As the culmination of years of research and development, Mintlayer kicks off to change the narrative in the segment of Bitcoin-based second-layer scaling solutions. The blockchain is set to employ an eccentric hybrid consensus to merge the benefits of most popular decentralized networks.
Mintlayer sidechain launches in mainnet: Details
According to an official statement shared by its team, Mintlayer, a second-layer platform on top of the Bitcoin (BTC) network, goes live in the mainnet today, Jan. 29, 2024.
Like Bitcoin, Mintlayer will launch with the creation of a Genesis block. The Mintlayer blockchain shares a number of qualities with Bitcoin, including the UTXO (Unspent Transaction Output) model and a strong focus on security.
From the onset of its mainnet operations, Mintlayer supports non-Turing-complete smart contacts, reducing attack vectors and simplifying the auditing process.
In the next releases, once Atomic Swaps are implemented, tokens issued on Mintlayer will be available for non-custodial conversion with Bitcoin (BTC), paving the path for unprecedented security and removing the need for intermediaries.
The Mintlayer sidechain was created in collaboration with industry veterans, including the likes of decentralization pioneer Charlie Shrem of the Bitcoin Foundation. Shrem supports Mintlayer development as a strategy advisor.
Token staking and DeFi functions will be available to Bitcoiners
Mintlayer is developed using the mainstream programming language Rust, with a consensus that combines elements of proof of stake and proof of work. The network aims to provide an environment for financial innovation that inherits Bitcoin's best features.
Block signers must "guess" the next block in a manner analogous to PoW, but Mintlayer's consensus imposes much lower computational demand, meaning even low-powered devices can run a node, enabling broader participation.
The ML token supports network staking and fuels economic operations on the Bitcoin sidechain. Mintlayer will launch with a premined supply of 400 million ML.