[ANN] Mintlayer - Decentralized Finance on Bitcoin | DEX | Tokenization

[Joerii]

• What's about:

Mintlayer is a Bitcoin sidechain dedicated to asset tokenization and decentralized exchanges

- Website: https://mintlayer.org
- Technical docs: https://docs.mintlayer.org/
- Video presentation: https://www.youtube.com/channel/UCVVpaPry8xZS47pPBmS4rnA

• Socials & Links:

- Telegram chat: https://t.me/mintlayer
- Twitter: https://twitter.com/mintlayer
- Github: https://github.com/mintlayer
- Reddit: https://www.reddit.com/r/mintlayer/
- Youtube: https://www.youtube.com/channel/UCVVpaPry8xZS47pPBmS4rnA
- Linkedin: https://www.linkedin.com/company/53488934/
- Instagram: https://www.instagram.com/mintlayer/
- Facebook: https://www.facebook.com/MintlayerMLT/

• Project explained:

- The Mission:
To introduce a new Bitcoin-integrated ecosystem for asset tokenization, alternative to previous common standards for tokenization (ERC-20) and DEXs (e.g. Uniswap)

- Why DeFi on blockchain:
Blockchain technology offered a disruptive innovation in the monetary field: Bitcoin, hard money in a digital form. Other uses include notarization, timestamping and - like it or not - speculation and gambling. However, the impact of the blockchain in the field of finance does not have to end there. Blockchains can also be used to issue tokens representing financial instruments like securities (e.g. stock tokens).
Securities will never be as decentralized as the monetary token (BTC), because issuance is centralized, but tokenization makes them “bearer” titles, which means ownership and possession are in the same hands. Bearer titles in the digital world can be exchanged in a peer-to-peer way across geographical borders and offer the advantage of giving the owner full control of the asset, removing the need of intermediaries. Which means no mediation costs, privacy threats and censorship (e.g. the CEXs stopping Gamestop trades).
Also, if assets are in the form of bearer title held in personal wallets, then disputed financial practices like fractional reserve, excessive securitisation of receivables and uncontrolled creation of financial instruments (unbacked by real value) are no longer possible unless the owner of the backing asset gives his legitimate consent.

- Why another Bitcoin sidechain:
Currently, there are already a few tokenization systems created on top of Bitcoin like Omni(Bolt) and RGB. They have the same disadvantage: their transactions compete for the same space as the Bitcoin transactions, polluting the Bitcoin blockchain and leading to higher fees. The first version of Tether was issued on Omni, which moved to Ethereum to avoid the high fees on the Bitcoin blockchain (and then moved again to Tron because of even higher ETH fees).
For this reason, the concept of “sidechains”, with onchain space dedicated to asset tokenization and pegged-tokens, has been put to the test. Rootstock (RSK) is an example, but its architecture is very close to Ethereum and merged mining creates security concerns: Bitcoin miners have governance power over Rootstock without any stake (cost and effort required) in the chain. Liquid sidechain is an alternative, but its governance is centralized in the hands of the companies that have contracts with Blockstream.
In contrast, Mintlayer’s governance is community-driven. The protocol introduces a refined version of POS with Bitcoin anchoring called DSA Consensus. For both Rootstock and Liquid, bitcoins on the sidechain are used in a peg-in system managed by a federation of few entities, while Mintlayer is focused on the direct atomic swap between the tokens built on Mintlayer and the bitcoins on the mainchain. In fact, a Mintlayer DEX transaction allows p2p exchanges of tokens issued on Mintlayer with each other (intra-chain atomic swap) and also with Bitcoin (inter-chain atomic swap).

- Mintlayer features:

