Home
News
- 1 The Mina protocol is a balanced protocol and also one of the lightest.
- 2 MINA uses the Zero-Knowledge proof
When developers build a blockchain they have three desirable attributes: scalability, decentralization, and security which are a little bit difficult to implement under one protocol. However, Mina is one such protocol balancing all these attributes.
Mina Protocol Overview
Mina Protocol is the lightest blockchain which uses zero-knowledge proof. It is the first cryptocurrency with a concise blockchain. It was made to cut down the computational requirements to run DApps more efficiently. It is known as the lightest blockchain in the world as its size remains constant despite the increase in usage. Mina protocol can compress 100s of GBs into KBs in size. As compared to Bitcoin’s 300 GB blockchain size, Mina network has a size of only 22 KB. Moreover, it grants verification of the blockchain on a mobile phone. Earlier, the project was known as the Coda Protocol, but in October 2020 it was rebranded as Mina.
Mina Protocol’s Aims
The main objective of Mina is to accomplish a smoothly distributed payment system so that users can verify the platform from the Genesis block. In its white, it is known as the succinct blockchain. Using Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs), the Mina protocol authenticates information without revealing it. However, it is not possible to trace the whole network so Mina computes SNARKS which only focuses on the last few blocks means the end user checks that zk-SNARK-compressed proof, instead of a block’s entire transaction history.
How Does the Mina Protocol Work?
Mina is like Bitcoin but in terms of transactions, they are different. Bitcoin tracks the unspent coins, on the other hand, Ethereum keeps track of the balances of the account. However, mina uses a prover or a snarker which is equal to miner which makes sure that each block commits to the state. Mina uses the Ouroboros Samasika, a PoS mechanism specially designed for succinct decentralized networks that provide bootstrapping from a genesis block.
Furthermore, there are two main functions of Succinct blockchains: one is verified and another one is updated. Verification touches on consensus, blockchain summary, and blocks, while the update function interacts with consensus and chain summary. Mina uses a parallel scan state to make transaction processing faster. In other words, if the group of blocks is not proven yet then it will be assigned to other provers so that it can be done faster and the network can be more efficient.
Mina Protocol Participants
Currently, most platforms use verifiers, such as miners/stakers and light clients, as third parties when verifying transactions on their platforms. However, Mina takes a different path by having multiple participants who handle specific functions on the decentralized network.
Mina has different kinds of participants, each doing a specific job on the network in which main roles are verifiers, block producers, and snarkers.
Easy Steps to Buy MINA Token
Buying a MINA token is as easy as snapping a finger and holds the potential to make you a member of the cryptocurrency community. Individuals wishing to buy MINA just need 15 to 20 minutes, a suitable exchange, and a sufficient amount.
The coin is available on different platforms and some of the top platforms are Binance, Kraken, Coinbase, and KuCoin, holding high confidence for the MINA token. Comparing all these exchanges based on customer support, payment modes, transaction fees, and other services helps in making a worthwhile choice. Different platforms offer different fee structures, payment modes, and support to particular coins, and thus, making a comparison will help in making the right choice.
After selecting a platform, the next step is to create an account, in case you are a new user. Account creation and verification are a must to make a secure purchase and store the MINA token safely. Following the sign-up process is all you need to follow to create and verify the account. Once done, the next thing to do is transfer funds to the account to buy MINA coins. Bank transfer, PayPal, Cryptocurrency, or Debit/ Credit card are some of the options to make deposits.
Surprisingly, you do not need a particular amount to purchase the token which is one of the best parts of the buying process. After making payment, you can purchase the MINA coin for the decided amount. Following the purchase instructions is all you need to do now. Once done, the MINA tokens will be reflected in your account which can be further transferred to other wallets. Auro Wallet, Ledger Mina, Clorio Wallet, and Staking Power are some good crypto wallets supporting MINA coins.
MINA’s total supply is 1,094,447,693 MINA and the circulating supply is 1,001,117,322 MINA.
Conclusion
Mina is a new kind of cryptocurrency that aims to be the lightest and most scalable blockchain in the world. It uses zk-SNARKs, a type of proof that can compress the entire blockchain into just 22 KBs. Its participants include verifiers, block producers, and snarkers, who perform different functions on the network. Mina is a high-risk, high-reward investment that could revolutionize the blockchain industry.
FAQs
What is the MINA coin used for?
MINA, the native currency of the Mina blockchain, is used to make network transactions and distribute fees between crypto users, offering an opportunity for individuals to become a part of the crypto community.
Does Mina work with smart contracts?
Mina blockchain network works with lightweight smart contracts to emerge as a global payment system. Addressing scalability issues in the current blockchain and boosting total transaction throughput is the key motive.
Which blockchain is used by the MINA token?
MINA, one of the emerging cryptocurrency streams over the Mina Protocol, is a layer-1 blockchain that aims to be privacy-preserving, lightweight, and easily verifiable.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
