What is Mintlayer (ML)?
Mintlayer is a second layer solution that allows you to create a decentralized financial ecosystem on the Bitcoin blockchain. It allows you to integrate DeFi, smart contracts, atomic swaps, NFTs and dapps.
Why choose DeFi on Bitcoin?
Mintlayer answers the question of how to bring DeFi to the Bitcoin blockchain. It is focused on developing a decentralized financial ecosystem using Bitcoin and the Lightning Network. The goal is to be able to deploy smart contracts on the BTC blockchain and ultimately create a decentralized exchange (DEX). This integration opens up new possibilities for real-world financial applications on the Bitcoin blockchain.
Mintlayer Unique Proposition (USP) - Atomic Swaps
Mintlayer stands out because it offers direct 1:1 swaps of Native Bitcoin to other tokenized assets issued directly on Mintlayer. These atomic swaps eliminate the need for intermediaries, peg-ins, wrapped or federated tokens. This unique approach allows users to use Native Bitcoin for financial instruments without the risk of a counterparty or intermediary.
Decentralization
Mintlayer has simplified the process of running a node, making it resource efficient so that almost anyone with a regular desktop computer can participate. This approach promotes a more decentralized network, allowing more users to run nodes.
Confidentiality
Mintlayer prioritizes privacy and is developing a new tokenization standard called MLS-02. This standard will enhance privacy by allowing users of MLS-02 tokens to conduct confidential transactions and increase anonymity.
Scalability
Mintlayer solves the blockchain scalability problem by reducing transaction size by approximately 70%. Additionally, it uses the Lightning Network for instant, low-cost, high-throughput transactions.
Additional functions:
- Users can choose any token to pay transaction fees, unlike Ethereum.
- Mintlayer's Turing-incomplete smart contracts reduce the risk of contract failure and increase outcome predictability while minimizing congestion on the blockchain.
- It includes an access control list (ACL) to improve security token compliance, offering functionality such as address whitelisting/blacklisting.
- Mintlayer allows you to transfer multiple tokens in a single transaction, facilitating aggregated payments.
- Integration with Lightning Network allows you to process a large number of transactions per second and carry out fast transactions.
- The project includes software pools for efficient tokenomics and preventing unspent transaction output (UTXO) contamination.
