What is Mina Protocol? Investment potential of MINA coin

Recently, Binance announced the integration of zk-SNARK technology, causing ZK coins to increase. MINA is likewise among them.

What then is the Mina Protocol? What is the MINA coin’s tokenomics? Why is Mina regarded as the most innovative solution for the decentralized ecosystem of today? Discover the answer with Crypto Chill!

What is Mina Protocol?

Mina Protocol (previously known as Coda Protocol) is a Proof-of-Stake (PoS) blockchain project that aims to build a compact and user-friendly blockchain network.

Therefore, Mina was a pioneer in the development of ultra-short block technology. Since then, Mina has been considered the world’s lightest blockchain capable of running decentralized applications (dApps) extremely smoothly.

Specifically, the total size of the Mina blockchain is approximately 22kb 1, or the size of a few tweets. Consequently, the Mina network functions by creating micro-blocks with high processing speed, achieving both high security and a significant role in information storage.

Moreover, the project addresses the issue of blockchain scalability by enhancing the original source code of blockchains such as Bitcoin and Ethereum with Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs) technology as the foundation for network development.

How does Mina Protocol work?

Using SNARK (Succinct Non-Interactive Argument of Knowledge) technology, Mina Protocol operates a blockchain-based network. Using this technology, Mina Protocol offers a compact, user-friendly blockchain network for DeFi and dApps projects.

In Mina Protocol, a file known as a “snapshot” is stored on multiple public servers and contains information regarding all network transactions. Each new transaction is added to the snapshot, and each network node can compare the transaction to the snapshot to determine if it is valid.

Transactions on the Mina Protocol are confirmed by network nodes, and when a sufficient number of confirmations are obtained, new blocks are created and added to the blockchain. When a block is added to the blockchain, all of its transactions are confirmed and added to the snapshot.

Mina consists of three components, each of which serves a specific purpose in the network’s operation:

• Verifiers: Verifiers who interact with zk-SNARKS, the protocol responsible for confirming consensus information. Each user of the Mina protocol is considered a verifier if their device can handle 22 KB strings and several milliseconds of processing time.
• Block Producers: Be the party that makes stakes or mines to earn block rewards and transaction fees. These are the recipients of funds from Mina users. In addition to pooling transactions into blocks, block producers must also SNARK an equal number of previously committed transactions.
• Snarkers: Are the parties that created zk-SNARK to use transaction verification. Block producers pay them the total transaction fees they receive when adding new blocks.

Highlights of Mina Protocol

Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (Zk-SNARKs)

The Mina protocol makes use of brief cryptographic evidence to enable users to verify information without revealing it. This system stores block information as microscopic files, and when new blocks are created, the data is stored in the same format. Information from the previous block can be easily visualized as a book cover.

Microscopic size

With ZK-SNARKs, compressed stored blocks make them particularly lightweight, and archives are about the same size. Compared to Bitcoin’s 300 GB, the size of the Mina network is only 22 KB (the size of a few tweets). Thus, Mina was able to avoid network congestion while maintaining steady growth.

Existing cryptocurrencies such as Bitcoin and Ethereum store hundreds of gigabytes of data, and their blockchains will continue to expand in size over time. Mina’s blockchain will always be approximately 22 kilobytes in size, regardless of how much usage increases (the size of a few tweets). This allows participants to rapidly synchronize and validate the network.

High security

Users can access essential services on-chain without divulging personal information. Instead, they use Mina to access their online data and to demonstrate that they meet the requirements of the service provider.

Permissonless web oracles

With Snapps, developers can build decentralized applications using private, verified, real-world data from any website.

They can enter any information that is accessible to the public on the Internet (without the permission of that website). In addition, they can access, utilize, and safeguard sensitive data by sharing only pertinent evidence. There is no requirement for dependable oracles or custom website integrations.

