A16z Crypto led a $25 million funding spherical into Miden, an impartial blockchain venture spun out of Polygon Labs.
Miden closed its $25 million seed rounds led by a16z Crypto, 1kx, and Hack VC, with participation from Finality Capital Companions, Symbolic Capital, P2 Ventures, Delta Fund, MH Ventures, in addition to from angel buyers, together with MakerDAO’s Rune Christensen and EigenLayer’s Sreeram Kannan.
Miden is a zero-knowledge (ZK) proof-powered blockchain targeted on excessive scalability by its hybrid consensus mode, which strikes transaction execution from the mainnet on “edge units,” referring to customers’ units.
Designed for establishments that worth confidentiality, Miden allows purposes to execute each private and non-private transactions with full privateness, in accordance with an April 29 announcement shared with Cointelegraph.
Execution on edge units may help with the “bottlenecks that restrict conventional chains,” stated Bobbin Threadbare, the co-founder at Miden and former engineer at Meta, including:
“It permits blockchains to scale with out counting on supernodes or sacrificing decentralization, whereas making privateness a built-in function as an alternative of an afterthought.”
The $25 million will likely be used to fund Miden’s improvement, and its mainnet launch is slated for the fourth quarter of 2025.
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Miden is “the way forward for blockchains,” says Polygon Labs’ Nailwal
“Miden is what the way forward for blockchains seems like. With edge execution at its core, it’s not simply an improve — it’s the blueprint for the ultimate type of blockchain structure,” in accordance with Sandeep Nailwal, the founding father of Polygon Labs.
“With ambitions to rival Solana, Sui, and Aptos — and to be the epicenter of crosschain liquidity for Agglayer as a local chain and assist develop the Agglayer ecosystem— constructing independently naturally positions Miden to draw the capital and focus wanted to compete on the highest degree,” Nailwal added.
Miden plans to airdrop round 10% of its native tokens to Polygon (POL) tokenholders and stakers to reward its native ecosystem.
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No present blockchain is prepared for mass adoption: Miden co-founder
“The truth is that no present blockchain is prepared for mass adoption,” both missing privateness, scalability, or Web3-native rules reminiscent of censorship resistance, in accordance with Miden’s Threadbare.
Nevertheless, Miden’s infrastructure could also be a “catalyst for giant institutional adoption,” he claimed, including:
“The truth is that up till this level, blockchains haven’t been within the place to supply privateness with out compromising on efficiency or programmability, which is a significant challenge.”
Massive tech companies becoming a member of the area require privateness options with regulatory compliance, leaving a big hole for options like Miden, added the co-founder.
Different business watchers have additionally criticized the business’s lack of confidentiality for limiting institutional adoption.
Confidential computing applied sciences reminiscent of absolutely homomorphic encryption may unlock the subsequent $1 trillion value of capital for the crypto area with continued technological improvement, Remi Gai, the founding father of Inco, advised Cointelegraph.
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