Figment Joins Mina as a Genesis Founding Member

Clayton Menzel
March 20, 2020
2
minute read

Figment is proud to announce that we have been invited to join Mina (previously Coda) as a Genesis Founding Member, based on our performance across 7 months of active participation in their Testnet Beta, where we ranked #1 on the leaderboard for phase 2. Genesis Founding Members are given the opportunity to be the first to strengthen and harden the protocol, create tooling and documentation, and build the community on Mina. Figment is part of Genesis Cohort 1 along with 39 other Founders. 960 of 1000 total spots still remain open for professional and hobbyist node operators to join.

Coda Genesis

About the Genesis Program

Mina’s Genesis Program is designed to prepare participants to become the network’s first block producers. Upon mainnet launch, Mina plans to evenly distribute 6.6% of the protocol to all Genesis Founding Members, equalling 66,000 Mina tokens to each Founder. 

Genesis Founding Members must stake their tokens and participate as block producers for at least a year on Mina or they will forfeit their tokens. After a year, a quarter of the tokens will be unlocked and the rest will become unlocked on a monthly basis over the following three years.

Figment and Mina

Mina has been on our radar for quite some time now, and we have developed quality relationships with the core team behind Mina, while being actively involved in their incentivized testnet and building our analytics tool, Hubble, for the network. 

Current blockchains like Bitcoin and Ethereum have no block size limit and only continue to grow in size. This leads to a scalability problem that is unsustainable at its current rate, and ultimately inaccessible to most end users. Mina plans to solve this problem with a “fixed” blockchain size of around 20 kilobytes through the use of recursive computation and zk-SNARKs. This revolutionary technology could potentially solve the blockchain scalability problem, while also creating a more accessible and sustainable network.  

“We’re excited to be part of Mina by providing both infrastructure as a block producer and analytics with Hubble. We see Mina as a bold exploration of blockchain frontiers and we look forward to participating in this groundbreaking new protocol.” 


- Andrew Cronk, Co-founder & Head of Product at Figment

"We're happy and honored to have Figment, one of the highest performing block producers on Mina's testnet and the winner of our testnet phase 2, join the Genesis token program. The involvement of top validators like Figment ensures a robust, decentralized network as Mina gets ready for mainnet launch." 


- Evan Shapiro, CEO at O(1) Labs, the team behind Mina Protocol

For more information on Mina, check out our Staking Hub AMA recap, our first look article, and Mina’s whitepaper

Additional information about staking Mina with Figment can be found on our Mina landing page. This page will be updated after mainnet launch. 

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