A16Z Crypto led an investment touch of $ 25 million in Miden, an independent blockchain project was released from Polygon Labs.
Miden has closed its 25 million dollars seed tours led by A16Z Crypto, 1kx and Hack VC, with the participation of Finality Capital Partners, Symbolic Capital, P2 Ventures, Delta Fund, MH Ventures, as well as providential investors, including Sreeram Kannan from Makerdao.
Miden is a blockchain propelled by zero knowledge (ZK) focused on high scalability via its hybrid consensus mode, which moves the execution of transactions from Mainnet on “Edge devices”, referring to user devices.
Designed for institutions that appreciate confidentiality, MIDID allows applications to execute public and private transactions with a privacy, according to an announcement of April 29 shared with Cointtelegraph.
Execution on EDGE peripherals can help with “bottlenecks that limit traditional channels,” said Bobbin Threadbare, co-founder of Miden and former Meta engineer, adding:
“It allows blocks of failure blocks without counting on supernodes or by sacrificing decentralization, while making private life an integrated function instead of a reflection after the fact.”
The 25 million dollars will be used to finance the development of Miden, and its main launch is scheduled for the fourth quarter of 2025.
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Miden is “the future of blockchains”, explains Nailwal by Polygon Labs
“Miden is what the future of blockchains looks like. With the execution of the base at the base, it is not only an upgrade – this is the plan for the final form of blockchain architecture”, according to Sandeep Nailwal, the founder of Polygon Labs.
“With ambitions to compete with Solana, SUI and Aptos – and to be the epicenter of cross -liquidity to aggay as an indigenous chain and help develop the Spear ecosystem – building independently naturally positions Midden to attract capital and the necessary development to compete at the highest level,” added Nailwal.
Miden plans to ventilate around 10% of his native tokens in Polygon (POL), tokens and stakers to reward his native ecosystem.
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No existing blockchain is ready for mass adoption: the co-founder MIDIN
“The reality is that no existing blockchain is ready for mass adoption”, is lacking in confidentiality, scalability or native web3 principles such as resistance to censorship, according to the Threadbar of Miden.
However, Miden’s infrastructure can be a “catalyst for great institutional adoption,” he said, adding:
“The reality is that until that time, blockchains were unable to offer confidentiality without compromising performance or programmability, which is a major problem.”
Large technological companies joining space require confidentiality solutions with regulatory compliance, leaving a significant gap for solutions like MIDID, added the co-founder.
Other industry observers have also criticized the lack of industry confidentiality to limit institutional adoption.
Confidential IT technologies such as fully homorphic encryption could unlock the $ 1 billion in the following capital for the cryptographic space with continuous technological development, the founder of Inci, told Cintelegraph told Remi.
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