O (1) Labs, the team behind the development of the Mina Protocol (formerly Coda Protocol), raised $ 10.9 million in new capital.
The strategic investment cycle has been co-led by Three Arrows Capital and Bixin Ventures, with participation from HashKey Capital, NGC Ventures and Fenbushi Capital, among others.
With the support of these Asian investors, O (1) Labs plans to build a community of developers for the Mina blockchain in the region, co-founder and CEO Evan Shapiro told The Block. Mina has been in development since June 2017 and is expected to launch the mainnet “very early next year,” Shapiro said.
The protocol is built using a technology called zero-knowledge proofs, in particular zk-SNARK, which makes it possible to prove possession of certain information without revealing that information. “It helps developers build decentralized applications that deliver privacy and efficient computing, as well as verify data offline,” Shapiro said.
Mina will be a lightweight blockchain, maintaining a size of 22KB, Shapiro said. The zk-SNARKs technology “allows us to build very small proofs of the entire blockchain. You simply take the previous proof, and you recursively take the previous proof from the update and produce a new proof using the previous evidence. And that’s the evidence that is sent to verify the channel, “Shapiro said.
Considering the lightweight model, Mina will also work on phones and browsers, he added. When launched, Mina does not seek to compete with blockchains like Ethereum, but can interact with other protocols being a Layer 1 blockchain, Shapiro said.
When it comes to actual use cases for the Mina blockchain, Shapiro said they could include verifying traditionally private data, such as financial information and personal identity.
Today’s cycle brings O (1) Labs’ total funding to $ 29.4 million. The company previously raised a $ 3.5 million funding round in May 2018 and a $ 15 million Series A in April 2019 from investors such as Coinbase Ventures and Paradigm.
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