Enabling DeFi for Bitcoin: An interview with Mintlayer co-founder Enrico Rubboli

Mintlayer is a layer 2 protocol that enables customers to construct a decentralized finance ecosystem rooted within the established community of the Bitcoin blockchain. Mintlayer is the one DeFi platform that’s immediately interoperable with native Bitcoin.

In an interview with co-founder Enrico Rubboli, we talked in regards to the imaginative and prescient behind Mintlayer, its use instances, its current token launch, and what’s forward.

1. What was the imaginative and prescient behind creating Mintlayer?

The imaginative and prescient behind Mintlayer was to repair the issues that present DeFi ecosystems have in regard to tapping the liquidity within the Bitcoin community. We simply didn’t assume that anybody went about it the proper manner so as a substitute of complaining we determined to make it ourselves. 

2. How is Mintlayer enabling DeFi for Lightning Community and Bitcoin?

We’re constructing a layer 2 community that’s as interoperable with Bitcoin (and by extension the Lightning Community) as doable. By adopting a UTXO accounting system, being turing incomplete, and designing Mintlayer to not solely be appropriate with the expertise however with the mission of the Bitcoin neighborhood. We made the node environment friendly sufficient that it may be run on a median desktop pc within the background, and we don’t require customers to pay charges in ML tokens. These features have been essential to assist democratize the consumer base.

3. Discuss to us in regards to the use instances related to the Mintlayer platform?

Sooner or later, we see a whole lot of potential use instances concerned with initiatives which might be developed on the Mintlayer platform. We will energy mainly any DeFi software. Mintlayer additionally has an NFT token normal already obtainable.

In a shorter time-frame, Mintlayer is ready as much as provide safety tokens with our entry management lists, privateness tokens with our MLS-02 privateness token, and with Lightning Community integration we’re able to organising a DEX that converts funds nearly immediately. With this tech, it is possible for you to to pay to your espresso with Bitcoin and the espresso store will get a US Greenback stablecoin. 

4. What makes the platform stand out from the remainder within the crypto area? 

The primary factor is that we’re constructing round the most well-liked on-line forex, which can also be the biggest pool of liquidity within the crypto sector. Not like different DeFi initiatives, you should utilize native Bitcoin through atomic swap to commerce for any token on the Mintlayer blockchain. One other nice function is that we’ve a free price system, which means blocksigners can select which tokens they’ll settle for. 

5. What’s the Atomic Swap? Please focus on with us its options and capabilities.

An atomic swap is an change of cryptocurrencies between two separate blockchains. It means that you can take away third-party involvement and the necessity for pegged tokens. It really works by making a hashed timelock contract (HTLC) that reverts if all situations of the contract aren’t met inside a specified time interval, the identical kind of contract used to facilitate the Lightning Community. Atomic swaps permit customers to make use of their native Bitcoin in DeFi functions with out compromising custody.  This expertise is on the core of Mintlayer’s imaginative and prescient for a DeFi platform that may leverage Bitcoin with the least quantity of friction. 

6. How are you addressing privateness and safety issues related to the platform?

First, we’re utilizing applied sciences which have already confirmed to be very safe. UTXO, Verifiable random capabilities, atomic swaps. The idea of the Mintlayer blockchain makes regular transactions more durable to trace and establish than on different blockchains. When you actually need privateness, our MLS-02 token provides full privateness. Privateness is an enormous promoting level for the blockchain because it stands. 

7. Inform us extra in regards to the token launch? What’s ML?

Our token launch occasion is scheduled for March 21. Customers that chosen an ERC20 token will get their tokens then. It’s an enormous occasion as a result of it’s going to herald some change listings, and assist unfold the phrase about our venture. ML is our newly renamed native token. 

8. What are the functions of ML within the platform’s ecosystem?

There are 3 levels of utility for the ML token. Through the testnet ML tokens can be utilized to buy providers from RBB Lab. It will assist early builders get forward. Through the first iteration of the mainnet, ML will probably be required for all transaction charges. Builders will have the ability to use ML to execute good contracts. Customers can even stake their ML tokens to take part within the consensus mechanism, which can earn block rewards

9. Consumer engagement is essential for any platform. How are you ensuring you do that with regard to the token launch?

Now we have a number of the greatest advertising minds within the trade. We not too long ago had a TGE pre-sale initiative that bought out in 90 seconds. Our outreach and advertising technique has ramped up tremendously in preparation for the TGE. Our most important initiative nonetheless isn’t for the TGE – it’s for what comes subsequent.

The Mintlayer ecosystem fund will assist incubate and speed up the event of dapps and infrastructure. Builders fascinated by constructing on or porting a venture onto Mintlayer can already submit it for consideration. The fund will present capital but in addition join sources and fill within the gaps for any weak spot a growth workforce has. 

10. What lies forward in your roadmap? Inform us extra about it. 

After TGE we launch our testnet in Q2 2023, and the mainnet the quarter after that. By the top of the yr, we must always have a primary atomic swap system built-in into the platform, and that’s the starting of the intriguing a part of this venture. It gained’t be lengthy after that when customers will have the ability to pay transaction charges within the tokens they’re transacting, entry management lists will assist facilitate safety tokens, our MLS-02 token normal for confidential transactions goes dwell, programmable swimming pools for good contracts can be found, and the Lightning Community is built-in as a layer 3 protocol on Mintlayer.

Someday sooner or later, we are going to see an software on Mintlayer the place a consumer pays for a cup of espresso with a spinoff token pegged to safety (let’s say Tesla inventory) and the espresso store receives a USD stablecoin with out ever realizing what the client paid with. It’s this sort of paradigm shift that we want to see propagated to the lots. We consider that attending to that time is barely doable if you happen to begin with a forex that individuals belief, and for us that’s Bitcoin. 

For extra data on Mintlayer, please take a look at their official website.

Disclaimer: This can be a paid put up and shouldn’t be handled as information/recommendation.