Log in anonymously

Users can access any website or internet service anonymously, without having to create an account or transfer personal information. Instead, they can log in securely with Mina.

No centralized service provider can prevent this from happening. And developers can integrate this private, secure option into their services across chains.

Information about MINA token

MINA is the project’s primary cryptocurrency. It is the operating currency on the Mina network.

Token data

• Token name: Mina Protocol
• Ticker: MINA
• Blockchain: Mina
• Token Standard: Updating…
• Contract: Updating…
• Token Type: Utility, Governance
• Total Supply: 824,104,972 MINA
• Circulating Supply: 820,362,954 MINA

MINA Token Allocation

• Mina Foundation grant: 6%.
• Grant O(1) Labs: 7.5.
• Group of investment funds: 20.5%.
• Core contributors: 23.6%
• Community: 42.3%.

MINA token payout schedule

How to Earn and Own MINA Tokens

To own MINA, you can participate in running MINA data validation nodes to receive rewards.

MINA ICO Sale Information

Coinlist once sold an ICO for MINA. This ICO for Mina Protocol was held from April 13 to April 16 at a price of $ 04.2021 and raised $ 0.25 million from the community. There were a total of 18,757,75 tokens sold.

MINA token utility

• Staking
• Make transaction fees and rewards for components in Mina
• Administration in the protocol
• Making currency in the ecosystem

External links

The latest update on Mina Protocol’s Roadmap:

• Q2 2022: zkApps Software Development Kit (SDK)
• Q3/2022: zkApps Testing, On-chain signaling
• Q4 2022: Non-Consensus Nodes, zkBridge
• Q4/2022 – Q1/2023: zkOracles

Q3’s ecosystem roadmap with recent progress from the #MinaCommunity is here, including:

🪶 2nd zkApps Builders Program w/ @o1_labs
🪶 zkBridge audit w/ @nil_foundation
🪶 zkRollup development w/ @zktrivo
🪶 On-Chain Signaling w/ Granola Systems
& more!

👉https://t.co/0LvuJMnRtV pic.twitter.com/NlTSk8docE

— Mina Protocol 🪶 (@MinaProtocol) September 20, 2022

MINA token storage & exchange wallets

MINA token storage wallet

• Clorio Wallet
• Ledger Hardware Wallet
• Auro Wallet

MINA’s Exchange

• Binance
• Kraken
• Coinbase Exchange
• OKX
• Bybit

Mina Project Team

Team

CEO, Co-Founder, and Former CEO of O(1) Labs, Evan Shapiro. Evan is knowledgeable in computer science, machine learning, distributed systems, and robotics.

Kate Remias, the head of Human Resources, is a seasoned HR expert with four years of experience at Detroit Labs.

The head of the finance department, Brian Mokoro, has a Master of Business Administration from the Stanford University Graduate School of Business. In addition, Brian has over twelve years of experience in the finance and investment sector.

Mina’s team also includes San Francisco-based and international teams and technicians.

Advisor

Mina investors and partners

Investors

The project has received a total of $136.7 million through six funding rounds, an impressive amount for a Layer 1 endeavor. In a March 3 funding round, Three Arrow Capital and FTX contributed $92 million to Mina Protocol.

Thoughts on Mina’s future

Due to its adaptability and high applicability, Mina Protocol is a promising project that has the ability to compete with numerous crypto market ecosystems.

With Binance announcing the ZK-SNARK integration information on February 2 and the current market sentiment being quite bullish, MINA coin can welcome the influx of investment in ZK coins.

For the MINA system to grow large over the long term, there must be at least one or more projects with high potential and token listings on major exchanges, according to personal opinion.

Contact

Website:https://minaprotocol.com/

Twitter: https://twitter.com/minaprotocol

Discord: https://discord.com/invite/Vexf4ED

Telegram: https://t.me/minaprotocol

Summing up

Through the above article, CryptoChill has helped you know about the Mina Protocol and the highlights of the project.

Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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