[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"a21d61e8-950d-48f3-91a2-113ca6a8eda8","updated_at":"2022-07-21T10:45:00+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Mina - the brand new blockchain project has gained much popularity when continuously entering the top trending searches of the crypto market with a 586% increase since ICO price Let’s take a deep dive into MINA!","sapo":"Mina - the brand new blockchain project has gained much popularity when continuously entering the top trending searches of the crypto market with a 586% increase since ICO price Let’s take a deep dive into MINA!","title":"Mina (MINA): The World's Lightest Blockchain","content":"

Overview of Mina

Mina is the world's lightest blockchain, powered by participants. The platform is building a privacy-preserving gateway between the real world and crypto — and the infrastructure for the secure, democratic future.

By design, the entire Mina blockchain is about 22kb – the size of a couple of tweets. So participants can quickly sync and verify the network.

The network desires to solve the scalability issues of blockchain and allow for running with commodity hardware to maintain the network’s decentralization and inclusion.

History of Mina

Mina Protocol was founded in 2017 by a group led by Evan Shapiro and Izaak Meckler. Evan Shapiro and Izaak wanted to create a protocol that was both decentralized and scalable.

Mina's development company was o(1) Labs.

The team believes that Mina can succeed as a payments use case where previous blockchains have failed. Developers are making Mina more accessible to developers.

On October 24, 2019, R3, a Corda blockchain developer, sued (o)1 Labs over the Coda Protocol name, claiming it was too similar to R3's Corda trademark.

In response to the lawsuit, o(1) Labs rebranded the network to Mina on

September 29, 2020. Mina became the project's official name in October 2020.

On March 23, 2021, the Mina mainnet was completed by the development team.

In April 2021, a MINA token sale was held, raising $18.75 million for the project.

Mina Protocol hit an all-time high of $9.09 on Jun 01, 2021.

About MINA token

MINA is the native utility token of the Mina protocol, functioning as a medium of exchange in the network with the following use cases:

Staking: In exchange for staking rewards, users can run nodes and stake their MINA tokens to help secure the network (paid in MINA tokens). Users can also stake their tokens indirectly by delegating them to a third-party staking service.
Network transaction fees: Users will pay for transaction fees in MINA tokens for each interaction with Apps on the network.
Block production: Users obtain block rewards for staking MINA tokens and producing new blocks on the blockchain.

How Mina works

The Mina Protocol employs the Ouroboros Samaika consensus algorithm, which includes the incorporation of zk-SNARKs (zero-knowledge Succinct Non-interactive Argument of Knowledge), which can prove the veracity of a transaction without the knowledge of the proposal itself.

When compared to other blockchains, the Zk-SNARK fixed size is only 22kb, making it the lightest chain and also reducing other resources required to process and record transactions.

Mina requires each participant (SNARK workers) to run a node in order for network transactions to run smoothly. Nodes are classified into two types:

Block producers: Who can choose which transactions to include in the next block and win the reward for that block.
Snark workers: Who utilize computing power to compress network data and generate transaction proofs.

Moreover, Mina uses dApps called Snapps to solve common blockchain issues. Snapps uses cryptography to conduct trustless blockchain transactions and zk-SNARKs with a view to proving knowledge without exposing important information.

Features of Mina

The protocol's concept is novel, and it addresses the majority of the issues that modern blockchains face. The following outstanding features distinguish the project from other blockchains:

Accessibility: Other protocols are so heavy they require intermediaries to run nodes, recreating the same old power dynamics. But Mina is light, so anyone can connect peer-to-peer and quickly sync and verify the chain.
Decentralization: With Mina, anyone who's syncing the chain is also validating transactions like a full node. Participants can take part in proof-of-stake consensus, have access to solid censorship resistance, and secure the blockchain;
Dapps: Mina’s SNARK-powered decentralized apps (Snapps) keep users in control by validating and sharing proofs about their data — rather than the data itself;
A private gateway to the real world: Mina’s Snapps can privately interact with any website and access verified real-world data for use on-chain.

Is MINA a good investment?

Mina is an innovative blockchain solution of Bitcoin and Ethereum with a combination of Proof of Stake and Consensus Protocol. This technology enables faster, more agile, and secure block validation.

As the world's lightest blockchain project, Mina is one of the projects that are heavily supported by the community and regularly enters the trending searches in the crypto world. Therefore, the token can be an ideal investment for users in the forthcoming future.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.

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Mina (MINA): The World's Lightest Blockchain

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