Minima, a protocol which has created an ultra-lean blockchain protocol that fits on a mobile or IoT device, allowing every user to run a full constructing and validating node, has just announced it has closed a Series A funding round in which it has attracted as much as $6.5 million.
According to the company, the investments, which will be of great importance for the development of the project (mainnet), have been received from notable investors, including GSR, DEX Ventures, AGE Crypto, SMO Capital and Vinny Lingham.
The protocol basically allows users to become full notes. For this purpose, the blockchain protocol uses a variation on the Proof of Work consensus mechanism that requires minimal computing power, enabling it to run entirely on mobile phones as well as on IoT devices.
Apart from allowing users to secure the Minima chain in a more decentralized, and as a result sustainable way, Minima will provide support to token transfers and smart contracts. Since Minima is aware of the fact that scaling purely through layer-one is largely impossible, Minima intends to roll out a layer-two solution tethered to the base-layer blockchain.
Just to provide some figures, the protocol has already onboarded more than 5,000 nodes across 94 countries in the last few months, ahead of its upcoming launch scheduled for next year.
The funds raised in this last funding round will allow the company to speed up the release of its mainnet. In the meantime, the Minima Incentive Program allows users to start earning coins by downloading the Minima app on their Android mobiles, or running Minima on PC, Mac or Linux.