What is Minima?
The ultra-light Blockchain
Minima is a blockchain and peer-to-peer network designed to be accessible to as many people as possible by making it compact enough to run on mobile and IoT devices. It is complete, quantum resistant and secured by every single one of its users.
The Minima network will enable people or devices to exchange value or information directly and securely, without third party interference. Minima has no centre of control, as each user - by simply downloading a mobile app - contributes to the network as an equal participant.
The Minima blockchain uses the Minima coin as its currency. It is a store of value and medium of exchange, enabling peer-to-peer value transfer to any participant on the Minima network.
How is Minima different from other blockchains?
All design decisions for Minima can be attributed to three elements:
- Everyone builds the chain
- No reliance on fees
- It must be finished
Everyone builds the chain
Every user must participate in constructing the blockchain
We must identify the difference between validation and construction of a blockchain.
Validation is the act of reviewing transactions and blocks to determine their validity. It is, effectively, a read-only role and participants that only validate cannot control which transactions are added to blocks or which blocks are added to the blockchain.
Construction of the blockchain involves validation as well as adding valid transactions to blocks and adding valid blocks to the blockchain. This is the ultimate level of power that any blockchain node can have.
These two types of participants (nodes) are not equal. Validating nodes can prevent constructing nodes from processing invalid transactions but they cannot prevent censorship of transactions.
Every user on Minima is a constructing and validating node.
No reliance on fees
There must be no entity that is paid to construct the chain
When financial incentives are at stake, human nature takes over. We will do everything in our power to accumulate whatever resources are required to win as many rewards as possible.
With blockchains, the incentives commonly seen are transaction fees and block rewards to those constructing the chain. The resources required to attain these incentives are either powerful, expensive computer hardware or large financial contributions in the form of staking. Both are vectors for centralization over time, as those with a wealth of resources continue to increase their share and secure their control over the construction of the chain.
No users are paid to construct the Minima blockchain. Another mechanism, the Burn, is used to benefit all.
It must be finished
The parts of the protocol critical for consensus must not require changes
A protocol cannot be without a central authority, or be considered a solid foundation to build on, if certain developers can ‘govern’ and change the rules of the chain. Therefore, a blockchain protocol cannot be truly decentralized if it is not complete.
Minima will be complete at launch.