Mirror L2
Provides a decentralized and secure Bitcoin staking solution for POS L1/L2 projects.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
* | N/A | Seed | |
| Total Funding | 000k | ||
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Mirror L2, which rebranded to Mirror Staking Protocol in March 2024, is a decentralized, cross-chain platform focused on asset management. Founded in 2023 and based in Palo Alto, California, the company aims to enhance Bitcoin's utility by enabling staking capabilities. The entity has successfully completed its first seed funding round in March 2024, with participation from UTXO (Bitcoin Magazine's investment arm), Conflux, and IMO Ventures, although the specific amount raised was not disclosed.
The core of the business is a Layer 2 scaling solution for the Bitcoin network. It operates as a decentralized Proof-of-Stake (PoS) network that is compatible with the Ethereum Virtual Machine (EVM), allowing for the integration of smart contracts. This infrastructure is designed to facilitate faster and more affordable transactions by processing them off-chain, while relying on the main Bitcoin blockchain for final settlement, thus addressing Bitcoin's scalability limitations. The protocol uses BTC for transaction fees (GAS) and introduces mBTC, a mirrored version of BTC, as collateral on the Layer 2 network.
The company's primary service is providing a secure and decentralized BTC staking solution for other BTC Layer 2 projects. This is achieved through a proprietary overlapping group multi-signature (MSG) algorithm, which is managed by a large number of nodes to balance security, staking rate, and decentralization. By doing so, Mirror acts as a foundational utility layer, akin to a battery pack for an electric vehicle manufacturer, providing the necessary computing power and security for other L2 networks to build upon. The team behind the project reportedly has extensive experience, with members coming from companies and institutions like Microsoft, Google, MIT, and Tsinghua University.
Keywords: Bitcoin Layer 2, decentralized staking, Proof-of-Stake, EVM compatible, cross-chain asset management, Bitcoin scaling solution, Mirror Staking Protocol, mBTC, multi-signature algorithm, off-chain transactions, crypto asset management, blockchain infrastructure, decentralized finance, crypto staking, UTXO, Conflux, IMO Ventures, FinTech, cryptocurrency, digital currency exchange