Gate.io, the cryptocurrency exchange made a joint announcement with the Bitcoin-based Layer 2 platform, Mintlayer (ML), that the two of it were joining hands for new-age businesses. The announcement further said that Gate.io will list Mintlayer (ML) ERC-20 tokens on its spot trading module.
Traders will be able to see the new changes and newly added tokens from today onwards, that is Marc 24, 2023. Reportedly, the ML/USDT pair will be activated at 11:00 AM (UTC).
Gate.io is set to start its trading operations with Mintlayer from March 24 onwards.
On its official Twitter handle, Mintlayer posted that they have a listing update. The trading operations were supposed to start earlier. The tweet read that Mintlayer has decided to postpone the trading of its token $ML on the platform of Gate.io for another 24 hours.
It said that this decision has been made based on the discussions with the team members and the advisors. It also said that deposits will open shortly.
Previously, it was announced that the traders will have options to deposit their ML tokens into their Gate.io wallet starting from March 21 onwards.
ML token will be launched on March 22 on Gate.io and that trading will start on March 23. Once the trending operations are activated, those who have been already using Gate.io will have options to get access to the Bitcoin (BTC) L2 sidechain.
Mintlayer has issued a statement that said Gate.io will provide a fantastic platform for ML users to trade their tokens in the most convenient and efficient manner. It continued that the team was looking forward to being a part of the cutting-edge ecosystem that Gate has developed over the past decade.
What Is Mintlayer (ML)?
Mintlayer is a future-proof blockchain that offers secure solutions for scaling and accelerates the future of decentralized finance.
The functioning protocol of Mintlayer is designed in a way to eliminate the shortcomings of Ethereum and improves the available features of the Bitcoin infrastructure.
What Is Mintlayer Protocol?
Mintlayer protocol runs to deliver scalability, enhance decentralization, provide security, increase interoperability, enable privacy, and reduce friction.
- It delivers scalability by shrinking transaction batching TX size up to 70 percent, and increasing the transaction throughput of the second layer Lightning Network. Scalability reduces fees, as well as, network pollution.
- Decentralization is enhanced by the built-in DEX that permits direct P2P transfers with zero presence of interference and censorship. It also, comparatively, has less number of barriers to run a node.
- The Dynamic Slot Allotment (DSA) consensus ensures security. It refines PoS.
- Interoperability is boosted by multi-token usability. It enables cross-blockchain transfers, multiple token transaction grouping, and peg in and peg out to the traditional currencies.
- Privacy concerns are handled by the UTXO structure. A unit of UTXO can be described as an indivisible blob of Bitcoin that is locked to a single owner. Further, there are batching procedures to cover the balance in an individual’s wallet or user account, and also the transfer data. Users have the option to create tokens in an exclusively anonymous mode known as the Confidential Transaction.
- Frictions are reduced in the platform by letting financial markets to operate without the current limits of the blockchain. This is done by making transactions at a cheaper rate and more faster. Additionally, native gas tokens are provided at a free cost.
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How Does Mintlayer Enable Decentralized Finance?
Decentralized finance is a noted feature of Mintlayer. How is it done? What are the methods adopted?
The security threats are solved by adopting three-dimensional approaches.
The approaches are Bitcoin Anchoring, Checkpoint System, and Randomized Selection.
- Bitcoin Anchoring: All Mintlayer blocks act as a block on Bitcoin. Each of the Mintlayer blocks lasts for a time duration of one week, which is 1008 Bitcoin blocks. What this does to Mintayer is that it frees the latter from having to depend on external sources in time validation and hence solves PoS-based blockchain problems.
- Checkpoint System: The checkpoint system acts as a shield against the Proof-of-Stake (PoS) long-range attacks. What makes it stand apart is the feature that any participant in the network can enable this. Meaning that anyone can enforce the checkpoints from Mintlayer to Bitcoin to ensure the irreversibility of the network.
- Randomized Selection: The three-dimensional approach of randomized selection functions to aid the creation and validation of blocks. The stakers are selected in a random process by the protocol itself. It also makes sure that each of the users is provided with equal random chances in the participation of the maintenance of the chain. It depends on the amount the at has been staked by the user.
What Is Mojito Wallet?
Mintlayer has a crypto wallet by the name Mojito wallet.
Mojito wallet can store Bitcoin tokens and ML tokens. Mojito offers low-cost, instant transactions by aiding Lightning Network.
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