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Market Cap

₹70.55 B 4.0379%

Circulating Supply

1087560000

Max Supply

--

Volume

₹2.11 B

All Time High :

₹659.2

All Time Low :

₹29.24

Price change in 24H :

₹2.71

24H High :

₹66.16

24H Low :

₹61.57


Mina (MINA) Price Live Chart


MINA

The Mina Protocol, a lightweight blockchain, maintains a consistent size of only 22 kB, regardless of the volume of transactions processed by the network. This compact size allows anyone to participate as a node operator, ensuring network security without the necessity of advanced computer hardware.

In essence, Mina Protocol is a concise blockchain specifically designed to minimize computational demands, facilitating the efficient operation of DApps. Its size remains unchanged even with increased usage, earning it the distinction of being the world's most lightweight blockchain. Notably, it strikes a balance between security and decentralization. The transition from Coda Protocol to Mina occurred in October 2020.


What Is the Mina Protocol?

Formerly known as the Coda Protocol, the Mina Protocol stands as the world's lightest blockchain to date. In contrast to well-known cryptocurrency platforms like Ethereum and Bitcoin, the size of Mina's blockchain remains fixed, staying at a consistent 22 KB since its inception. By way of comparison, while the BTC blockchain grew from 1.93 GB in June 2012 to around 360 GB by October 10, 2021, Mina's size has remained unchanged.

Beyond its restricted size of 22 KB, the Mina Protocol incorporates zero-knowledge proofs, a sophisticated cryptographic tool that further minimizes the blockchain's size, enabling users to maintain a complete node even with heavy usage. Its compact nature allows any Mina user to deploy a full node on their smartphone.


What Is MINA?

MINA tokens, native to the Mina blockchain, are essential for securing the network through staking/proof of stake (PoS) and are utilized on Mina's Snarketplace.

Token holders can directly secure the network via PoS or by staking/delegating their tokens. Importantly, the protocol doesn't implement slashing (loss of stake) as a punitive measure for validator misbehavior, meaning there's no risk associated with locking in or delegating staking.


Mina's Origin Story

The Mina protocol made its debut in March 2021 under the stewardship of O(1) Labs. Founded by Evan Shapiro and Izaak Meckler, O(1) Labs aimed to empower users by enabling control over their digital assets through cryptographic computing.

In April 2021, the team successfully secured $18.75 million via an initial coin offering. Concurrently, the Mina Foundation was established to effectively oversee various facets of the Mina protocol's operations.


How Does the Mina Protocol Work?

The Mina Protocol utilizes a consensus algorithm derived from Ouroboros Praos (Cardano’s PoS consensus mechanism), modified to suit Mina's unique characteristics. This adaptation, named Ouroboros Samasika, involves three primary network actors:

  • Verifiers: Nodes in the Mina network can verify zk-SNARKs (zero-knowledge proofs) swiftly, as these proofs are lightweight, merely weighing a few hundred bytes each, and can be validated in milliseconds.

  • Block Producers: Similar to miners in Bitcoin or stakers in a PoS network, block producers collect transactions for inclusion in blocks. These producers are rewarded for their efforts via inflation and the collection of transaction fees. Notably, they must supply SNARKs for each transaction added to a block to maintain the blockchain's "succinct" nature, ensuring compliance with consensus rules.

  • Snarkers: Nodes responsible for creating zk-SNARKs compete in the network's Snarketplace by generating cryptographic proofs and assigning bids. Block producers compensate snarkers by paying for these bids with transaction fees. The dynamics involve snarkers aiming to sell their evidence, while producers seek evidence at a low cost, paying snarkers through a "fee to transfer" transaction, often preferring bulk purchases.

  • Zero-Knowledge Evidence and zk-SNARKs: To comprehend the functioning of the Mina Protocol, understanding zero-knowledge evidence and zk-SNARKs is crucial. zk-SNARKs (zero-knowledge Succinct Non-interactive Arguments of Knowledge) are recursive zero-knowledge proofs characterized by their succinct nature and lack of interaction between the provider and verifier. 
    Mina Protocol leverages zk-SNARKs' properties to maintain its compact blockchain, utilizing them to ensure transaction confidentiality and network operation integrity.


Key Features of MINA

  • Taking ownership of your Data: In the current landscape, users often surrender their data to centralized entities to engage with modern services. However, Mina introduces zkApps—smart contracts utilizing zero-knowledge proofs—that empower users to retain control over their privacy. Instead of sharing raw data, these contracts validate and share proofs of the data, preserving user privacy.

  • Interoperability with Other Chains: Mina's lightweight design and off-chain execution of Zkapp smart contract computations facilitate seamless integration with other chains. Ongoing efforts are underway to establish a bridge between Mina and Ethereum. Progress in this area can pave the way for creating trustless connections between diverse blockchain networks.

  • Crypto-to-Real-World Integration: Unlike many blockchain protocols that lack internet interaction, Mina's zkApps can securely engage with websites and access to verified real-world data. This capability enables the utilization of authenticated off-chain data on the blockchain.

  • Equal Participation as Full Nodes: In contrast to traditional chains burdened by heavy data, Mina ensures that each participant operates as a full node. This approach opposes the trend where users rely on intermediaries to run nodes, preserving the fundamental principle of blockchain decentralization and reducing susceptibility to a 51% attack.


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Future Developments

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