Mintlayer (MLT)

Basics

• Based in: San Marino
• Started in / Announced on: 2020 Q2
• Testnet release:
• Mainnet release:
• Bitcoin smart contract sidechain.

Audits & Exploits

• Bug bounty program can be found [insert here].

Governance

DAO

• From the website (26-7-2021):

"Token holders participate in the decision-making to decide the future development of the protocol. Upon mainnet, MLT token holders will ultimately decide the fate and direction of the network."

Token

Launch

• Had an institutional private sale in Q1 2021.

Token Allocation

• From their docs (6-2021):

"400,000,000 MLT tokens are pre-mined and are either distributed in the market or locked, according to the token distribution table

1. Pre-seed, 2,500,000 (0.63%)
2. Seed, 54,600,000 (13.65%)
3. Fair launch, 6,302,521 (1.58%)
4. IDO, 6,000,000 (1.50%)
5. Marketing and Listing, 65,000,000 (16.25%)
6. Protocol Development, 65,000,000 (16.25%)
7. Community Incentives ,20,000,000 (5.00%)
8. Company Reserve, 130,597,479 (32.65%)
9. Team & Advisors, 50,000,000 (12.50%)

61.4% in total to team, advisors and development.

Utility

• From the website (26-7-2021):

"MLT token holders can participate in the blocksigner auction to stake tokens and become a weekly blocksigner. Run a node and collect transaction fees from the blocks you sign, by validating financial activity. Token holders participate in the decision-making to decide the future development of the protocol. "

Other Details

• From their docs (6-2021):

"Before Mintlayer’s mainnet is developed MLT tokens are issued as ERC20. Then tokens are ported with 1:1 ratio from ERC20 standard to the new MLS-01 standard on Mintlayer network."

• From the website (26-7-2021):

"No native gas token. Tokenize equity, real estate, and other holdings in primary and secondary markets using a legally compliant technical architecture. Supports taxation, investment payouts, and other tokenomic models for utility tokens."

Technology

• Docs can be found here.
• Code can be viewed here.

Implementations

• Built on: has its own Bitcoin sidechain. For now is an ERC20 (26-7-2021).
• Programming language used:

• From the website (26-7-2021):

"Enjoy better reliability and predictability provided by Turing incomplete smart contracts."

Transaction Details

• Capacity (TPS). From the website (26-7-2021):

"Transaction batching shrinks TX size up to 70%, reducing fees and network pollution, while the second-layer Lightning Network increases transaction throughput."

• Latency:

How it works

• From the website (26-7-2021):

"Dynamic Slot Allotment (DSA) consensus refines PoS and eliminates its flaws by enhancing the network security with the help of Bitcoin's blockchain."

From their tech page (26-7-2021):

"Mintlayer decentralizes finance by using three dimensions to solve security threats:

1. Bitcoin anchoring. Every block on Mintlayer anchors to a block on Bitcoin. Using the timespace of Bitcoin, each Mintlayer round lasts 1008 Bitcoin blocks, or a week. This frees Mintlayer from the dependency on external sources in time validation, solving PoS-based blockchain problems.
2. Checkpoint system. The protocol’s checkpoint system protects Mintlayer against Proof-of-Stake long-range attacks, even in cases where a single participant can obtain more than 50% of the network. Any network participant can enforce checkpoints from Mintlayer on Bitcoin to ensure the network's irreversibility.
3. Randomized selection. To create and validate blocks, the protocol selects random stakers. This ensures that every user has an equally random chance of participation in the chain's maintenance, depending on the amount staked."

This last part is normal for every PoS system.

Fee Mechanism

• From their docs (6-2021):

"Blocksigners collect transaction fees from the blocks they create (mining), while the network users can pay fees in any token transferred on the Mintlayer, including MLT."

Staking

• From the website (26-7-2021). Keep in mind that mainnet is not launched as of now:

"MLT token holders can participate in the blocksigner auction to stake tokens and become a weekly blocksigner. Run a node and collect transaction fees from the blocks you sign, by validating financial activity."

• From their docs (6-2021):

"The blocksigner group is dynamic: for participating in the auction, it is necessary to stake the MLT token. Every user can apply for the blocksigner role as long as they stake enough MLT Tokens (40,000 tokens, equal to 0.01% of the initial total token supply). Each round lasts about 1 week (or every 1008 Bitcoin blocks)."

Scaling

• Follows Bitcoin Core into the 1MB limit (26-7-2021):

"Block size is limited to 1MB, and signature aggregation reduces each payment's size by 70% to avoid network clogging. This ensures low transaction fees even at scale.

Interoperability

• From the website (26-7-2021). Keep in mind that mainnet is not launched as of now:

"Multi-token usability across the network. Cross-blockchain transfers, several token transaction grouping or even peg-in/out are all possible and hassle-free on Mintlayer."

Privacy Method

• From the website (26-7-2021). Keep in mind that mainnet is not launched as of now:

"UTXO structure and batching procedures help mask individual balance and transfer data. Create tokens with optional “Confidential Transaction” mode, for amplified anonymity."

Their Other Projects

• Will have a built-in DEX (26-7-2021) based on atomic swaps:

"The protocol runs a built-in DEX. Being native, it supports atomic-swap and is a censorship-resistant exchange. Users can verify their identity from the wallet application and get cleared through the Access-Control-List to access Security token trades."

Roadmap

• Can be found here (26-7-2021):

2021

Q1 Institutional Private Sale

Q3 Testnet Full Node. Basic POS Consensus

Q4 Full Node Release Candidate

2022

Q1 Mainnet Launch

Q2 DSA Consensus System Upgrade

Q3 Native Tokenization System

Q3 Programmable Pools and Smart Contracts

Q4 Atomic Swap DEX

2023

Q1 Access Control Lists

Q2 Confidential Transactions

Q3 Lightning Network Integration

Competition

• Smart Contract platforms.

1. From their own website (26-7-2021):

"What is the benefit compared to Ethereum?

1. Efficiency: Mintlayer allows batching/coinjoin transactions, even between different tokens. A batched payment weights about ⅓ of a traditional Ethereum transaction and grants more privacy against blockchain analysis.
2. Long term scalability: as being compatible with Bitcoin's smart-contract, it fully supports Lightning Network, while Ethereum's sharding has not been implemented yet.
3. Sustainability: a full node can be run on an average PC which is not dedicated, while Ethereum requires a dedicated 500gb SSD (and the space requirement increases of about 150gb/year), about 16gb RAM and a good CPU. Nowadays, to sync a new week of Ethereum blockchain life, a full node requires an entire day on the most powerful machines, which is unsustainable in the long run.
4. Reliability: a Mintlayer unpruned full node syncs as fast as a Bitcoin node (just slightly heavier when the blockchain is saturated), while an Ethereum archival node requires about 4 terabyte, increasing by 2 terabyte per year. To query for an intermediate balance state, a user must apply to an archival node, which is likely a third party. These “big scary” archival nodes might also disappear in the future: today, it takes weeks to sync an archival node from the genesis or to reconstruct it from a full node."

Team, Funding and Partners

Team

• Full team can be found here (26-7-2021).
• Enrico Rubboli; lead tech. Former Bitfinex.

Funding

• Had an institutional private sale in Q1 2021.

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