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The Future Of Decentralized Finance

Mintlayer is an open protocol enabling digital financial markets within anyone's reach. Engineered to be simple by design, it is built as a Bitcoin sidechain, with care for security, sustainability and usability.

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Use cases

Decentralized Finance (DeFi)

Mintlayer offers the best technical premises for the future of DeFi: Access-Control-List for legal compliance, no need for a “gas” token to transfer different assets and a built-in API configuration to query third parties for market prices, to calculate the value of the amount transferred and suggest proper transaction fees.

Faster and Cheaper Settlements

Handling multiple tokens was never so comfortable before. Wrapped tokens on Mintlayer allow for cheaper fees and faster settlement, enhancing user experience and creating the possibility to make arbitrage for traders.

Decentralized Exchange (DEX)

The Mintlayer wallet is the perfect tool for users to safely store the private keys and at the same time trade tokens anonymously, in a peer-to-peer environment, using atomic swap.

Strengths

By inheriting the newest technologies thought for Bitcoin such as signature aggregation, while incentivizing practices like transaction batching and coinjoin, Mintlayer makes the 1MB blocksize incredibly efficient for large volumes of transactions.

Anyone, especially exchanges, can easily batch different tokens in a single payment transaction. A batched payment can save up to about 70% of the space required and is also beneficial for paying lower fees and increased privacy.

Block proposers are free to adapt the frequency of blocks generation, depending on market conditions: a higher frequency (up to 1 block per minute) might be an option if the chain is saturated with high fees, while a lower frequency helps to save space.

The chain can support up to 7 million transactions each day without experiencing onchain network congestion. It amounts to about 20 million payments if batching is applied widely.

Supports Lightning Network for second layer transactions for any token built or pegged-in on the Mintlayer chain.

The unique proof-of-stake consensus mechanism is secure against long-range attacks, thanks to the checkpoint system relying on the Bitcoin blockchain. Checkpoints do not depend on software releases set by the developers, and instead are built-in mechanisms of the protocol.

The source of entropy for the selection of the participants (leaders and blocksigners) comes from the Bitcoin blockchain, as an assurance against malleability.

Each block proposer can be quickly replaced by other participants, thus the network can’t stall because of missing participants, guaranteeing dynamicity and continuity at the same time.

Smart contracts on Mintlayer are purposefully designed to be non-Turing complete, to achieve higher reliability and better predictability of the outcome.

Focused towards mass adoption, Mintlayer does not require anyone to hold a native token in order to pay fees on-chain (such as the need to have ETH as “gas” when transacting ERC20 tokens), this way reducing any friction for the token holders while transferring their assets. Users can send transactions more rapidly and easily, by simply paying fees in any Mintlayer token of their choice. For example, to transfer Tether on Mintlayer, fees can be paid directly in Tether. The same applies for any other security token, utility token or pegged-in cryptocurrency existing on the Mintlayer chain.

The wallet integrates pricing oracles API (optional and configurable at will) to always know the relative value of the tokens (in terms of Bitcoin, USDT and others) and to suggest dynamically the transaction fees.

Developers who create new tokens on Mintlayer can optionally choose to enable the confidential transactions feature to increase user privacy and hide the amounts transferred. It is only optional, to preserve free space when confidentiality is unnecessary or inappropriate, as it happens for the security tokens which have strict legal requirements.

Borrowing Bitcoin's UTXO structure, users can maintain a higher degree of privacy (compared to account based structures such as ETH), when moving their assets.

Mintlayer architecture enables atomic-swap DEX transactions, which maintain confidentiality and allow for legally resilient trades. All transactions made via the decentralised exchange cannot be recognised as trades, and are seen just the same as any other transaction.

The success of a truly decentralised blockchain depends on the barriers of running a node. That is why Mintlayer is built with sustainable space and hardware requirements in mind. When fully saturated, a one year worth of transactions takes a maximum of 525GB on drive, while Ethereum's is currently 2 TB. Mintlayer fullnodes have Bitcoin-like speed of validation and low initial blockchain download time.

The checkpoints allows to safely prune the blockchain, while the utreexo merkle tree exponentially reduces the space occupied by the UTXO set, such that the total space required for a fully validating Mintlayer node is tiny even for mobile devices.

It is possible to batch and coinjoin payments easily through the user interface of the wallet, even combining payments of different tokens.