• Bitcoin interoperability: an entire ecosystem of tokens issued on the new layer can be p2p traded for bitcoins through atomic swap or Lightning Network swaps. The atomic swap is secure even in case of chain reorganization, since Mintlayer blocks are anchored to the Bitcoin blockchain (a Bitcoin reorg affects both the chains).
• Scalable DEX: there are no on-chain order books in the form of smart contracts, since trade intentions are communicated through a distributed hash table that is separated from the blockchain. This helps keep lower throughput and fees when compared to Ethereum DEXs like Uniswap. Also, arbitrage transactions can be made through Lightning Network channels between CEX and DEXs’ liquidity providers. As a result, the blockchain space won’t be over-exploited. It is worth noting that Ethereum gets clogged mainly because of DEX contracts, arbitrage transactions and Ponzi schemes (see Glassnode analysis) which can’t be done on Turing incomplete Mintlayer architecture.
• Access Control List: ACL rules are optionally enforceable on securities issued on Mintlayer (such as stock tokens) allowing compliance with company policies or other regulators. This feature is something missing on Bitcoin, but possible with Ethereum. Unlike Ethereum, Mintlayer doesn’t require Turing completeness, but just a few OP_CODES for a higher versatility of Bitcoin scripting language, while retaining its reliability and efficiency. By not including Turing complete functionality, Mintlayer reduces risk of unpredicted outcomes that can occur with increased smart contract complexity.
• Optional confidentiality: due to the trade-off between privacy and scalability, Mintlayer introduces distinct tokenization standards to address all needs. MLS-01 transactions require lower space and enable procedures like batching with BLS signature aggregation, to shrink even more the space consumed. MLS-02 on the other hand has confidential transactions, which are greater in size but help granting more privacy.
• Integrated Wallet: a Mintlayer wallet is a Bitcoin wallet too (real BTC, not the pegged version!) and Mintlayer full nodes can be considered as an “add-on” to Bitcoin full nodes.

• Mintlayer (MLT) token and Consensus system:

- Why a token for a Bitcoin sidechain:
It’s technically unfeasible to build a secure and decentralized architecture based on a pegged version of Bitcoin, given the downsides of any peg-in/out system envisioned so far. Hence, it is necessary to introduce a POS-like system with a governance token. The Mintlayer DSA Consensus avoids the nothing-at-stake long range attacks without the need of hard-coded checkpoints, thanks to the dynamic checkpoint system built-in the protocol, which anchors Mintlayer to the Bitcoin mainchain.

- Consensus Built on Bitcoin:
Mintlayer uses Bitcoin PoW for different scopes, it’s not only a way to commit its state in Bitcoin: first, every Mintlayer block is linked to a BTC block and a reorganization on the Bitcoin mainchain reverberates also on the sidechain (it means more security for atomic swaps). Second, Bitcoin POW is used as a “clock” for time calculation: it defines Mintlayer rounds (with a committee of blocksigners) and enforces a minimum time delay between Mintlayer blocks, preventing any attacker from trying to generate blocks at higher frequency (to fake a “longest” chain). Third, the Bitcoin block hash is used as a source of entropy for the random determination of the blocksigners in the next round, so that it’s not necessary to rely on other randomization sources such as new algorithms which may reveal vulnerabilities in the future or ASIC hardware distributed by a single entity, such as in the case of Ethereum 2.0 Proof of Stake system

- Public Sale:
Before mainnet, the governance token (MLT) will be issued both on Rootstock and Ethereum (ERC-20). Then, tokens will be ported 1:1 to Mintlayer mainnet when it is released.
The Public Sale is expected in Q1 2022. More details will soon follow about the Public Sale date, the launching platforms and listing on exchanges.

• Bitcointalk signature campaign:

The campaign, paid in Bitcoin + MLT governance tokens, will start on Sunday 24th October. Please refer to the link below!
https://bitcointalk.org/index.php?topic=5366033

• Supporters:

The mainnet launch is expected in Q1 2022, but the full development roadmap spans over two years. Such an effort is only possible thanks to the support of numerous VCs - the list below - partnering with RBBLab, a company located in San Marino (a microstate within italian borders) that is coordinating a team of developers working full-time on Mintlayer.

Alphabit, Moonwhale, AU21, 4SV, X21, Iconomy Partners, Lotus Capital, Moonrock Capital, Jun Capital, EXnetwork, CryptoDormFund, Matrix Ventures, Black Dragon, Sky Ventures, Blockpact, Moonfounder, Minted Lab, Uniswapearlycalls/Trustdao, Seedventure, Spykefast, cspdao.network, DHC Capital, buildhodl, Kyros Ventures, Titans Ventures, BBSFinance, Lunar Station, Chain Ridge Kapital, Phoenix VC, Caballeros Capital, Block26, Crypto Banter, Varys Capital, LVT Capital, Kairon Labs, 01 Capital and a couple dozen of other individuals, including some key opinion leaders.

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[tbct_mt2]

The list of ventures for this project is long and gives me a thought that it is a good project.

I can guess that the idea to link with BTC blockchain because Bitcoin is a biggest blockchain and with its hashrate, it is a safest network at this moment.

