What is Mina Protocol?
Mina is the first cryptocurrency protocol with a succinct blockchain, allowing users to quickly synchronize and verify the network.
The current blockchains like Bitcoin and Ethereum store hundreds of gigabytes of data, and over time their blockchains will only grow in size. However, with Mina, no matter how much usage increases, the blockchain remains the same size – around 22kb (the size of a few tweets) and lighter than 1/10 million other blockchains.
This breakthrough was made possible thanks to zk-SNARKs – a kind of concise cryptographic proof. Every time a Mina node generates a new block, it also generates a SNARK proof to verify that the block is valid. All nodes can then store the small proof, as opposed to the whole chain. No more worrying about block sizes, the Mina protocol allows a blockchain to be decentralized on a large scale.
Roles in Mina Network:
- Verifiers: load zk-SNARKs to continuously verify status validity within milliseconds
- Block producers: have a similar role to miners or stakers of other chains, benefiting from staking rewards and user transactions. In addition to direct staking, they can also delegate staking to other block producers. To ensure blockchain brevity, for each transaction they add to a block, they must SNARK equal to the number of previously added transactions.
- Network participants (Snarkers): generate zk-SNARK to verify transactions and receive payment of fees from block producers.
Mina’s key features
- Ease of Access: Other blockchain protocols are often too heavy and need a intermediary to run the nodes and regenerate old energies. But with Mina’s ultra-lightweight, anyone can connect peer-to-peer, quickly synchronize and verify chains. Built on size-consistent cryptographic proofs, Mina will always be open to all users — even as i scales.
- Completely Decentralized: With Mina, users perform 02 simultaneous chain synchronization and transaction verification, just like an independent node. Mina is designed for anyone to participate in proof-of-stake consensus, censorship resistant, and blockchain secure.
- Self-management of data via decentralized application: Nowadays, users often trade their personal data for market participation. But with Mina’s decentralized application, operated by SNARK (Snapps), users and partners will have control over the data. Users only need to authenticate and share proof of that data without directly handing over the data.
- Connecting Cryptocurrencies to the Real World: Other blockchain protocols cannot interact with the internet, limited in scope and utility. But Mina’s apps can interact with any website and access verified data for on-chain use, completely secure. So developers can access real-world information, without compromising the privacy of user data.
- Operated by Users themselves: Instead of being operated by an intermediary ecosystem, Mina is operated by a large number of users who act as verifiers and block producers.
What is the MINA token?
MINA is the utility token of the Mina Protocol platform, which has the following uses:
- Staking: users participate in operating MINA stake nodes to secure the network and receive rewards.
- Transaction fee: users pay transaction fees on the network for each interaction with Snapps on the Mina network.
- Block Production: block producers profit from staking MINA and produce new blocks on the blockchain.
Specifications
- Token name: Mina Protocol
- Symbol: MINA
- Blockchain: Mina Blockchain
- Total supply: 845,221,852 MINA
- Circulating supply: 255,510,311.84 MINA
MINA token Price today
How to buy MINA
Mina Protocol (MINA) has been listed on Attlas Exchange.
Traders can easily and securely buy MINA with lowest fees on Attlas Exchange.
Step 1: Download the app and register an account
Step 2: Select Market on the toolbar at the main screen
Step 3: Select Spot
Step 4: Find MINA
Step 5: Select Buy
Summary
This article is an overview of Mina Protocol (MINA), not a financial advise.
Users are advised to do their own research before making any trading decisions.