Mintlayer aims to be a long-term, secure solution for scaling and accelerating the future of Decentralized Finance (DeFi).
A critical flaw in designing blockchain nowadays is the failure to consider sustainability, and this affects the core feature of the technology – decentralization.
Blockchains get clogged, and this triggers a spike in fees and users face high barriers to running a node, and even existing and dominating networks fall prey to these issues.
It also doesn’t help that the current DeFi ecosystem runs on the Ethereum (ETH) blockchain as nodes are only managed by specialized servers.
Such a policy contributes nothing to the chain’s usability as fees skyrocket and most users are left out in governing decisions made.
Mintlayer, leveraging the power of the current technology it has, aims to provide a fix for all these problems.
The Mintlayer Blockchain
The Mintlayer blockchain is anchored to Bitcoin (BTC), and every Mintlayer block has a reference to a Bitcoin block.
Participants in the Mintlayer round are chosen among the stakers and will work together to create the chain’s blocks.
Users who wish to participate actively in the network consensus must run a node and stake enough MLT tokens to pass the minimum threshold. The selection of the participants is made by an election enforced by an algorithm.
The higher the token stake, the higher the chances to be selected as a participant.
Mintlayer is a future-proof blockchain that improves direct token interoperability and enables ways to trade value, create systems, functionalities and participate in trustless finance.
It creates the very first sustainable architecture for decentralized finance, modeling its security from Bitcoin.
As its Core Engineer Enrico Rubboli said, in a free-market economy, “every individual should be free to produce, store, exchange assets and access financial markets without any constraints.”
Mintlayer eliminates these constraints to make anything possible.
Image courtesy of Cointelegraph News/YouTube