Complete decentralization enables blockchains to offer real-world utility
When you are assessing a crypto project, what do you look for? Despite the current trend being all about the price of the coin on an exchange, the main assessment could be based on the answer to “what does the project actually enable”? One of the most popular answers is “DeFi offerings”, and unfortunately that term has been over-used and broadened to mean just about anything. Looking deeper though, the DeFi offerings tend to be a) an exchange where people can trade, b) a digital asset (a range of NFTs for example) that people can buy or c) a technology that enables new innovations across multiple industry sectors. The latter is the most exciting as it’s not about self-gain, it’s about cross-industry enablement.
Of course, to prove such enablement is different than simply claiming it to be the objective. In our modern world of crypto PR stunts, there’s never been a better time to demand proof. Whether that’s proof of reserves or proof of market validation. To get to market validation, more partners need to be involved. The crypto offering can say it does one thing or another, but the proof comes when external partners validate it. Not because they’ve been paid to say something, but because they believe in the offering enough to stand by it, publicly.
With that in mind, let’s look at what underpins all crypto offerings: blockchain.
The ideal blockchain enables three things: Security, decentralisation and scalability. These make up what is known as the Blockchain Trilemma. Vitalik Buterin, Ethereum’s co-founder, coined the term, and spoke of the challenges that blockchain development has in achieving all three. The common thought is that one of the three often has to be sacrificed to enable the other two. This was demonstrated candidly when Ethereum moved to a centralised Proof-Of-Stake model where only a small number of players essentially control the network. Think of it like a group of shareholders in a company, those with the most shares have the most power. That’s Proof-Of-Stake. The good news is that scalability is now more possible on Ethereum. The not-so-good news is that by doing so, the primary component of blockchain (decentralisation) has been sacrificed.
So an ideal crypto offering would be one that solves the Blockchain Trilemma, and at the same time enables new innovations across industries, in a way that is proven without a doubt.
At Minima, this has always been front of mind. The network is only made up of nodes that are run in full on people’s devices – all equal to one another – nobody with more power than anyone else. This complete decentralisation enables security via the lack of attack vectors this allows, and scalability because the requirement to run a node is the most common technology on earth – mobile devices. Extrapolate that one level up and mobile devices are essentially Internet-of-Things devices…and that means anything with a chip in it – from smart home gadgets to vehicles.
The vehicles part is interesting because they aren’t necessarily seen as communication devices, but in fact they are. Vehicles have a huge volume of data points that, if connected with other vehicles or utilities, can form an information network that brings the transport sector into a whole new paradigm. This is why we were so excited about our partnership with Mobilityxlab, and our work in vehicle-to-vehicle (in fact, vehicle-to-anything) communication has extended into other partnerships too. Here’s a video explaining how our approach works: https://vimeo.com/776507627/fc508f1c02
Our partnerships range across several other verticals, including device manufacturers, media companies, software platforms, financial institutions and mobile networks. This partnership activity is a core activity and something that continues to prove real-world utility. Solving the blockchain trilemma whilst opening new industry capabilities is how we believe blockchain can be best demonstrated to the world.
Minima’s Presale is now live and closes on 28th February 2023, or once all coins are sold, whichever is sooner.
For more information about Minima, visit: https://minima.global
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About Minima
Minima was founded in London in 2018. It has created an ultra-lean blockchain protocol that runs in full on a mobile or IoT device, allowing every user to run a constructing and validating node. By adopting this approach, Minima has enabled a completely decentralized network to be built, one that is scalable and inclusive, while remaining secure and resilient.