I see you said the main net will be launched in Q1 2022 that sounds good. Building your project on a blockchain of another project is not good, even that chain is of Bitcoin.

Have your own blockchain will have advantage and disadvantage but it is good for long term growth of the project. You don't have to depend on BTC network.

[mandor]

Is the team recruitment shown on the website still active? is it still have more time to apply in here https://www.mintlayer.org/open-positions/ ?
I think this is a golden opportunity, because I see the campaign even presents a fairly expensive payment, if someone join the team, he/she will definitely get a good pay.

[terciduk123]

I am very excited to participate in your signature campaign.
How is your token Sale preparation progressing, is it really going to take place on Sovryn? Why did you lock your old thread and create a new one?

[Apes]

Is the team recruitment shown on the website still active? is it still have more time to apply in here https://www.mintlayer.org/open-positions/ ?
I think this is a golden opportunity, because I see the campaign even presents a fairly expensive payment, if someone join the team, he/she will definitely get a good pay.

right I saw some empty spot.  for a project that promises this is a golden opportunity.  I'm sure many hope to fill those spot.  and hope this project continues to progress according to schedule and grow big like others.
by the way the emptyness of the spot will it interfere with the continuation of this project

[Bitstar_coin]

I am very excited to participate in your signature campaign.
How is your token Sale preparation progressing, is it really going to take place on Sovryn? Why did you lock your old thread and create a new one?

I was also drawn to this project because of the simple fact of having an ido in sovryn platform according to their official Telegram group, although am very familiar with the sovryn dex but I wasn't very lucky with their recently ended sale, so I am looking forward to invest a little mintlayer so hopefully this time I will be lucky.

[Alberto De Luigi]

Is the team recruitment shown on the website still active? is it still have more time to apply in here https://www.mintlayer.org/open-positions/ ?

if you are a really good Senior Rust Software Engineer or a Developer Relations Engineer please apply. Regarding the other two positions, we left them open but we have no urgency since a few other collaborators are taking care of that, for the moment.

[Alberto De Luigi]

I am very excited to participate in your signature campaign.
How is your token Sale preparation progressing, is it really going to take place on Sovryn? Why did you lock your old thread and create a new one?

we submitted the SIP officially here: https://github.com/erubboli/SIPS/blob/main/SIP-0033.md
After internal review from Sovryn team (I think it will take a couple of weeks) if approved it can be set as "ready to vote".
Joerii decided to lock the old thread because he wanted to publish it as a new thread together with the announcement of the signature campaign. After all, that old thread never got a particular momentum.

by the way the emptyness of the spot will it interfere with the continuation of this project

Is the team recruitment shown on the website still active? is it still have more time to apply in here https://www.mintlayer.org/open-positions/ ?

We still have space for more developers to join the team, we have the core team that we need to build Mintlayer but have room for some talented engineers to come and help. We're not actively looking but we are open to hiring if the right person comes along

[nira09]

If the Public sale will take place in Q1 2022, Will there be a private sale or whitelist before that?
Mintlayer is quite potential, There are many supporters and private investors. I don't want to miss it.

[sinedust]

If the Public sale will take place in Q1 2022, Will there be a private sale or whitelist before that?
Mintlayer is quite potential, There are many supporters and private investors. I don't want to miss it.

There has already been a private sale. There will be some fair sale events on decentralized exchanges, possibly including SOVRYN, prior to the release of the mainnet and offering of MLT on centralized exchanges, which will occur in Q1 2022. The team hopes to offer a fair sale event or two in November, but this depends on decentralized platform communities, so it is not possible to say with certainty.

[Joerii]

I am very excited to participate in your signature campaign.

I see your excitement......but haven't seen your application...yet.
Since we are here we still have a few open slots

Hi and welcome onboard for the new ones!
We have 5 Sr, 2 Hero and 6 Legendary open slots left.

Campaign Spreadsheet

[mandor]

although am very familiar with the sovryn dex but I wasn't very lucky with their recently ended sale, so I am looking forward to invest a little mintlayer so hopefully this time I will be lucky.

The step is not easy as one might think, it needs approval. Until now, what they call "Improvement proposal" is still pending, they say it requires approval from the Sovryn community to make it happen. Which I think their community won't object to it, since it would be useful to expand it further. About public sale, it will occur Q1 2022. https://t.me/mintlayer/6595

[soliton]

I have read on  official site that  Mintlayer utilizes a "future-proof" blockchain. What does the future-proof"  mean exactly relative to Mintlayer blockchain? Does it mean that the layer 2 functionality secured by this blockchain will remain sustainable no matter how Bitcoin develops? Or there is some other meaning hidden  from me? Please, ELI5.

