21 Mar What is Minima?
Minima has built a decentralised network where it says every single user is an equal and complete member. Now, on Bitfinex, you can trade Wrapped Minima (WMINIMA), an ERC-20 token issued by Minima, before Native Minima (MINIMA) is launched on exchanges later in the year.
Minima is a blockchain and peer-2-peer (P2P) network designed to be accessible to as many people as possible by making it compact enough to run in full on mobile and IoT devices.
Minima enables people and devices to exchange value or information directly and securely without third-party interference. It has no centre of control, as each user — by simply downloading a mobile app — contributes to the network as an equal participant.
How Minima Works
Minima is a new type of blockchain that operates on a transaction-based Proof of Work (Tx-PoW) model. This system allows users to mine their own transactions while contributing to the validation and construction of the chain.
Minima’s blockchain is constructed through a combination of Tx-PoW and block headers, representing users’ current view of the network. Minima blocks are negligible, holding only the hashes of transactions. This design allows for a faster block time than a simple Longest Chain Rule, thanks to the GHOST consensus algorithm that allows consensus to be reached.
All Minima users are involved in not only validating the entire chain but also in maintaining the network’s liveliness and preventing censorship attacks. This means that every user is an equal and complete member of the network, contributing to both the validation and construction of the chain. This ensures a truly decentralised network resistant to attacks, coercion and censorship.
Why is Minima Unique
All protocol design decisions have been made to ensure the protocol remains decentralised over time. They can be summarised with three key fundamentals:
- Everyone validates and constructs the chain:
Every user both validates and constructs the chain. Validation involves checking pending transactions and blocks are valid. Construction involves selecting which transactions are added to blocks and then added to the chain. As a result, every Minima user ensures the chain remains censorship-resistant.
- No reliance on fees:
Financial incentives are vectors for centralisation over time, as those with a wealth of resources continue to increase their share and secure their control over the construction of the chain. On Minima, no users are paid to construct the blockchain. Instead, a mechanism known as the Burn is used to benefit all by slowly reducing the circulating supply over time.
- It must be finished:
Minima believes that a protocol can only be considered decentralised or a solid foundation to build on if developers cannot ‘govern’ or change the blockchain’s rules. Therefore, a blockchain protocol cannot be truly decentralised if it is not complete. The Minima protocol will only ever be forked to fix a problem, no other changes will be made.
What is the Wrapped Minima (WMINIMA) Token
One hundred percent of Native Minima (1,000,000,000 MINIMA coins) were minted at the Token Generation Event (TGE), and 12.5% of these coins have been wrapped on the Ethereum blockchain as ERC-20 tokens (125,000,000 WMINIMA coins), in order for Wrapped Minima to be tradable on exchanges shortly after the TGE.
Before MINIMA launches on exchanges in H2 23, where there is a seller, WMINIMA will be exchangeable for MINIMA within Minima’s ecosystem via a decentralised app called MiniSwap. Therefore WMINIMA acts as a way to gain exposure to Minima’s native currency.
The utility of the Minima network will be a key driver influencing the value of its tokens. Native Minima is required to use the network and will have the following utility:
- A Store of Value
- Value transfer
- The Burn
- MiniDapp usage
- Third-party partnerships & integrations
Minima is partnering with international companies to develop solutions for digital identity management, tokenisation, messaging and payments. It has already announced partnerships with an innovation centre for the automotive industry called MobilityXlab, as well as with a company called stacuity in the Internet of Things (IoT) industry.
How to Buy WMINIMA on Bitfinex
How to buy WMINIMA with crypto
2. Go to the Deposit page.
3. In the Cryptocurrencies section, choose the crypto you plan to buy WMINIMA with and generate a deposit address on the Exchange wallet.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can trade them for WMINIMA. Learn how to trade on Bitfinex here.
How to buy WMINIMA with fiat
2. You need to get full verification to be able to deposit fiat to your Bitfinex account. Learn about different verification levels here.
4. Check your Bitfinex registered email for the wire details.
5. Send the funds.
6. Once the funds arrive in your wallet, you can use them to buy WMINIMA.
Also, we have Bitfinex on mobile, so you can easily buy WMINIMA currency while on-the-go.