What is the edge blockchain of 0xMiden with a financing of 25 million USD?

In traditional Blockchain, after users submit transactions, they are executed by miners or validators, with each node repeatedly calculating and saving the network's state. However, this can lead to some issues.

For example

Repeated execution wastes computing power / Serious state bloat / Poor user privacy, etc.

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@0xMiden The concept of this edge Blockchain created is to move execution and storage from the original network central nodes to the user devices at the network edge.

In simple terms, it means that users execute transaction logic on their local devices (smartphones, tablets, IoT terminals, etc.) and generate valid ZK proofs, while the on-chain nodes only need to verify this brief proof.

▪️The difference with traditional centralized chains

Traditional chains require all nodes to repeatedly execute every transaction and maintain a complete state, leading to execution redundancy and state bloat issues; however, edge chains avoid redundant calculations across the entire network, storing only small commitments or proofs on-chain, significantly reducing the burden on each node and eliminating execution bloat.

Through edge Blockchain, we can address scalability, privacy, and security issues while maintaining composability and network effects. The goal of @0xMiden is to create such a chain, aiming to achieve a difficult balance between privacy, scalability, and decentralization.

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Miden offers a path worth exploring. If it can successfully validate the feasibility of the edge blockchain model, it may usher in the third significant leap of blockchain technology: expanding from programmable trusted computing to infinitely scalable, privacy-preserving computing.

@schmiddominik1 @azeemk @ngjupeng @bobbinth