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Technology

Find out the Bitcoin Inspired Technology powering the Mintlayer network. Find our what makes us unique compared to other blockchains.

Atomiq Swap

Atomiq Swaps power by HTLC

Atomic Swaps, the backbone of our native Bitcoin cross-chain swaps, are powered by Hash Time Locked Contracts (HTLCs). These smart contracts create a time-based escrow using cryptographic passphrases, ensuring that trades are either completed successfully by both parties or automatically voided, thus eliminating counterparty risk. HTLCs enable secure, peer-to-peer cryptocurrency exchanges without intermediaries, allowing users to maintain control of their native assets throughout the transaction process.
a mockup tablet
Bitcoin Inspired Architecture

Simplicity
Flexibility

Mintlayer emphasizes simplicity, security and reliability as cornerstones of our blockchain

UTXO Model

We chose the UTXO model for its enhanced privacy, scalability, and seamless integration with Bitcoin's ecosystem. Additionally, the UTXO model supports efficient transaction validation and lightweight client implementations.

Rust Development

Rust was selected for our node development due to its exceptional efficiency, safety, and ability to ensure reliable software through advanced threading.

Easier Audits

We chose non-Turing complete smart contracts to enable easier audits and reduce potential errors. While they may appear restrictive at first glance, they offer significant benefits in terms of security, efficiency, and predictability.
Builder

All roads lead to security

Our commitment to security is evident in our choice of UTXO model, Rust development, and non-Turing complete smart contracts, all aimed at reducing risks and enhancing reliability.

Simple Tokenization

Mintlayer simplifies token creation by integrating it directly into the protocol, eliminating the need for complex smart contracts. This innovative approach allows users to effortlessly issue and manage tokens as a native feature of the system, making tokenization more accessible and efficient for everyone in the Mintlayer ecosystem.

Enabling RWA

Mintlayer's blockchain revolutionizes the tokenization of real-world assets by offering built-in support for both fungible and non-fungible tokens with customizable metadata and advanced management features. This innovative platform enables the seamless tokenization of diverse assets, from real estate and financial instruments to precious metals and art, without the need for complex coding, making it an ideal solution for bringing traditional assets into the digital realm.

Pulsar Consensus Mechanism

We utilizes a novel Proof-of-Stake consensus mechanism called Pulsar Consensus that combines the best aspects of modern blockchain technology with unique features. This system employs Verifiable Random Functions for fair block producer selection and introduces staking pools with delegation options, ensuring both security and decentralization while maintaining an average block time of two minutes.

UTXO Model

Mintlayer adopts the UTXO model, similar to Bitcoin, which simplifies token creation by embedding extra data into transaction outputs. This approach not only enhances transaction flexibility but also facilitates seamless integration with Bitcoin's network, paving the way for innovative DeFi applications such as the tokenization of real-world assets.

Non-Turing Complete Smart Contracts

Embracing a Bitcoin-esque approach, Mintlayer's non-Turing complete smart contracts prioritize safety, sustainability, and validation speed over unlimited versatility. This design choice ensures faster execution, reduces network congestion, and eliminates the need for complex gas mechanisms, offering a more secure and efficient smart contract environment.

Low Node Requirements

Sustainability is often overlooked in blockchain design, with many networks requiring high-powered hardware for full nodes. In contrast, Mintlayer's extremely low hardware requirements allow anyone to run a full node, even on a Raspberry Pi (low-power mini-computer consuming between 1 and 5 Watts). This ease of node operation enhances network decentralization, as nodes can be run anywhere by average users.

Q4 2024

RWA

RWA SaaS Platform - Testnet

Real World Asset (RWA) SaaS Platform running on Testnet for testing purposes. This platform will help institutions with a template to deploy tokenized RWA and assist with built in compliance services.  

2025

Zk Thunder

Zk Thunder Network L3 - Mainnet

Will be a superfast EVM compatible smart-contract execution layer 3 that will settle on Mintlayer
It combines with the robustness of Mintlayer L2 and boosts the usability of Bitcoin.

FAQ

Still have questions?

What is the MLS-01 tokenization standard?

