Miden, a protocol specializing in confidentiality and rapid transaction speeds for large institutions, is doing polygon and has collected $ 25 million in a seed lap.
Funding will be used to develop the Miden roadmap, including the expansion of the ecosystem and the tools of developers.
This tour was directed by A16Z Crypto, 1KX and Hack VC, with the participation of Finatality Capital Partners, Symbolic Capital, P2 Ventures, Delta Fund and MH Ventures.
The design of MIDID, which uses zero knowledge technology, is intended for large institutions that need transaction confidentiality during the execution of major payment lots. For example, the protocol could be used for “whenever Apple had to pay a supplier, and people started playing with their public action course because of a misunderstanding of what is happening [on-chain]”Said Azeem Khan, co-founder of Miden, in an interview with Coindesk.
Khan has shared that many of these large institutions and investors tell the Miden team that they need a kind of confidentiality solution in accordance with regulations, but also does not compromise on performance and decentralization.
Thus, Miden, which should launch its main network by the end of the year, operates by allowing institutions and applications to choose if they wish to execute transactions in a large -scale or private manner, based on the network for fast speeds and confidentiality.
“It is very different from most other blockchains at the technical level, and this had to be different due to the type of use case and the functionality we want to allow,” said Bobbin Threadbare, another co-founder of Miden, in Coindesk. “I don’t think something like it is possible to build on Ethereum or Solana.”
Miden was incubated in the polygon in 2021 and was originally supposed to be a type of different scale for the ecosystem. The spin-off occurs while Polygon has changed its efforts on its agglayer, and the total locked value of the protocol has dropped considerably since the launch of Miden. Currently, 864 million dollars are locked in Polygon Networks, down approximately 80% compared to the day, Miden was announced at $ 4.4 billion, according to Defillama data.
“Miden is what the future of blockchains looks like,” said Sandeep Nailwal, the founder of Polygon Labs, in a press release shared with Coindesk. “With the execution from edge to the base, it is not only an upgrade – this is the plan for the final form of the blockchain architecture.”
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