Mintlayer is a Bitcoin sidechain dedicated to the tokenization of assets, such as stock tokens and stablecoins. It is a Byzantine fault-tolerant distributed and permissionless ledger protocol that uses the Bitcoin blockchain as a source of randomization and time calculation to determine the active roles that network participants play within a given time period.
It was created with an asynchronous network in mind where through its checkpoint system built into the protocol, it protects its Proof-of-Stake validation from long-range attacks.
Mintlayer Token (MLT) is the token users can use for staking, and it can also be spent as fees for any transaction like a gas token or as a fee to create other tokens on the Mintlayer blockchain. However, Mintlayer does not have a single gas token since every token can be potentially spent as a transaction fee.
Mintlayer’s wallet has multi-token support, including bitcoin (BTC), Mintlayer (MLT), and all tokens issued or pegged on the chain.
Check out this Tweet: Mintlayer’s $MLT token
The Mintlayer lightwallet
The Mintlayer developers are developing the very first Mintlayer lightwallet – a wallet that allows users to store Bitcoin (BTC), MLT, MLS-01 tokens, (standard fungible tokens), and other tokens issued on Mintlayer
The full spectrum of users, from institutional investors to beginner traders, benefits from Mintlayer’s wallet. In this non-custodial solution, users can access their funds from a hardware wallet or via private keys.
A light wallet offers the basic multi-token functionalities:
- Store or transfer existing wrapped tokens from any blockchains
- Redeem BTC on Bitcoin mainnet
- Store, send, and receive Bitcoin as any other traditional Bitcoin wallet (Bech32 native SegWit support, hierarchical deterministic BIP39
- Store, send, and receive MLT tokens and all MLS-01, MLS-02, MLS-03 tokens. MLS-01 are the standard fungible tokens, MLS-02 are privacy-oriented with confidential transactions, MLS-03 are non-fungible tokens (NFTs).
- In the case of MLS-01, it will be possible to batch transactions with other peers before broadcasting to the network to pay lower fees, alleviate the burden of the blockchain and fasten transactions.
- In the future, the wallet will support the Lightning Network for transactions (BTC, MLT and MLS-01).
- Peer-to-peer exchange BTC, MLT, and MLS-01 using atomic swap DEX
Also Read: Holding $MLT
Mintlayer is an open-source project, and every developer is free to contribute, fork the codebase, or create alternative software following the consensus/protocol RFC.
ACL (Access Control List) will be enabled for security tokens, which allows issuers to limit the degree of fungibility of given security tokens, like a stock, with upper and lower bounds.
Additionally, they can also stipulate that users can’t transfer the tokens until a specific date or time and that the transaction may require multiple signatures for approval.
Learn more about Mintlayer through its official website to get to know more about the protocol, the future of Mintlayer, and its plans moving forward.
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