The MLS-01 tokenization standard is Mintlayer's equivalent to Ethereum's ERC-20, representing the most basic form of fungible tokens on the Mintlayer blockchain. It leverages Mintlayer's UTXO architecture to simplify token creation, eliminating the need for complex smart contract languages like Solidity. MLS-01 tokens come with various customizable features, including a ticker, issuance amount, decimal places, metadata URI, and replaceable authority, while also supporting optional functionalities like supply management. This standard ensures compatibility across all Mintlayer wallets, providing a user-friendly and efficient tokenization solution.

How does Mintlayer Pulsar Consensus work?

Mintlayer's Pulsar consensus works through a novel Proof of Stake (PoS) protocol designed specifically for its role as a Bitcoin sidechain. The system uses Verifiable Random Functions (VRFs) to determine block production eligibility, with pools generating random numbers that must fall below a threshold based on network parameters and the pool's stake size. This approach aims to produce a block every 120 seconds on average, with larger pools having a proportionally higher chance of being selected as block producers. Mintlayer employs a unique chain selection rule based on "chain density," choosing the chain with the most filled block slots rather than simply the longest chain or the one with the most accumulated stake or work.

To learn more read the full white paper here.

Are non-turing complete smart contracts a limiting factor?

Non-Turing complete smart contracts, like those used in Mintlayer, are not necessarily a limiting factor in blockchain technology. While they may appear restrictive at first glance, they offer significant benefits in terms of security, efficiency, and predictability. The Ethereum whitepaper itself acknowledges that Turing-incompleteness is not a major limitation, with only a small percentage of smart contracts truly requiring Turing-complete functionality. In fact, most desired functionalities can be achieved with non-Turing complete contracts by using slightly more code or alternative approaches, while maintaining higher safety standards and avoiding issues like the halting problem that plague Turing-complete systems.

What is the MLS-03 tokenization standard?

The MLS-03 tokenization standard is Mintlayer's implementation for non-fungible tokens (NFTs), designed to represent unique digital assets on the blockchain. Similar to MLS-01 tokens in basic functionality, MLS-03 tokens differ in that they don't manage a supply, as each token is inherently unique. MLS-03 NFTs come with additional attributes including a creator, name, description, icon, media hash, and media URI, providing a comprehensive framework for representing and managing diverse digital collectibles, artwork, and other unique assets on the Mintlayer platform.

Why did you choose a UTXOs over Accounts model?

Mintlayer chose the UTXO model over the account-based model for several key reasons:

  1. UTXOs offer better scalability by allowing parallel transaction processing, which encourages innovation in scaling solutions.
  2. The UTXO model provides enhanced privacy compared to account-based systems, making it harder to link transactions to specific users.
  3. Most importantly, UTXOs enable seamless integration with Bitcoin, the largest and most trusted cryptocurrency network, aligning with Mintlayer's goal of interoperability with the Bitcoin ecosystem.
  4. Additionally, the UTXO model supports efficient transaction validation and lightweight client implementations, contributing to the overall security and usability of the blockchain.
Why are non-turing complete contracts safer than turing complete smart contracts?

Non-Turing complete smart contracts are generally safer than Turing-complete ones for several reasons:

  1. Simplicity and predictability: Non-Turing complete contracts have a determined set of rules and limitations, making them easier to verify and analyze for potential vulnerabilities.

  2. Execution guarantees: These contracts are guaranteed to finish executing, eliminating the "halting problem" associated with Turing-complete systems. This removes the need for complex mechanisms like gas limits in Ethereum.

  3. Reduced attack surface: The limited functionality of non-Turing complete contracts naturally restricts the potential for exploits. Historical examples like the DAO hack and recent Vyper exploits demonstrate the security risks inherent in more complex, Turing-complete systems.

  4. Easier validation: The simplicity of non-Turing complete contracts allows for faster validation and execution, contributing to overall network efficiency and security.
Why did you choose Rust for node Development?

Mintlayer chose Rust for node development due to its strong emphasis on security and reliability, which are crucial for building a future-proof financial infrastructure. Rust's unique features, such as its borrowing system, provide exceptional safety guarantees without sacrificing performance, as it doesn't require a garbage collector. The language's efficiency and ability to ensure thread safety make it ideal for developing high-performance blockchain nodes. Additionally, Rust's compiler actively promotes best programming practices, further enhancing the overall quality and robustness of the codebase.

Still have a question? Get in touch with us