O(1) Labs’ light-weight blockchain undertaking Mina, previously often known as Coda Protocol, has raised $10.9 million in a funding spherical co-le
O(1) Labs’ light-weight blockchain undertaking Mina, previously often known as Coda Protocol, has raised $10.9 million in a funding spherical co-led by Hong Kong-based Bixin Ventures and Singapore-based Three Arrows Capital.
Mina was set for mainnet launch in This fall however O(1) Labs CEO Evan Shapiro advised CoinDesk it has been delayed to early subsequent 12 months as a result of “launching a blockchain close to the vacation season is rarely a good suggestion.”
Mina’s light-weight design – it solely takes 22 kb to retailer a replica of the Coda blockchain because of its reliance on zk-SNARKs – is supposed to foster widespread adoption.
“Mina addresses the failure of legacy blockchains like Bitcoin and Ethereum which, over time, pushes customers out of participation,” Shapiro stated.
Earlier than launching on mainnet, Mina goals to complete its adversarial testnet with over 1,000 distinctive contributors by the tip of the 12 months.
O(1) Labs beforehand raised a $3.5 million seed spherical in Might 2018, adopted by a $15 million Collection A in April 2019 from main traders together with Polychain, Paradigm and Coinbase Ventures.
“Mina presents a light-weight layer-one blockchain answer to the cryptographic trilemma of decentralization, scale, and safety,” Three Arrows Capital co-founder Kyle Davis stated in an announcement. “As every day blockchain customers ourselves, we’re significantly excited to assist the Mina staff and ecosystem.”