Minima, a protocol that has been designed to run on smartphones, has just completed a $6.5 million Series A funding round with the participation of several notable investors, including GSR, DEX Ventures, AGE Crypto, SMO Capital and Vinny Lingham.
According to the press release shared with iHodl, the funds will be used by the company to foster the development of its mainnet, which is scheduled to see the light in 2022.
The protocol enables users to run complete nodes thanks to a variation on the proof-of-work consensus algorithm which requires minimal computing power, enabling it to run entirely on mobile phones and IoT devices.
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One of the most remarkable features of the project is that it is one of the most decentralized, immutable and scalable protocols on the market to date.
It is worth mentioning that Minima has already onboarded over 5,000 nodes across 94 countries in the last few months, ahead of its upcoming launch in 2022.
The protocol is running the Minima Incentive Program, which allows users to begin earning coins by downloading the Minima app on their Android mobiles, or running Minima on PC, Mac or Linux.