Bitcoin BTC had an issue of scalability that had an impact on all blockchain networks, as well as the cost and time it takes to process transactions. While numerous blockchain networks have proposed solutions to the problem, they have all run into difficulties due to faults. The Mina (MINA) protocol, on the other hand, is altering that with its notion of a concise blockchain. Mina is focusing on a decentralized transaction mechanism that allows consumers to validate the platform natively from the genesis block. This is referred to as a "succinct blockchain" in the whitepaper.
About Mina
Mina Protocol is a “succinct blockchain” designed to reduce computing needs so that DApps may operate more quickly. Mina has been dubbed the world's lightest blockchain due to its ability to maintain its weight despite increased usage. In addition, it maintains a balance between security and decentralization. Prior to 2020, Mina was known as Coda Protocol. Later on, it was rebranded as Mina in October 2020.
The protocol employs zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), a cryptographic proof that allows someone to authenticate data without disclosing it. However, in a big network, allowing a user to track the platform back to its genesis block might be difficult. Mina truncates SNARKS gradually, focusing just on the past few blocks, allowing end-users to examine that zk-SNARK-compressed evidence rather than the full transaction history of a block.
The MINA native money, which serves as a utility coin and means of trade, lies at the heart of the Mina protocol.
What is Mina [MINA]?
Mina is the first cryptocurrency network that uses a succinct blockchain. Current cryptocurrencies such as Bitcoin and Ethereum hold hundreds of terabytes of data, and their blockchains will only grow in size over time. However, with Mina, no matter how much consumption rises, the blockchain always remains the same size – around 20 kilobytes (the size of a few tweets). This means Mina can be accessed securely from any device, including phones and browsers, and allows developers to easily integrate cryptocurrency into apps.
The MINA token is the Mina protocol's native cryptocurrency. It has been listed on many cryptocurrency exchanges, including CoinList, OKEx, and Kraken. However, the token is not accessible to residents of the United States, Canada, Australia, or Japan.
Who Are the Founders of Mina [MINA]?
O(1) Labs introduced the Mina Protocol in 2017. Its simple objective was to improve the blockchain's decentralization and scalability. It was formerly known as the Coda Protocol, but it was forced to alter its name to Mina owing to a trademark dispute with R3 over the term's resemblance to R3's Corda blockchain. Evans Shapiro is the company's CEO, and other founding team members include O(1) Labs' Izaak Meckler, Brad Cohen, Emre Teki?alp, and Vanishree Rao, as well as New York University's Joseph Bonneau.
What Makes Mina Unique?
Mina Protocol claims to be the lightest in weight. Due to its lightweight, It appeared as a compressed blockchain. In contrast to other blockchain protocols that demand a high degree of processing capacity to conduct transactions, the entrance barrier for nodes into this platform is relatively minimal. As a consequence, anybody can connect, sync, and validate the chain almost instantaneously. Thus, the protocol is distinctive in that it restricts block capacity to 22 kilobytes. This innovative technique contributed to the network being dubbed “the world's lightest blockchain” by developers.
In conventional blockchains like Bitcoin and Ethereum, when a node enters, all transactions occurring on a network need to be verified. With over 500 million Bitcoin transactions now totaling more than 250 GB, it will take many days for a standard computer to download and validate the history. This is why running a complete node that stores and validates the blockchain requires specific hardware with significantly higher computational power.
On the other hand, Mina aims to change this by creating a concise blockchain. The latter is a decentralized payment mechanism with a fixed verification time. This is feasible because each block includes succinct proof-of-state authenticity. The whole blockchain is built on SNARKS, which are micro-crypto certificates stored in the nodes that validate transactions. The whole blockchain network is only 22KB in size, which is the equivalent of a few tweets. A zk-SNARK zero knowledge of proof is all that is required for Mina Protocol users to validate the transaction records.
Where Can You Buy Mina [MINA]?
You can buy Mina from various cryptocurrency platforms. A few of them are listed below:
- Kraken
- Binance
- Gate.io
Frequently Asked Questions
Is it possible to purchase MINA with cash?
No. It is not possible to purchase MINA with cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
What is the cheapest way to buy MINA?
The cheapest way to buy MINA is through the Binance platform. It provides a discount code. Use Discount Code: EE59L0QP to receive a 10% refund on all trading costs.
On what factors the price of the MINA Network [MINA] Depends?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact MINA price and market cap.
Mina Official website – https://minaprotocol.com/
Mina Twitter – https://twitter.com/MinaProtocol
Mina Reddit – https://reddit.com/r/MinaProtocol
Mina Medium – https://medium.com/@minaprotocol
