Mina ecosystem raises $92M to build the lightweight blockchain for Web3- the coin leaks

Mina ecosystem raises $92M to build the lightweight blockchain for Web3

Mina Ecosystem Mina Ecosystem secured $92M through private and strategic sales of MINA managed by FTX Ventures and Three Arrows Capital, with the involvement of FTX which is the first venture fund’s major support of zero knowledge-based intelligent contracting technology. The lead investors were also supported by Alan Howard, Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, Finality Capital Partners, Pantera, and five other existing supporters of the ecosystem. This is FTX Ventures the first major support for zero-knowledge smart contracts which reflects the increasing focus of the crypto industry on bringing zero-knowledge-based applications to Web3 to ensure privacy of users and security from end-to-end.

Mina Ecosystem Mina Ecosystem secured $92M through private and strategic sales of MINA which was led by FTX Ventures and Three Arrows Capital and Three Arrows Capital, with the involvement by FTX which is the first venture fund’s major investment in zero-knowledge intelligent contracting technology. The two leads were supported by Alan Howard, Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, Finality Capital Partners, Pantera, and five of the existing investors in the ecosystem. This is FTX Ventures first major investment in zero-knowledge smart contracts, which reflects the industry’s growing emphasis on bringing zero-knowledge applications to Web3 to protect user privacy and security from end-to-end.

Mina declares itself to be the lightest blockchain in the world powered by users. It’s a Layer-1 Blockchain that allows easy programming of zero-knowledge smart contracts ZkApps. Zero-knowledge Proofs (ZKPs) are being embraced because of the recent attention paid to zk-rollups as an effective way to scale Ethereum’s gas costs. Mina advances ZKP-based technology an even higher level, placing it in the hands people who use it every day through zkApps. Mina’s ZKP smart contracts.

The funds will boost ecosystem growth and will expand the grant program.

They will then be utilized to speed up the adoption of Mina as the most popular zero-knowledge platform in Web3 by attracting top developers. In announcing the funds, Evan Shapiro, CEO of Mina Foundation said Mina Foundation stated that “The money will be used to help Mina’s growth as the top zero-knowledge platform in Web3 by attracting top-quality developers. Particularly, Mina Foundation will be determined to expand its grants programs, like an expanded grant program for developers.”

They are also committed to helping contribute teams and the Mina community through their grants program that is ongoing,

“We have distributed more than 1100 grants to the Mina Community including over 650 Genesis Founding members, more than 300 Prism contributors, as well as a number of other grantees for quarterly. We look at the future and looking forward to expand our grant programs for community builders and developers,” Shapiro continues.

The ability to connect peer-to-peer using an open technology is the main idea behind the various blockchain-based ecosystems. Making it possible for people to make their own choices without the use of intermediaries was a concept that many developers, teams and projects were enthralled by the potential of blockchain technology. However, decentralization has not been without its share of recognition, and then became an ill-fated victim of its own successes, it is possible to think. The hierarchical structure of Web2 is an element of many ecosystems , and many are subject to censorship by some individuals rather than accountable to the entire community of users.

In order to reduce the amount of information that users are required for download Mina seeks to expand and provide the same levels of accessibility to every user. With zk-SNARK technology, they can capture the current state of the blockchain in an instantaneous snapshot. With zkApps, developers are able to make use of verified, real-world data to create decentralized applications efficiently, without the need for intermediaries.

The ability to conduct peer-to-peer transactions that are secure without intermediaries was just one of the main goals of the blockchain industry. The only thing to be determined is whether these ideas can be shared, refined and then adapted to people who wish to take part in the real, decentralized future.

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