What is Mina Protocol?

Mina, a lightweight blockchain, is also regarded as the first-ever cryptocurrency with a succinct blockchain in the world. All the other cryptocurrencies like Bitcoin, Ethereum blockchains will increase the size eventually. But with MINA, no matter how much data is stored on blockchain won’t increase its size, making the verification and synchronization of the network easy and fast.

Mina Overview

Cryptocurrency Mina
Ticker Symbol MINA
Price $1.91
Price Change 24H +4.70%
Price Change 7D -3.74%
Market Cap $517,740,462
Circulating Supply 524,855,972 MINA
Trading Volume $35,737,779
All Time High $9.91
All Time Low $0.9233
Mina ROI No Data

MINA, open-source and layer one protocol was built in June 2017 to provide decentralization, scale, and security. This has been realized with the help of a cryptographic proof called zero-knowledge succinct non-interactive arguments of knowledge (zk-SNARK). Whenever Mina produces a new block, SNARK proof verifies that it is valid. Mina network enables block producers way proof of stake consensus.

In Mina, users can delegate instead of stakes. There is no need to maintain a node that is always connected to the internet. Mina users can deploy a complete node on their smartphones. People who want to be a part of the Mina ecosystem can join as block producers to earn rewards.

How Does Mina Work?

Instead of sending the total chain, zk-SNARKS captured a snap of the entire blockchain and sent it around. So likewise, when the next block has been created, it will take a snapshot itself. The background of the later snapshot will be the previous state of the blockchain. The size of all the snapshots will remain the same. Mina has a modified Ouroboros Proof-of-Stake protocol. All participants act as nodes so that anyone can be a part of the consensus. Mina protocol CEO Evan Shapiro along with his four team members, works hard to secure the future of the blockchain. The main three use cases of Mina is listed as follows,

  1. End to End Data Privacy from Online to Chain: Mina protocol gave importance to privacy and safeguarding personal data. Onchain services in Mina protocol can be accessed without compromising personal information privacy; Mina can be used to access online data and prove that requirement of service providers has been met with no data vulnerabilities.
  2. Permission less Web Oracle: with snaps, developers can take advantage of private verified real-world data from any website to develop decentralized apps. Without the permission of that web, publically available information from the web can be posted anywhere. The accessibility, usage, and protection of sensitive data can be done only by sharing the relevant proof. It eliminates the need for oracles or custom website integration.
  3. One-Private-Internet-Log-In: Normally, users need to create accounts for accessing the internet. With MINA protocol, users can access any internet website or service privately, without giving personal data, login, and no service provider can block them. Developers in the chain can integrate this option into their development services.

This project has previously known as Coda Protocol, and it was rebranded as Mina Protocol in October 2020. MINA is the native cryptocurrency of the Mina platform. MINA cryptocurrency works as both utility crypto of the protocol as well as payment and exchange of funds. MINA uses the Ouroboros Samasika PoS mechanism designed for succinct decentralized networks. It provides bootstrapping from the genesis block. The concept of lowest storage and its technology makes Mina unique.

How did Transactions happen on Mina?

When the customer initiates a transaction, it will be redirected to the meme pool. The meme pool is a valid proof but unconfirmed transaction. Then this will take over by snarkers by making proof or SNARK. Then the block producer will be selected to bundle transactions into blocks. The block producer then chooses a SNARK, incorporates SNARK into a block. This block will be added to the chain and updated to the network. SNARK transactions will be removed from the chain to keep the size constant. Finally, the block producer will upgrade the protocol zk-SNARK. A new block becomes part of the chain.