Mina’s raise represents FTX Ventures’ first major backing of zero knowledge smart contract technology, reflecting the crypto industry’s increased focus on bringing zero knowledge-based apps to Web3 to ensure user privacy and end-to-end security.
SAN FRANCISCO, CA. March 17, 2022
Casino smart contracts such as Mina allow $1 Mega Moolah casino to run on blockchain, putting the player and casino on equal footing. Smart contracts are pieces of code or software that run on blockchain and verify conditions. They execute themselves without human intervention. For example, smart contracts run vending machines, verifying that the money in the machine is the correct amount, and so forth.
However, there are some challenges associated with casino smart contracts. One is their lack of mass adoption. The technology is still in its early stages, and a smart contract may not be suited for all casinos. The casino industry must adapt to a new paradigm. Smart contracts may be a good way to ensure a fair and transparent gaming experience.
The technology allows online casinos to offer fair gaming and transparent operations. In addition, decentralized online casinos offer greater transparency because there are no third parties to oversee the games. Because they use blockchain networks to record all gaming activity, they eliminate the possibility of fraud and guarantee fairness. Additionally, smart contracts do not require centralized intermediaries, so players are able to play for real money with complete confidence.
Cryptocurrency is a great way for casinos to accept payments and provide a safe and secure environment for players. Unlike fiat currency, which needs third-party financial institutions, cryptocurrency transactions are verified immediately through a network of cryptography. They are also faster than other payment methods. Using cryptocurrency in online casinos enhances their reliability and makes their environment more secure and favourable. It makes promises to provide players with anonymity, security, efficiency, and transparency.
Blockchain technology is important for online casinos, because it can ensure that games run fairly. This means there is little room for manipulation. It also allows users to deposit and withdraw funds at any time, without worrying about caps or restrictions. Furthermore, a reliable blockchain can prevent the use of fraudulent websites that may have shady intentions.
In addition to ensuring fairness and safety, a reliable blockchain provides an easy way for users to transact with each other. It is a public ledger, and any activity in this network is recorded as crypt values. This makes it virtually impossible for players to cheat or be duped.
In addition to providing privacy and security, blockchain technology for online casinos offers ease of use, efficiency, and cost-effectiveness. Moreover, it provides greater transparency for consumers and may attract new customers. It also allows operators to lower transaction fees, which can lead to improved odds and greater promotional offers for players.
Casinos should be looking for ways to incorporate blockchain technology in their gaming operations. A reliable blockchain can assure fairness, security, reliability, and confidentiality. This makes the digital industry even more attractive to consumers. Besides, casinos can use it to make sure players are receiving a fair shot. However, the adoption of blockchain technology in online casinos has been slow, but recent trends show that it has gained momentum. The success of the technology will depend on the market participants.
Blockchains also offer improved security and transparency in online casinos. They are becoming increasingly popular as payment methods for online casinos. Despite a lack of trust in conventional casino operators, players are increasingly choosing cryptocurrency-based platforms to play online. While blockchains are still in their early stages, they are likely to be a big part of the future of online gambling.
The Mina Ecosystem secured $92M through strategic and private sales of MINA led by FTX Ventures and Three Arrows Capital, with the participation by FTX representing the venture fund’s first major backing of zero knowledge-based smart contract technology. The leads were also joined by Alan Howard, Amber Group, Blockchain.com, Brevan Howard, Circle Ventures, Finality Capital Partners, Pantera, and five existing backers of the ecosystem. The funds will be deployed to accelerate Mina’s adoption as the leading zero-knowledge platform within Web3 by attracting world-class developers.
Brian Lee, Partner and Investor at FTX Ventures, said, “Mina’s lightweight blockchain architecture allows the protocol to reach a new level of decentralization by enabling everyone to easily participate in the network. That, combined with its native data-privacy capabilities makes it a unique L1 with massive potential to shape the future of Web3.”
Zhu Su, Co-Founder of Three Arrows Capital, said, “We’ve chosen to double-down on supporting the Mina Ecosystem because we believe strongly in Mina’s fundamentals as a unique Layer-1, as well as the team’s unparalleled expertise in zero-knowledge technology. zkApps enable any developer to easily build Web3 applications that respect users’ privacy, bringing actual utility to everyday users. Combined with Mina’s unique lightweight design, zkApps will become accessible on any other platform, including other chains and smartphones.”
Evan Shapiro, CEO of the Mina Foundation, the public benefit corporation serving the Mina Protocol, said, “We are pleased to have worked with the Mina ecosystem and world-class funds on this $92M raise. This validation from some of the most respected entities in crypto bolsters our aim to ensure that Mina becomes the go-to privacy and end-to-end security layer for Web3 while remaining powered by participants.”
Mina Protocol enables a more secure and private Web3 where users own their data through the deployment of zero knowledge proof-based applications or smart contracts. Zero knowledge proofs (ZKPs) have been popularized by the recent attention drawn to zk-rollups as a scaling solution to Ethereum’s high gas fees.
Mina takes ZKP-based technology to the next level by putting it in the hands of everyday users via zkApps, Mina’s ZKP smart contracts. Mina’s zkApps’ easy programmability enables Web3 applications that preserve user data privacy to be securely verified by smartphones and browsers as well as securely bridged to other chains. This is made possible thanks to recursive ZKPs being baked into the core design of Mina, enabling encapsulation of the entire chain’s history in a single ZKP.
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About Mina Protocol
Mina is the world’s lightest blockchain, powered by participants. Rather than apply brute computing force, Mina uses advanced cryptography and recursive zk-SNARKs to design an entire blockchain that is about 22kb, the size of a couple of tweets. It is the first layer-1 to enable efficient implementation and easy programmability of zero knowledge smart contracts (zkApps). With its unique privacy features and ability to connect to any website, Mina is building a private gateway between the real world and crypto—and the secure, democratic future we all deserve. Mina is stewarded by the Mina Foundation, a public benefit corporation headquartered in the United States.