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 aim to ensure the protocol remains decentralized over time and 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
Firstly, we must identify the difference between validation and construction of a blockchain.
Validation involves checking that pending transactions and blocks are valid.
They help to ensure that invalid transactions cannot get into a block. However, they cannot control which valid transactions get into a block.
They cannot prevent censorship of transactions.
Construction involves selecting which transactions are added to blocks and adding blocks to the chain. This is the ultimate level of power that any blockchain node can have.
The more constructing nodes a blockchain has, the more resistant to censorship it becomes.
With Minima, every user validates and constructs the chain.
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 the resources required to win as much as possible.
Incentives commonly seen to those constructing the chain are transaction fees and block rewards. The resources required to attain these incentives are either powerful, expensive computer hardware or large financial contributions in the form of staking.
Financial incentives 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.
The Minima Protocol will be complete at launch.
“Creative thinking is not about generating something new from a blank slate, but rather about taking what is already present and combining those bits and pieces in a way that has not been done previously.” - James Clear
Minima takes inspiration from and combines much great previous work including
- Satoshi Nakomoto’s Bitcoin (UTxO model);
- IOTA (Removing miners - user based PoW security);
- Adam Backs’ HashCash (The Burn);
- P2Pool (TxPoW);
- Sompolinsky and Zohar (GHOST);
- Peter Todd’s MMR Storage-less Proof database (MMR database);
- Proof of Proof-of-Work (Cascading Chain);
- Gregory Maxwell’s Chain Folding (Cascading chain);
- The Lightning Network (Omnia - Minima's Layer 2)
If you’re excited by Minima’s technology or simply want to help build a network that empowers freedom for all, it's time to get involved.
Read our Become a Minimalist page to learn how.