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Polygon-incubated blockchain project Miden has successfully raised $25 million in seed funding. The funding round saw participation from prominent investors such as a16z crypto, 1kx, and Hack VC, alongside notable backers like Rune Christensen of MakerDAO and Sreeram Kannan of EigenLayer.

Spinning Out of Polygon Labs

This funding comes as Miden transitions out of Polygon Labs’ Agglayer Breakout Program, marking a significant milestone in its journey. The project is spearheaded by a team of former Meta blockchain engineers, including Bobbin Threadbare, Dominik Schmid, and Azeem Khan. Miden is focused on developing an innovative type of zero-knowledge blockchain, which it refers to as an “edge blockchain.”

What Is an Edge Blockchain?

An edge blockchain shifts most computing and data storage from centralized servers to users’ personal devices, such as smartphones and laptops. This decentralized approach enhances application performance, ensures privacy, and allows for better scalability without relying on a single, congested blockchain network.

Enhanced Privacy and Auditability

By decentralizing execution to the client side, Miden enables developers to create applications with hybrid public-private states and complex logic. This approach maintains both confidentiality and auditability, making it a versatile solution for blockchain-based applications.

As part of its roadmap, Miden plans to integrate with Polygon’s Agglayer and emulate other successful projects from the Breakout Program by distributing approximately 10% of its native token to POL stakers.

Addressing Key Blockchain Challenges

Miden is currently in its final alpha phase, with early developers already onboarded through its Pioneer program. Wei Dai from 1kx highlighted that Miden addresses three critical issues in blockchain infrastructure:

  • Fragmentation: Uniting disparate blockchain ecosystems.
  • Scaling Bottlenecks: Improving transaction throughput and network efficiency.
  • Privacy: Offering robust confidentiality without compromising functionality.

What’s Next for Miden?

The $25 million seed funding will be allocated toward protocol development, expanding the ecosystem, and creating developer tools. A mainnet launch is expected later this year, bringing Miden closer to its goal of transforming blockchain infrastructure.

Stay informed on the latest updates in cryptocurrency, blockchain technology, and finance to stay ahead in this rapidly evolving industry.

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