[Alberto De Luigi]

I have read on  official site that  Mintlayer utilizes a "future-proof" blockchain. What does the future-proof"  mean exactly relative to Mintlayer blockchain? Does it mean that the layer 2 functionality secured by this blockchain will remain sustainable no matter how Bitcoin develops? Or there is some other meaning hidden  from me? Please, ELI5.

future-proof means that it's a scalable environment that won't get clogged once it reaches congestion as basically all the blockchains that are now competing directly with Bitcoin. Mintlayer uses the same approach as Bitcoin to scalability: layer 2 (lightning network) and maximum efficiency possible on the base layer (signature aggregation, batching & coinjoin (combined with sig. aggregation), turing-complete scripting system, limited blocksize, etc.). The DEX transactions can be performed offchain, while there are no onchain trading books like it happens in AMM trading (e.g. Uniswap).

Mintlayer is bound to Bitcoin and programming language remains Bitcoin script even if Bitcoin upgrades to new functionalities. In fact, Mintlayer uses Bitcoin script but it introduces a few OP_CODES that are new. To remain compatible with Bitcoin there is a way to identify the type of script being supplied. If it's version 0 then we assume all op codes follow the bitcoin script, otherwise it's something developed specifically for Mintlayer. In this way we avoid that Bitcoin introduces a new OP_CODES with the same name but different functionality (let's say if Mintlayer implements an op code with the code 0xCD with a particular functionality, a year later bitcoin script implements a new feature and recall it with the same name 0xCD)

[bullrun2024bro]

I've been browsing Mintlayer.org a lot in the last few days and I have to say that the user experience is simply very good. The website is fast and runs extremely smooth. A very big thumbs up. I have experienced this quite differently with many other projects.

The Google speed test confirms my experience:



Source: https://developers.google.com/speed/pagespeed/


Are there already plans to translate the website into different languages? This could help to reach a larger audience.

Note: In this context, the Bitcointalk forum could certainly be helpful. There are many capable translators here who can translate the website into various languages.

[Joerii]

I can confirm the Marketing team is evaluating whether to do that or not.
Expect further updates on that. 

[coupable]

I've been also browsing Mintlayer.org during the past few days and i can say that i had a good experience. I have two questions :

- I can see that the project is still looking to hire devs and designers. Does this mean that the team is not yet completed and that the project has to find those profiles in order to achieve goals for the next roadmap stages (including the mainnet launch which is expected to happen in Q1 2022)? And why not hiring those profiles from bitcointalk? Note that there is no mention about those open positions in this ANN thread .

- About Marketing, are there plans to extend the promotion outside bitcointalk? Like creating descriptive contents or hiring ambassadors from differnt locals .

[mandor]

I've been also browsing Mintlayer.org during the past few days and i can say that i had a good experience. I have two questions :

- I can see that the project is still looking to hire devs and designers. Does this mean that the team is not yet completed and that the project has to find those profiles in order to achieve goals for the next roadmap stages (including the mainnet launch which is expected to happen in Q1 2022)? And why not hiring those profiles from bitcointalk? Note that there is no mention about those open positions in this ANN thread .

I'm mentioning about this is open position in above, to inform people who came to this thread
https://bitcointalk.org/index.php?topic=5366028.msg58206120#msg58206120
I think these questions have already been answered by the mintlayer team. This is what he said in response to the question, which by now they should be complete enough to put mintlayer in success.

We still have space for more developers to join the team, we have the core team that we need to build Mintlayer but have room for some talented engineers to come and help. We're not actively looking but we are open to hiring if the right person comes along

[eXtremal]

Mintlayer is a bit unique, with a platform that everyone is likely to use in the future. Asset tokenization is very much used today, and into the future. Mintlayer is here to be the solution to that.

[soliton]

~

Tnx, I'm trying to dive dipper into Mintlayer tech and have learned that  users have the option to "create a transfer, opting in for peer-to-peer batching". Does it mean that if he/she makes the asset  transfer the pertaining transaction will be batched into a single coinjoin trx created with other Mintlayer users? If  that's the case then  the resulting coinjoin transaction will bring the privacy to the table, if I'm not wrong.