A light client and mobile wallet are developed, providing a single point of access to manage all the different tokens built on Mintlayer.

Mintlayer supports Bitcoin lightning network, native multisignature, UTXO structure, hierarchical deterministic wallets BIP32, BIP38 and BIP174.

All developers who want to build on top or integrate with Mintlayer have access to easy API, informative documentation, RFC and a tool for porting ERC20 tokens from Ethereum blockchain to Mintlayer with ease.

Every token on Mintlayer (including MLT token) will be compatible with hardware wallets, one of which is Ledger - a widely recognized and popular hardware wallet provider.

Transactions made on Mintlayer do not take up space on the Bitcoin blockchain. Only network checkpoints take up space - as much as an average Bitcoin transaction.

Checkpoints are needed in case a single entity got the 51% of the total stake in a past round, because it prevents that entity from performing a 51% attack by creating a parallel longest chain. A single checkpoint in the entire history of Mintlayer chain is enough in order to prevent a POS long range attack from the members of the genesis block.

Besides that, any participant is free to create a checkpoint request at a specific block height in order to locally prune the Mintlayer chain up to that point, without experiencing any security tradeoff. A checkpoint request is never consolidated before 1008 new Bitcoin blocks have been generated. It is reasonable to expect that no more than one checkpoint per week is established for the purposes of pruning the chain or preventing a 50+1 attacks.

Efficiency and Scalability

By inheriting the newest technologies thought for Bitcoin such as signature aggregation, while incentivizing practices like transaction batching and coinjoin, Mintlayer makes the 1MB blocksize incredibly efficient for large volumes of transactions.

Anyone, especially exchanges, can easily batch different tokens in a single payment transaction. A batched payment can save up to about 70% of the space required and is also beneficial for paying lower fees and increased privacy.

Block proposers are free to adapt the frequency of blocks generation, depending on market conditions: a higher frequency (up to 1 block per minute) might be an option if the chain is saturated with high fees, while a lower frequency helps to save space.

The chain can support up to 7 million transactions each day without experiencing onchain network congestion. It amounts to about 20 million payments if batching is applied widely.

Supports Lightning Network for second layer transactions for any token built or pegged-in on the Mintlayer chain.

Security and Reliability

The unique proof-of-stake consensus mechanism is secure against long-range attacks, thanks to the checkpoint system relying on the Bitcoin blockchain. Checkpoints do not depend on software releases set by the developers, and instead are built-in mechanisms of the protocol.

The source of entropy for the selection of the participants (leaders and blocksigners) comes from the Bitcoin blockchain, as an assurance against malleability.

Each block proposer can be quickly replaced by other participants, thus the network can’t stall because of missing participants, guaranteeing dynamicity and continuity at the same time.

Smart contracts on Mintlayer are purposefully designed to be non-Turing complete, to achieve higher reliability and better predictability of the outcome.

Token Interoperability

Focused towards mass adoption, Mintlayer does not require anyone to hold a native token in order to pay fees on-chain (such as the need to have ETH as “gas” when transacting ERC20 tokens), this way reducing any friction for the token holders while transferring their assets. Users can send transactions more rapidly and easily, by simply paying fees in any Mintlayer token of their choice. For example, to transfer Tether on Mintlayer, fees can be paid directly in Tether. The same applies for any other security token, utility token or pegged-in cryptocurrency existing on the Mintlayer chain.

The wallet integrates pricing oracles API (optional and configurable at will) to always know the relative value of the tokens (in terms of Bitcoin, USDT and others) and to suggest dynamically the transaction fees.

Optional Confidentiality

Developers who create new tokens on Mintlayer can optionally choose to enable the confidential transactions feature to increase user privacy and hide the amounts transferred. It is only optional, to preserve free space when confidentiality is unnecessary or inappropriate, as it happens for the security tokens which have strict legal requirements.

Borrowing Bitcoin's UTXO structure, users can maintain a higher degree of privacy (compared to account based structures such as ETH), when moving their assets.

Mintlayer architecture enables atomic-swap DEX transactions, which maintain confidentiality and allow for legally resilient trades. All transactions made via the decentralised exchange cannot be recognised as trades, and are seen just the same as any other transaction.

