Polygon-incubated challenge Miden has raised $25 million in seed funding.
The seed funding comes from buyers together with a16z crypto, 1kx, and Hack VC, with backing from figures like Rune Christensen of MakerDAO and Sreeram Kannan of EigenLayer.
The spherical comes as Miden spins out of Polygon (POL) Labs’ Agglayer Breakout Program.
Led by former Meta blockchain engineers Bobbin Threadbare, Dominik Schmid, and Azeem Khan, Miden is constructing a brand new kind of zero-knowledge blockchain it calls an “edge blockchain,” in accordance to an organization release.
An edge blockchain strikes a lot of the computing and information storage from centralized servers to customers’ personal units, like telephones or laptops. This method helps apps run sooner, keep personal, and scale extra simply, with out counting on a single, congested blockchain.
Confidentiality and auditability
By decentralizing execution to the shopper aspect, Miden permits builders to construct apps with hybrid public-private states and complicated logic, whereas sustaining confidentiality and auditability.
It plans to combine with Polygon’s Agglayer and observe within the footsteps of different Breakout Program initiatives by distributing round 10% of its native token to POL stakers.
Miden is at the moment within the ultimate alpha part, with early builders onboarded by way of its Pioneer program. In accordance to 1kx’s Wei Dai, the challenge solves three important issues in blockchain infrastructure: fragmentation, scaling bottlenecks, and privateness.
The funding will help protocol growth, ecosystem development, and developer tooling. A mainnet launch is anticipated later this 12 months.
