O(1) Labs lightweight blockchain project Mina has raised close to $10.9 million in funding. That was possible courtesy of a funding round by Bixin Ventures and Three Arrows Capital.
A news post on coindesk claimed that O(1) Labs lightweight blockchain project Mina, formerly known as Coda Protocol, raised close to $10.9 million in funding. The funding round was co-led by Bixin Ventures is a Hong Kong-based firm, and Three Arrows Capital, a Singapore-based company.
Evan Shapiro, the CEO of O(1) Labs, said that it would launch this year because of the holiday season. Shapiro feels that the launch of blockchain during a holiday period may not get the desired results.
CryptoCoinsMarket is an online database for crypto coin had this to tweet on O(1) Labs lightweight blockchain project Mina has raised $10.9 million.
O(1) Labs’ lightweight blockchain project Mina, formerly known as Coda Protocol, has raised $10.9 million. "O(1) Labs Raises $10.9M More for Lightweight Mina Protocol" https://t.co/QG8ZVUMBk4 #Bitcoin #crypto
— CryptoCoinsMarket (@ccoinmarket) October 21, 2020
A distinct feature of Mina is its lightweight design. It needs only 22KB to store a Mina blockchain copy due to its dependence on zk-SNARKs. Shapiro added that Mina wants to address the failure of legacy blockchain like Bitcoin and Ethereum to push users from participating.
Mina completed its adversarial testnet with 1,000 unique participants before the launch on mainnet by the end of last year. In 2018, O(1) Labs were able to raise a $3.5 million seed round and $15 million in a series A round in April 2019.
Few of the investors were Polychain, Paradigm, and Coinbase Ventures. Kyle Davis, who is a co-founder of Three Arrows Capital, said that Mina wants to present a lightweight layer one blockchain solution of security, decentralization, and scale.
Davis added that daily blockchain users like them want to support the Mina team and ecosystem. A news article on theblockcrypto claimed the same with O(1) Labs raising close to $10.9 million.
CEO Evan Shapiro said that Mina was being designed since June 2017, and it is only a matter of time before it gets released on the mainnet. zk-SNARK is a protocol that is being used to design the zero-knowledge proofs for proving possession of data without revealing identities.
Shapiro added that it helps designers to develop decentralized applications with intense privacy and elegant computing. The offline data can be verified too. As it is only 22KB, the chances of occupying too much space are not there.
zk-SNARKs technology helps to design small proofs in the whole blockchain. You just have to be able to make use of the previous proof. When you recursively uptake the previous proof that is present of the update, and you can be capable of producing a new proof using previous proof.
Shapiro also said that they are keen on designed browsers and phones as well. However, they need to go ahead signal. Though Mina may not compete with colossal blockchains like Ethereum, it can rival a Layer-1 blockchain.
For real use cases of the Mina blockchain, Shapiro felt that it might include verifying data that has been typically private. They include financial information and personal identity. As of now, O(1) Labs’ total funding is close to $29.4 million.