User Inclusivity

The success of a truly decentralised blockchain depends on the barriers of running a node. That is why Mintlayer is built with sustainable space and hardware requirements in mind. When fully saturated, a one year worth of transactions takes a maximum of 525GB on drive, while Ethereum's is currently 2 TB. Mintlayer fullnodes have Bitcoin-like speed of validation and low initial blockchain download time.

The checkpoints allows to safely prune the blockchain, while the utreexo merkle tree exponentially reduces the space occupied by the UTXO set, such that the total space required for a fully validating Mintlayer node is tiny even for mobile devices.

It is possible to batch and coinjoin payments easily through the user interface of the wallet, even combining payments of different tokens.

A light client and mobile wallet are developed, providing a single point of access to manage all the different tokens built on Mintlayer.

Ecosystem Compatibility

Mintlayer supports Bitcoin lightning network, native multisignature, UTXO structure, hierarchical deterministic wallets BIP32, BIP38 and BIP174.

All developers who want to build on top or integrate with Mintlayer have access to easy API, informative documentation, RFC and a tool for porting ERC20 tokens from Ethereum blockchain to Mintlayer with ease.

Every token on Mintlayer (including MLT token) will be compatible with hardware wallets, one of which is Ledger - a widely recognized and popular hardware wallet provider.

No Bitcoin Pollution

Transactions made on Mintlayer do not take up space on the Bitcoin blockchain. Only network checkpoints take up space - as much as an average Bitcoin transaction.

Checkpoints are needed in case a single entity got the 51% of the total stake in a past round, because it prevents that entity from performing a 51% attack by creating a parallel longest chain. A single checkpoint in the entire history of Mintlayer chain is enough in order to prevent a POS long range attack from the members of the genesis block.

Besides that, any participant is free to create a checkpoint request at a specific block height in order to locally prune the Mintlayer chain up to that point, without experiencing any security tradeoff. A checkpoint request is never consolidated before 1008 new Bitcoin blocks have been generated. It is reasonable to expect that no more than one checkpoint per week is established for the purposes of pruning the chain or preventing a 50+1 attacks.

Features

Tokenization

  • Create your own digital asset in a truly decentralized environment: utility and security tokens, including stablecoins
  • Set Access Control List to your security token as a guarantee of legal compliance
  • Transfer different tokens using a single user-friendly wallet designed for all of the most popular devices
  • Verify all transactions with a fully validating node requiring very low hardware specifics

Peg-In / Peg-Out

  • Wrap cryptocurrencies and tokens on Mintlayer for faster and cheaper settlement
  • Use batching and coinjoin as a mixing procedure for better privacy and lower fees
  • Enable Lightning Network for micro-transactions and long-term scalability of your digital asset
  • Anticipate other traders, being faster in exploiting arbitrage opportunities

Atomic Swap - DEX

  • Exchange cross-chain cryptocurrencies and tokens, without relying on a trusted third party, using the built-in atomic swap module within the wallet
  • The wallet uses API to query third parties for market prices of any token on Mintlayer, in order to calculate the value of the exchanged amounts and suggest transaction fees
  • The intra-chain atomic swap transactions can be batched and conjoined, for even better confidentiality
  • DEX transactions are indistinguishable from regular transactions, hence being more censorship resilient

F.A.Q.

Why not merged mining?
Why the token MLT?
What is the benefit compared to Ethereum?
What is the benefit compared to Bitcoin?
What is the benefit compared to RSK?
What is the benefit compared to Liquid?
What is the benefit compared to Algorand, TRON, EOS?

Contributors

I believe opportunities given by market access must not be restricted to a handful of lucky people.

Enrico Rubboli
Enrico Rubboli

Software Engineer

Mintlayer’s dynamic federation relies on a game theory economics, is available to everyone and incentives are modeled to avoid network failure.

Luca Viviani
Luca Viviani

Tokenomics

Mintlayer is a way to help the Bitcoin ecosystem by providing a viable second layer for transactions and asset tokenization.

Alberto De Luigi
Alberto De Luigi

Research

I am excited to bring the much-needed transparency & decentralization to the tools that surround the current cryptocurrency market.

Aleksandras Gaska
Aleksandras Gaska

Operations

The challenge of meeting regulatory compliance in a field that hasn't been broadly explored is fascinating.

Giovanni Mazzanti
Giovanni Mazzanti

Lawyer

Mintlayer offers extreme scalability for current solutions. Forget clogged networks & expensive transactions.

Patrick Jusic
Patrick Jusic

Software Engineer

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