Mintlayer is a layer 2 protocol that enables customers to construct a decentralized finance ecosystem rooted within the established community of the Bitcoin blockchain. Mintlayer is the one DeFi platform that’s straight interoperable with native Bitcoin.
In an interview with co-founder Enrico Rubboli, we talked in regards to the imaginative and prescient behind Mintlayer, its use circumstances, its latest token launch, and what’s forward.
1. What was the imaginative and prescient behind creating Mintlayer?
The imaginative and prescient behind Mintlayer was to repair the issues that present DeFi ecosystems have in regard to tapping the liquidity within the Bitcoin community. We simply didn’t assume that anybody went about it the proper manner so as an alternative of complaining we determined to make it ourselves.
2. How is Mintlayer enabling DeFi for Lightning Community and Bitcoin?
We’re constructing a layer 2 community that’s as interoperable with Bitcoin (and by extension the Lightning Community) as attainable. By adopting a UTXO accounting system, being turing incomplete, and designing Mintlayer to not solely be appropriate with the expertise however with the mission of the Bitcoin neighborhood. We made the node environment friendly sufficient that it may be run on a median desktop laptop within the background, and we don’t require customers to pay charges in ML tokens. These features have been essential to assist democratize the consumer base.
3. Speak to us in regards to the use circumstances related to the Mintlayer platform?
Sooner or later, we see a whole lot of potential use circumstances concerned with initiatives which are developed on the Mintlayer platform. We will energy mainly any DeFi utility. Mintlayer additionally has an NFT token normal already accessible.
In a shorter time-frame, Mintlayer is ready as much as supply safety tokens with our entry management lists, privateness tokens with our MLS-02 privateness token, and with Lightning Community integration we’re able to establishing a DEX that converts funds nearly immediately. With this tech, it is possible for you to to pay to your espresso with Bitcoin and the espresso store will get a US Greenback stablecoin.
4. What makes the platform stand out from the remainder within the crypto area?
The primary factor is that we’re constructing round the preferred on-line foreign money, which can be the biggest pool of liquidity within the crypto sector. In contrast to different DeFi initiatives, you should use native Bitcoin by way of atomic swap to commerce for any token on the Mintlayer blockchain. One other nice function is that we have now a free price system, that means blocksigners can select which tokens they are going to settle for.
5. What’s the Atomic Swap? Please focus on with us its options and capabilities.
An atomic swap is an change of cryptocurrencies between two separate blockchains. It means that you can take away third-party involvement and the necessity for pegged tokens. It really works by making a hashed timelock contract (HTLC) that reverts if all circumstances of the contract aren’t met inside a specified time interval, the identical kind of contract used to facilitate the Lightning Community. Atomic swaps enable customers to make use of their native Bitcoin in DeFi purposes with out compromising custody. This expertise is on the core of Mintlayer’s imaginative and prescient for a DeFi platform that may leverage Bitcoin with the least quantity of friction.
6. How are you addressing privateness and safety considerations related to the platform?
First, we’re utilizing applied sciences which have already confirmed to be very safe. UTXO, Verifiable random capabilities, atomic swaps. The idea of the Mintlayer blockchain makes regular transactions tougher to trace and determine than on different blockchains. When you really want privateness, our MLS-02 token gives full privateness. Privateness is an enormous promoting level for the blockchain because it stands.
7. Inform us extra in regards to the token launch? What’s ML?
Our token launch occasion is scheduled for March 21. Customers that chosen an ERC20 token will get their tokens then. It’s an enormous occasion as a result of it would usher in some change listings, and assist unfold the phrase about our undertaking. ML is our newly renamed native token.
8. What are the purposes of ML within the platform’s ecosystem?
There are 3 phases of utility for the ML token. Through the testnet ML tokens can be utilized to buy companies from RBB Lab. This may assist early builders get forward. Through the first iteration of the mainnet, ML will likely be required for all transaction charges. Builders will have the ability to use ML to execute sensible contracts. Customers can even stake their ML tokens to take part within the consensus mechanism, which can earn block rewards
9. Person engagement is essential for any platform. How are you ensuring you do that with regard to the token launch?
We now have a few of the finest advertising minds within the trade. We just lately had a TGE pre-sale initiative that offered out in 90 seconds. Our outreach and advertising technique has ramped up tremendously in preparation for the TGE. Our most vital initiative nonetheless isn’t for the TGE – it’s for what comes subsequent.
The Mintlayer ecosystem fund will assist incubate and speed up the event of dapps and infrastructure. Builders thinking about constructing on or porting a undertaking onto Mintlayer can already submit it for consideration. The fund will present capital but additionally join sources and fill within the gaps for any weak spot a growth workforce has.
10. What lies forward in your roadmap? Inform us extra about it.
After TGE we launch our testnet in Q2 2023, and the mainnet the quarter after that. By the top of the yr, we must always have a primary atomic swap system built-in into the platform, and that’s the starting of the intriguing a part of this undertaking. It received’t be lengthy after that when customers will have the ability to pay transaction charges within the tokens they’re transacting, entry management lists will assist facilitate safety tokens, our MLS-02 token normal for confidential transactions goes reside, programmable swimming pools for sensible contracts can be found, and the Lightning Community is built-in as a layer 3 protocol on Mintlayer.
Someday sooner or later, we are going to see an utility on Mintlayer the place a consumer will pay for a cup of espresso with a by-product token pegged to safety (let’s say Tesla inventory) and the espresso store receives a USD stablecoin with out ever understanding what the shopper paid with. It’s this type of paradigm shift that we wish to see propagated to the lots. We imagine that attending to that time is just attainable for those who begin with a foreign money that folks belief, and for us that’s Bitcoin.
For extra info on Mintlayer, please take a look at their official website.
Disclaimer: This can be a paid put up and shouldn’t be handled as information/recommendation.