Intro
Bitcoin is the genesis of all other modern blockchains; however, with the rise of Ethereum, which enabled smart contracts and DeFi capabilities, Bitcoin lacked the ability to compete in the DeFi space.
The Mintlayer protocol is a Bitcoin sidechain that gives projects/developers the tools to build DeFi on Bitcoin. The project’s layer-2 blockchain solution unlocks the world of DeFi, smart contracts, atomic swaps, non-fungible tokens, and applications to the Bitcoin Network.
Key Features :-
Atomic Swaps
While other projects are trying to enable DeFi on Bitcoin, Mintlayer is the only protocol that enables direct 1:1 swap of Native Bitcoin for other tokenized assets Minted directly on Mintlayer. With these atomic swaps on Mintlayer, there are no intermediaries, peg-in, wrapped, or federated tokens. No other project has approached asset swaps in this manner, and it enables users to use native Bitcoin for financial instruments without counterparty or intermediary risk.
Decentralization
Mintlayer has eased the process of running a node so resource efficient that almost anyone with a typical desktop computer can run a node. This makes it easier for more users to run a node and helps to create a more decentralized network.
Privacy.
Privacy has been at the forefront of development at Mintlayer, which is creating a new tokenization standard called MLS-02. These “privacy enabled” tokens will increase privacy by allowing users of MLS-02 tokens to make confidential transactions and increase anonymity.
Scalability
Mintlayer solves blockchain scalability by shrinking the transaction size by about 70%.
On top of this, Mintlayer also utilizes the Lightning Network for near-instant and low-cost transactions with high throughput.
Mintlayer Token (MLT)
MLT Token is the utility token for the Mintlayer ecosystem. MLT will be used for different activities on the platform, including transaction fees, governance, and staking.
MLT tokens are free from the gas fee monopoly, as Mintlayer operates without a specific gas token. Blocksigners may choose to accept any tokens created on the network as transaction fees – not just MLT.
The token launch will be on March 21, 2023. For those interested in buying during the token generation event, the development team plans to release 15.8 million MLT tokens upon its launch at the event.
While the Mintlayer mainnet gives projects the tools to build on Bitcoin, the Mintlayer Ecosystem Fund helps get developers and projects the funding, assistance and mentoring they need to make their projects a reality.
- Incubator Program – offering support and mentorship for early-stage projects
- Accelerator Program – connecting established projects with funding and support
- Grants Initiative – grant opportunities for open source projects to build on (or port to) Mintlayer
Conclusion
Mintlayer is a Bitcoin sidechain that paves the way for enabling smart contracts and Decentralized finance, NFTs, and dapps to be built on Bitcoin. The protocol provides the tools for DeFi projects looking to build on Mintlayer, while the ecosystem fund helps with project funding and assistance.
