Mina Protocol is an ultra-lightweight layer-1 blockchain, only 22KB in size, which minimizes storage load and speeds up transaction processing. This makes Mina an ideal platform for building decentralized applications and dApps.
In this article, AZcoin will provide you with detailed information about the Mina Protocol and related project insights.
What is Mina Protocol?
Mina Protocol (also known as Coda Protocol) is a pioneering cryptocurrency protocol that creates extremely short and lightweight blockchains. The project addresses blockchain scalability issues by improving upon the original Bitcoin and Ethereum source code, using the Recursive ZK-SNARKs protocol.
MINA aims to provide users with a versatile blockchain, solving current blockchain challenges, and becoming a global payment system.
Development team, investors and partners
Development team
The development team of Mina Protocol includes leading experts in blockchain and technology. With their commitment and dedication, they have steered the project from its inception to its current success.
- Evans Shapiro is the CEO and Co-founder of O(1) Labs. He holds a degree in Computer Science and has previously worked as a software engineer at Mozilla.
- Joon Kim serves as General Counsel (GC) at O(1) Labs. He has also held the position of COO at Terra and previously served as Assistant General Counsel and Vice President at Goldman Sachs.
Investors
The project has raised a total of $44.7 million through four funding rounds, with investments from reputable venture funds such as Three Arrows Capital, Coinbase Ventures, Paradigm, Polychain Capital, and Hashkey. Other investors include High Naut Capital, Bixin Ventures, Companilice, and General Catalyst.
Partners
Mina has established a partnership with Finoa, a technology protocol, which has helped Mina gain prominence through their collaboration and mutual support over time.
How does Mina Protocol work?
Mina Protocol operates as a blockchain network using SNARK (Succinct Non-Interactive Argument of Knowledge) technology. This technology enables Mina Protocol to provide a compact and user-friendly blockchain, ideal for DeFi projects and dApps.
In Mina Protocol, a file called a “snapshot” is stored on public servers, containing information about all transactions on the network. Each new transaction is added to the snapshot, and network nodes verify the validity of transactions by comparing them against the snapshot.
Transactions on Mina Protocol are confirmed by network nodes, and new blocks are created and added to the blockchain upon achieving a sufficient number of confirmations. When a block is added to the blockchain, all transactions within that block are also confirmed and added to the snapshot.
Mina Protocol consists of three main components:
- Verifiers: These are validators who interact with zk-SNARKs to process consensus information. Every user of the Mina protocol acts as a verifier, as long as their device can handle the 22 KB chain and withstand processing times of a few milliseconds.
- Block Producers: These individuals stake or mine to earn rewards from blocks and transaction fees. They receive delegated tokens from Mina users and aggregate transactions into blocks. They also create zk-SNARKs for a committed number of equivalent transactions beforehand.
- Snarkers: These are individuals who create zk-SNARKs to verify transactions. They are paid the total transaction fees that block producers receive when adding new blocks.
Highlights of Mina Protocol
Mina Protocol stands out with the following advantages:
- Strong data security: By utilizing ZKPs (Zero-Knowledge Proofs), Mina Protocol allows for transaction verification without disclosing users’ private information, safeguarding user privacy and security.
- Web Oracles: Mina Protocol integrates Web Oracles technology, facilitating communication between off-chain data and blockchain, enabling convenient development of applications based on Mina Protocol.
- Anonymous login: Users can log into applications based on Mina Protocol without revealing personal information, thereby protecting their privacy.
- Snarkers: Mina Protocol employs Snarkers technology to significantly reduce blockchain size, enabling efficient operation on mobile devices with limited resources.
Information about MINA Token
Token Metrics MINA
- Token Name: Mina Protocol
- Ticker: MINA
- Blockchain: Mina
- Token Standard: Updating
- Contract: Updating
- Token type: Utility, Governance
- Total Supply: 880,852,492
- Circulating Supply: 331,652,767
MINA Token Allocation
- Mina Foundation Grant: 6%.
- O(1) Labs Grant: 7.5%.
- Investment Funds Grant Group: 20.5%.
- Core Contributors: 23.6%.
- Community: 42.3%.
Benefits of holding MINA Token
When owning MINA Tokens, users enjoy the following benefits:
- Transactions: MINA can be used to conduct transactions on the network.
- Staking: Users can stake MINA Tokens to earn rewards from the network.
- Payments: MINA can be used as a means of payment on the Mina Protocol, incentivizing users to create new blocks.
- Interacting with dApps: MINA is also used to interact with other dApps built within the Mina ecosystem, such as Snapps.
Where to buy and sell MINA tokens?
Currently, MINA token can be traded on top cryptocurrency exchanges such as Binance, Kraken, OKEx, FTX, and Huobi Global.
In which wallet to store MINA tokens?
Similar to Gala Coin, MINA token can be stored in popular cryptocurrency wallets such as Ledger Nano S, Trezor, and MetaMask. To ensure security, users should avoid storing tokens on exchanges as they may be susceptible to theft.
Comments on the future of Mina Protocol
Mina Protocol has garnered significant interest from the blockchain and technology community. With an outstanding development team, leading investors, and optimal privacy policy, the project has the potential to become one of the top layer-1 blockchains in the future.
By leveraging ZKPs and unique features like Web Oracles, Mina Protocol addresses current challenges faced by other blockchains, enabling faster transaction processing and protecting user privacy.
The end
AZcoin hopes that this article has provided you with an overview of Mina Protocol and MINA Token. Stay tuned and look forward to the project’s next developments in the future. Wishing you good luck and success in your investment journey!What is Mina Protocol? All you need to know about MINA coin
I am Louis Dang, living in Ottawa, Canada. I am currently working as a trader for AZCoin company, with 7 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
