Bitcoin’s L2 Mintlayer Kicks Off in Mainnet
Because the end result of years of analysis and improvement, Mintlayer kicks off to alter the narrative within the phase of Bitcoin-based second-layer scaling options. The blockchain is ready to make use of an eccentric hybrid consensus to merge the advantages of hottest decentralized networks.
Mintlayer sidechain launches in mainnet: Particulars
Based on an official assertion shared by its staff, Mintlayer, a second-layer platform on prime of the Bitcoin (BTC) community, goes stay within the mainnet right this moment, Jan. 29, 2024.
🎉Large Information! Mintlayer’s #Mainnet is launching on Jan 29!
This marks a serious milestone, transitioning from a testnet to a completely operational blockchain community!
Prepared for a gateway to numerous Tokenization requirements with MLS-01 and MLS-03. 🥳https://t.co/bJtJeK1lHS
— Mintlayer (@mintlayer) January 10, 2024
Like Bitcoin, Mintlayer will launch with the creation of a Genesis block. The Mintlayer blockchain shares plenty of qualities with Bitcoin, together with the UTXO (Unspent Transaction Output) mannequin and a powerful give attention to safety.
From the onset of its mainnet operations, Mintlayer helps non-Turing-complete sensible contacts, lowering assault vectors and simplifying the auditing course of.
Within the subsequent releases, as soon as Atomic Swaps are carried out, tokens issued on Mintlayer can be out there for non-custodial conversion with Bitcoin (BTC), paving the trail for unprecedented safety and eradicating the necessity for intermediaries.
The Mintlayer sidechain was created in collaboration with trade veterans, together with the likes of decentralization pioneer Charlie Shrem of the Bitcoin Basis. Shrem helps Mintlayer improvement as a technique advisor.
Token staking and DeFi capabilities can be out there to Bitcoiners
Mintlayer is developed utilizing the mainstream programming language Rust, with a consensus that mixes components of proof of stake and proof of labor. The community goals to offer an setting for monetary innovation that inherits Bitcoin’s finest options.
Block signers should “guess” the following block in a fashion analogous to PoW, however Mintlayer’s consensus imposes a lot decrease computational demand, which means even low-powered units can run a node, enabling broader participation.
The ML token helps community staking and fuels financial operations on the Bitcoin sidechain. Mintlayer will launch with a premined provide of 400 million ML.
