity on the Bitcoin network and facilitates network staking. A 400 million ML premined supply will be available when Mintlayer launches.
