Mintlayer is a protocol focusing on the development of decentralized finance (DeFi) ecosystem by utilizing the Bitcoin and Lightning Network. With a long-term focus on security, Mintlayer offers a reliable solution for scaling and accelerating the growth of decentralized finance.
Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (ML/USDT – Trade it here) on our Innovation Zone! Check it out now!
What Exactly is Mintlayer?
Mintlayer is at the forefront of creating a sustainable architecture for decentralized finance by leveraging the security model of Bitcoin. As the first blockchain-based system to offer direct token interoperability, Mintlayer provides a reliable and efficient platform for users to trade value, create systems, and functionalities. It also allows users to participate in truly trustless finance.
By utilizing advanced scalability, Mintlayer enforces network and user security while increasing node inclusivity. This ensures a long-term sustainable solution for decentralized finance. The innovative approach of Mintlayer also ensures that it is future-proof. Now, users can have a secure and reliable platform to engage with decentralized finance for years to come. Check out their official website now!
Understanding the Structure of Mintlayer
Mintlayer has a unique architecture that is anchored to Bitcoin. Every block in the Mintlayer blockchain has a reference to a Bitcoin block. Participants are selected among the stakers in each Mintlayer round, which lasts for 1008 Bitcoin blocks, to collaborate on creating the chain’s blocks.
To actively participate in the network consensus, a user must run a node and stake enough ML tokens to pass a minimum threshold. The algorithm will then enforce an automatic election. Here, users may be chosen as a participant, with higher token stakes increasing the chances of selection.
The selection mechanism utilizes hashes of the Bitcoin blocks as a randomization source to ensure an unbiased selection of participants and establish a random order for creating and validating blocks. During each round, at a specific time, each participant is requested to build and propagate a block, with all transaction fees collected. The long-term security of the Mintlayer chain is guaranteed by a checkpoint system on the Bitcoin blockchain. This system ensures that the Mintlayer chain remains secure and reliable for users.
Tokenomics of Mintlayer
The ML token is the native token for the Mintlayer ecosystem. The primary purpose of the ML token is to facilitate the Mintlayer Dynamic Slot Allotment Mechanism, whereby blocksigners verify the blocks created by signing them, and alternate in creating new blocks based on a selection algorithm.
The group of blocksigners is dynamic, and participating in the auction requires staking ML tokens. Anyone can apply for the blocksigner role by staking enough ML tokens. For reference, 40,000 tokens are equivalent to 0.01% of the initial total token supply). To promote community participation, the ML token holders can also express their opinions on the network’s development. Users can help prioritize roadmap events, suggest features, and more. Additionally, the ML token can be used to pay network fees and token issuance fees when creating tokens on Mintlayer.
Where to buy ML Token
You can find ML Token here at MEXC! We are listing ML/USDT in our Innovation Zone!
What is the Price of ML Tokens?
The live price of ML token is coming to MEXC soon. You can check the live price of their token right here!
How to buy ML Tokens on MEXC
You can buy ML Tokens on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “ML” using the search bar to see the available trading pairs. Take ML/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of ML you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy ML] to confirm your order. You will find the purchased ML in your Spot Wallet.
You can find a detailed guide on how to buy ML Tokens here.
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