Mina ProtocolIt is also known as a minimal blockchain designed to reduce computational requirements for dApps (decentralized applications) to run more efficiently. True to the word “minimal” she used in her definition, Mina kept the size constant and determined this size as only 22 kb. Considering the size of the data we consume and produce today, 22 kb is a really low size. For comparison, the total size of the Bitcoin network is around 300-350 GB. Despite its small size, Mina Protocol, which highlights its security and decentralized features, has managed to achieve a certain balance in these matters. Mina Protocol, formerly known as Coda Protocol, completed the name change in October 2020.
Mina has the goal of achieving an efficient distributed payment system that allows users to authenticate the platform locally directly from the genesis block. In the whitepaper, this system is called a “short blockchain”.
Koinfinans.com As reported by the protocol while performing this validation zk-SNARK It uses a cryptographic proof system called Zero-Knowledge Succinct Non-Interactive Arguments of Knowled. This system is designed to prevent any possible data disclosure. However, having a user trace the platform back to the starting block may be impractical in a large network. Therefore, Mina incrementally calculates SNARKS focusing only on the last few blocks – meaning that end users check this zk-SNARK-compressed proof instead of the entire transaction history of a block.
What is MINA Token?
Mina Protocol’s utility token and exchange token is the MINA token of the same name. MINA is deflationary in nature and has some mechanisms to protect itself against inflation. How much MINA supply can increase to the next 2031 is technically constrained and by 2031 the total supply cannot exceed 2.5 million.
The priority group to earn MINA tokens will be predictably “staking”. The remaining distributions will focus on early supporters and developers of the project. The distribution of the project between Mina Foundation and O(1) Labs was much higher.
In addition, the so-called “validators” validate the consensus information and interact with zk-SNARKS to take part in the blockchain. The last group, “block producers”, works very similar to the mining operations we know. Members in this group receive a share of the transaction fees. However, there are difficulties in creating SNARKs at the same time as previously committed transactions. It will not be valid if the block generation does not occur in this exact time frame. “SNARKER”, which can be considered close to this group in particular, is responsible for the production of zk-SNARK used in the verification of transactions and actually acts as a kind of provider.
There are 623,412,835 MINAs in circulation, although the maximum supply of MINA is unclear due to its mechanism. Total supply stands at 824,104,972. Its total market cap is at $566,457,988 while its 24-hour volume is around $29,875,888.
How to Buy MINA Token?
Leading exchanges such as Binance, Coinbase, Gate.io, Kraken, Coinlist all allow MINA swaps with many different parities.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.