May 2, 2022

Monthly Digest : April 2022

Monthly Digest
Monthly Digest : April 2022

Dear Minimalists,

During April, cryptocurrencies continued trading in their ranges. Meanwhile, we experienced various DeFi exploits and hacks, often directly related to a lack of decentralization.

At Minima, we focused on preparing our new apk, and working on getting the MiniDapp system back online. We also hosted another community call to hear voices from our Minimalists and started a blog series focusing on how Minima differs from other existing blockchains.

Lastly, we crossed a new milestone with more than 70,000 nodes now live on our test net! Read to learn more about what we’ve been up to in April.

Deep Analysis looking into Minima

While a lot of our community members are currently individuals running nodes, in the long run, we believe that Minima is an attractive platform for businesses to rely on. Deep Analysis, a leading advisory firm for all matters of technology have looke at Minima, and written an in-depth review of our network, and potential usecases for businesses.

The most obvious answer is that though many potential use cases leverage its low footprint, machine-to-machine (M2M) transactions seem the most likely starting place.

Using the enormous number of IoT and mobile devices to run the platform rather than energy-sucking server farms makes a great deal of sense and holds a lot of promise. It’s a novel approach and one that is worthy of consideration if you are looking to leverage blockchain in your enterprise.

Community Call

On April 5th we welcomed our community for our 4th community call to our Discord stage. We spoke about updates on Minima, and highlighted our latest community member of the month, Alexandre who has been tremendously helpful for all new Minimalists in getting set up.

We also touched upon the hack of the ronin sidechain, and how it could lose more than $600 million and not even notice for a week — a direct result of having a set-up with just 9 validators. One of the biggest misconceptions around sidechains is that they share similar security as the mainchain. As independent chains themselves, this isn’t the case.

For more on sidechains and how this hack could happen, have a look at our Twitter feed.

Thanks to all the community members who listened in, and to everyone who got on stage to discuss Minima with us and ask questions. You can find a recap as well as the recording of the community call here.

SolrDAO Review of Minima

One of our latest partners, SolrDAO put together a video reviewing Minima, and outlining the process of setting up a node for newbies.

Commenting on Mozilla only accepting PoS cryptos

Earlier this year, the internet company Mozilla stopped accepting payments in all Proof-of-Work currencies such as Bitcoin and Ether quoting environmental concerns. We all know that Proof-of-Work continues to have a bad reputation, thanks to huge mining farms consuming not always renewable energy.

However, we believe that looking at all Proof-of-Work currencies as if they were the same isn’t the right approach. Ultimately, Proof-of-Work is a way to validate and come to a consensus in a decentralized way. It doesn’t have to be at cost of our planet. Our CEO commented, on why he thinks that banning all PoW currencies is at best short-term thinking, and how Minima provides a better way of using PoW.

Minima vs Series

The blockchain industry has seen a lot of new L1s make headwinds in the last few years. Therefore, it’s only natural for those coming new to Minima from other ecosystems, to ask how we are different.

That’s why we decided to start covering different L1s and how Minima differs from them. The first two of these posts introduce and compare Minima with Solana and Pi Network.

If you have suggestions or other ecosystems you’d like to read a comparison on, let us know, and we’ll work on it.

Below you can find the two first blog posts:

70,000 Nodes

At the end of the month, our node count reached 70,000 nodes and continues to grow. Thanks to all Minimalists already running full validating and constructing nodes. With that, we’ve surpassed the node count on other blockchain networks and are on track to hit 1 million by the time we launch our mainnet. You can follow the node count here.

Thanks for being part of the Minima community and for your continued support.

Your Minima Team.