Minima: What is it?

MINIMA, a compact, scalable, and secure cryptocurrency whose slogan is ‘No Evolution will be Centralized’, has announced the world’s first mobile-only Blockchain protocol.  

Paddy Cerri, Founder and Chief Architect of Minima Protocol, the brainchild of Bitcoin evangelist Paddy, addresses the key limitation of present-day Blockchain systems, namely the possibility for a centralized point of failure. 

Current Blockchain protocols have three weak points:

•  Transactions can be censored by miners;
•  Changing the protocol is possible for developers;
•  Blockchain protocol leaders with self-interested goals can alter the course of a coin and its reputation.

In contrast, the Minima Protocol ensures that every participant is equal so that no single group or cartel can gain dominance over the network. 

Upon its launch in 2021, the Minima mainnet will be full, robust, and complete. A foundation will not be needed, no miners will take part, and no protocol developers will be involved. Decentralized applications will be able to be deployed on this fully decentralized blockchain.

By integrating the mobile phone into society’s common devices, Minima empowers every user to be a “complete node.”. Complete nodes contribute to building the blockchain, normally confined to miners who have ever-decreasing computing power.

In light of the existing rules of PoW mining, Bitcoin mining will inevitably become centralized when large companies join the Bitcoin industry. As it stands, Bitcoin nodes are far too few for a resilient global payment network, and non-mining nodes do not contribute to anti-censorship functions, which is the key benefit of Blockchain technology,” explains Paddy Cerri.

A block is created by the cumulative work of each user mining transaction. Rather than participating in an energy arms race as is evident in current PoW blockchains, users collaboratively participate in the same task as competing miners.

A public ledger is maintained for each Bitcoin and Ethereum transaction, which creates a huge database that is increasingly difficult to store.  

Each Minima Protocol user only keeps the hash of the entire database, but each user also has the data for their transactions. Minima is more resistant to State-level attacks due to its lack of a group or cartel that pays for the extension of the Blockchain. Besides completing full transactions checks, Minima users are also involved in constructing new blocks and creating the Blockchain.

Additionally, it optimizes all of the benefits of blockchain technology for potential users, reducing vulnerabilities they may have.

The platform can be used globally and does not require a proprietary infrastructure.

Mining bitcoins, for example, requires specialized equipment; with Minima, however, devices up to the level of a smartphone can be used, enabling rapid market penetration.

The network is also highly scalable, censorship-resistant, and ensures that no centralized authority can control user behavior.

Complete Decentralization and Sustainability

Among the most talked-about topics in cryptos, today are energy consumption and sustainability. Scientists and business leaders discussed cryptography’s impact on the environment as well as ways to find more environmentally friendly solutions.

Globally, today’s banking systems consume twice as much energy as Bitcoin, according to a May 2021 research report from Galaxy Digital. Cryptos may be true, however, most people now consider them to be unsustainable technologies.

An incentive to earn an income is more important than energy price if a blockchain has competing miners and centralized server farms. Therefore, sustainability continues to be a hot issue in the blockchain world.

A green, decentralized network can be built with MINIMA’s new approaches. The technology works on a wide variety of consumer-level devices and is built to prevent censorship.

Some blockchains have decided to switch from proof-of-work to proof-of-weight, proof-of-stake, and proof-of-burn.

This model focuses on solving problems other than mining, such as securing blockchain networks and validating transactions, which are energy-saving tasks.

Main Features:

• A mobile blockchain that is ultra-lean: The file size of Minima is small, but it can be applied to a lot of different applications. Because it runs on small devices, it won’t require huge server farms to run.
• Anti-censorship: A blockchain’s value proposition is its ability to be anti-censorship, and how far it can go in that direction defines its real value. MINIMA has created a platform that enables users to be 100% autonomous by creating a network that is owned, run, and secured by their peers.
• Decentralized: The re-engineered blockchain created by Minima eliminates the need for on-chain governance by preventing central points of failure and by creating a more robust protocol, with no central points of failure.
• A protocol that Works for Everyone: A Minima ecosystem offers users, developers, and enterprises real value by streamlining and democratizing the transfer of information and value. Developers can build on Minima’s coding platform using Javascript and HTML5, which are accessible and easy to use. This platform is portable and easy to use.

Being Unique:

Minima is unique in that users can use mobile devices or IoT devices to build and maintain the chain. Networks can be operated from almost anywhere, so location isn’t that important.

A network’s users are all similar. One can operate their node on the blockchain and become a full participant in the blockchain network.

Since the chain is entirely run by the users, there are no classes of users that control it – such as miners and block producers.

The established blockchains are experiencing a few issues at this time. Innovation is going to be crucial going forward, although each blockchain has its advantages.

In addition to its low transaction rates, Bitcoin is no longer trusted for its eco-credentials. In contrast, Mina has limited utility and high fees, which is a hindrance to its growth.

Minima aims to provide:

• Secure, scalable, and truly decentralized
• Blockchain Trilemma, the only blockchain that truly addresses
• Most Scalable Blockchain

 The Minima platform appears to address numerous issues encountered by early decentralized blockchain designs. The blockchain network needs to be flexible and able to operate by anyone.

The extent to which the Minima blockchain is adopted will determine its ability to gain traction in real-world scenarios. Considering that Minima has the same value system as Bitcoin, its prognosis is extremely bright.