The Mina ecosystem raised $92 million through strategic and private MINA sales led by FTX Ventures and Three Arrows Capital, with FTX’s participation representing the venture capital fund’s first major backing of smart contract technology based on zero knowledge. Officials were also joined by Alan Howard, Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, Finality Capital Partners, Pantera and five existing ecosystem backers. Investment is FTX Ventures’ first major backing of zero-knowledge smart contract technology, reflecting the crypto industry’s increased focus on bringing zero-knowledge applications to Web3 to ensure privacy users and end-to-end security.
[A thread 1/10] The March Ecosystem Update featuring the latest progress made by the #MinaCommunity is here!
An exciting update is that the Mina ecosystem has raised $92 million to further support ecosystem growth and help Mina build the privacy and security layer for #Web3.
— Mina Protocol 🪶 (@MinaProtocol) March 18, 2022
Mina ranks as the world’s lightest participant-powered blockchain. It is a layer 1 blockchain allowing easy programming of zero-knowledge smart contracts, zkApps. Zero-Knowledge Proofs (ZKP) have been popularized by the recent focus on zk-rollups as a scaling solution for Ethereum’s high gas fees. Mina takes ZKP-based technology to the next level by putting it in the hands of everyday users through zkApps, Mina’s ZKP smart contracts.
Funds will accelerate ecosystem growth and expand grant program
The funds will be deployed to accelerate the adoption of Mina as the leading zero-knowledge platform within Web3 by attracting world-class developers. Speaking of the funds, Evan Shapiro, CEO of the Mina Foundation, said, “The funds will be deployed to accelerate the adoption of Mina as the leading zero-knowledge platform within Web3 by attracting world-class developers. Specifically, the Mina Foundation will focus on opening more grant programs, such as a more robust grant program to support developers.
They are also passionate about supporting contributing teams and Mina community members with their ongoing grant program,
“We have awarded over 1,100 grants to the Mina community, including over 650 Genesis founding members, over 430 Prism contributing members, and many other quarterly grantees. We look forward to continuing our commitment to expanding our grant programs for developers and community builders,” continues Shapiro.
Connecting peer-to-peer with permissionless technology was the true vision of many blockchain ecosystems. Allowing people to make decisions without relying on intermediaries was a philosophy that many teams, developers, and projects admired about the potential of blockchain solutions. However, decentralization to date has suffered as it has grown in success, becoming a victim of its own success one might say. The hierarchical structure found in Web2 is still part of most ecosystems and many networks are vulnerable to censorship by a few rather than the user community.
By reducing the amount of data each user has to download, Mina aims to scale and provide the same levels of accessibility to all users. Using zk-SNARK technology, they capture the state of the entire blockchain as a snapshot. With zkApps, developers can leverage verified and real data to build decentralized apps efficiently without the need for middlemen.
Powering trustless peer-to-peer transactions without intermediaries was one of the biggest visions in the blockchain world. Only time will tell if these visions can be communicated, expanded and adapted to suit individuals wishing to participate in the truly decentralized future.
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