Mina Protocol is a super light Proof-of-Stake blockchain with a size of only about 22 KB, using Zero-Knowledge Proof technology to ensure security and scalability.
Based on zk-SNARKs, Mina Protocol allows for quick transaction verification, protects user data, and supports smooth dApps without worrying about network congestion, becoming a potential platform in the modern decentralized ecosystem.
MAIN CONTENT
Mina is the lightest blockchain in the world, maintaining a fixed size of 22 KB thanks to zk-SNARKs.
MINA Token has various utilities including staking, transaction fees, and network governance.
The project has received over 136 million USD in investments from major funds, demonstrating sustainable development potential.
What is Mina Protocol?
Mina Protocol is an optimized PoS blockchain for compact size, only 22 KB, equivalent to a few lines of tweets, enabling efficient operation and high security. According to CEO Evan Shapiro, the project aims to create the lightest blockchain to support optimal performance and scalability while ensuring maximum security.
Mina was previously named Coda Protocol, developed on a Proof-of-Stake platform with zk-SNARKs technology. This blockchain stores ultra-small data, allowing users to easily sync and operate dApps quickly, significantly different from traditional blockchains that can reach hundreds of GB like Bitcoin or Ethereum.
How does Mina Protocol operate?
Mina operates based on zk-SNARKs technology, allowing for fast and reliable transaction verification by creating compact “snapshots” that store the blockchain state. According to a report from O(1) Labs, the Mina network distributes three main participant groups including Verifiers, Block Producers, and Snarkers to maintain consensus operations and process transactions efficiently.
Verifiers play a role in verifying transactions based on zk-SNARKs, Block Producers produce blocks and receive stakes from users, while Snarkers generate zk-SNARK proofs used to confirm transactions. This structure helps Mina maintain a compact blockchain and fast processing speed, while minimizing costs and complexity when carrying out transactions.
Mina Protocol creates a blockchain with a fixed size of only 22 KB, allowing all devices to quickly verify the network with high security.
Evan Shapiro, CEO Mina Protocol, 2021
What are the highlights of Mina Protocol?
Mina possesses many outstanding advantages such as zk-SNARKs technology for concise cryptographic proofs, ultra-small blockchain size, and high security. This uniqueness helps Mina overcome scalability and congestion issues commonly found in many other blockchains.
What is Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (Zk-SNARKs)?
Zk-SNARKs allow Mina to process and verify transaction data securely without revealing this information, reducing the amount of stored data and increasing network operation speed. According to O(1) Labs, this is the platform that helps Mina maintain the fixed size of the blockchain even as transaction volumes increase.
The ultra-small size of Mina Protocol
With a fixed size of about 22 KB, Mina only occupies the equivalent space of a few tweets, while Bitcoin has reached 300 GB. This allows users to easily launch nodes and sync the network quickly without needing powerful devices like traditional blockchains.
High security in Mina Protocol
Users can access on-chain services without revealing personal data thanks to zk-SNARK proofs, effectively protecting reputation and privacy. Mina also allows anonymous login without needing to create accounts or transfer sensitive information.
Permissionless web oracles and anonymous login
Mina supports Snapps – decentralized applications that access public web data freely without permission, while protecting privacy when using sensitive information. This feature allows developers to build flexible dApps with real data.
Users can log in securely and privately on the Mina network without going through centralized service providers, helping to protect privacy in the digital age.
Kate Remias, Head of Human Resources Mina Protocol, 2022
Information about MINA Token?
MINA is the main Token of Mina Protocol used for staking, paying transaction fees, and exercising governance rights in the network. Issued with a total supply of about 824 million MINA, this Token is the soul that operates and drives the sustainable development of the ecosystem.
MINA is allocated to investment funds (20.5%), core contributors (23.6%), the community (42.3%), along with grants from the Mina Foundation and O(1) Labs. The ICO was held on Coinlist in April 2021 at a sale price of 0.25 USD, raising 18.75 million USD.
How to earn and own MINA Token?
Users can own MINA by running validation nodes or participating in staking on the network to receive rewards. Additionally, MINA is currently listed on many major exchanges such as Binance, Kraken, Coinbase, OKX, and Bybit with popular trading pairs including MINA/USDT, MINA/BUSD, MINA/BTC.
What is the development roadmap for Mina Protocol?
Mina's roadmap focuses on developing zkApps, zkBridge, and zkOracles in 2022-2023 to expand the capabilities and applications of the network. Key milestones such as Q2/2022 launching zkApps SDK and Q4/2022 deploying zkBridge alongside On-chain signaling promise to enhance user experience and cross-chain interaction.
Who is on the Mina project team?
The founding and operating team consists of leading experts in the field of blockchain and distributed technology, notably CEO Evan Shapiro with extensive experience in computer science and machine learning. Kate Remias is in charge of human resources with long-standing experience, along with Brian Mokoro, a finance expert with over 12 years of experience.
Who are the investors and partners of Mina?
The project has raised 136.7 million USD through 6 funding rounds from major investment funds like Three Arrows Capital and FTX, strengthening its position in the Layer 1 cryptocurrency market. This strong backing helps Mina Protocol develop sustainably, while being highly regarded by the community and investors.
What are the predictions for the future of Mina Protocol?
Mina Protocol has great competitive potential in the blockchain ecosystem thanks to its scalability, security, and high flexibility. According to market experts' assessments in February 2023, the integration of zk-SNARKs along with positive market sentiment could drive MINA's growth, but long-term success requires the development of strong internal projects within the system.
Frequently asked questions
What is the ATH price of MINA?
MINA reached an ATH price of 9.09 USD on June 1, 2021, compared to the current price around 0.83 USD.
What popular trading pairs does MINA Token have?
MINA is traded on many major exchanges with pairs such as MINA/USDT, MINA/BUSD, MINA/BTC, MINA/BNB.
How to own MINA Token?
In addition to buying on exchanges, users can participate in running validation nodes or staking to receive MINA as rewards.
What utilities does MINA Token have?
MINA is used for staking, paying transaction fees, participating in network governance, and as currency in the Mina Protocol ecosystem.
What makes Mina Protocol different from Bitcoin and Ethereum?
Mina maintains a fixed blockchain size of 22 KB thanks to zk-SNARKs, allowing for faster synchronization and resource savings compared to bulky blockchains like Bitcoin or Ethereum.
Source: https://tintucbitcoin.com/mina-protocol-mina-la-gi/
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