Minima, a blockchain startup based in Switzerland and the UK, has raised a $2.5 million funding round led by Blockchange Ventures. The company says that the fresh cash will be used to finish development of its protocol, which allows running blockchain nodes on Android smartphones and IoT devices.
The premise of Minima is to bring “true decentralisation” to blockchain with a protocol that allows launching a so-called node on consumer devices and IoT appliances by just downloading an app.
“Almost all existing blockchains are secured by farms of computers or staked tokens, which are often controlled by a handful of people and companies,” said Hugo Feiler, сo-founder and CEO of Minima. “The promise of the blockchain depends on a security which can only be assured by a sufficiently distributed system. Only when millions, or even billions, of people can run a node will we have the necessary protection to secure trillions of dollars of assets.”
Minima expects to publicly launch its protocol in October 2021.