Mina protocol or MINA (MINA/USDT – trade it here) is a layer one blockchain that promises to be lightweight, private, and simple to verify. On the Mina blockchain, programmers can create decentralized applications and smart contracts that protect user privacy. To open new accounts and make payments for transactions, MINA is in use. Holders of MINA may also stake directly on the network to do computations and verify transactions. In this article, we will discuss everything you need to know about Mina protocol plus an instruction on how to buy MINA tokens.
The creation of Mina happens when the discovery of scalability is sacrificed in the name of decentralization for Bitcoin and other cryptocurrencies. To send and receive payments using these cryptocurrencies, people use decentralized payment networks. On a standard laptop, people find out that confirming and downloading the transaction history for various cryptocurrencies takes days. These coins can store hundreds of gigabytes of data, and the blockchains scale with time.
What exactly is zk-SNARK?
The Mina Protocol uses “Proof of Validity” to reduce file size and the amount of computational power needed by nodes to participate in network consensus, in addition to operating as a PoS blockchain network. Zero-Knowledge Succinct Non-interactive Argument of Knowledge, as known as zk-SNARK. Instead of the whole dataset for each transaction, Zk-SNARKs are simply snapshots of blockchain metadata.
These zk-SNARK “snapshots” or blockchain summaries provide a demonstration of its validity based on metadata rather than the complete blockchain history as the blockchain grows larger. These snapshots allow for validation of the data without having to have access to the entire blockchain history. Running nodes may be more feasible for a wider demography because of this structure’s reduction in data size processing requirements, which can support a more democratic and decentralized network.
How does Mina work?
To function properly, the Mina Protocol needs two specialized nodes on the network:
- Block producers decide which transactions to include in the following block and receive the reward for that block. They resemble the “miners” or “validators” of other blockchains in that regard.
- Snark workers devote computing resources to generating proofs of transactions and compressing network traffic. Snark employees are paid in MINA for these proofs, which block producers can then bid on.
Creation of MINA Token
The cryptocurrency’s discrete components are “mina.” The cryptocurrency Mina has a 1,000,000,000 initial supply and is divided into 1 billion units – nanomina. There are three roles in MINA creation:
- Snarkers. The network users who create zk-SNARKs to validate transactions are known as snarkers. For generating zk-SNARKs, posting fees are given to them. The costs are covered by the transaction fees that the block producer would have received in any other case.
- Block producers. Block rewards, transactions, and network fees paid by users serve as incentives for block producers. Users have the option of assigning their stake to a different block producer in addition to direct staking. The advantage of delegation is that it eliminates the need to constantly keep a node connected to the network.
- Block producers must SNARK an equivalent number of previously added transactions for each transaction they add to the block in order to keep the blockchain concise. If not, the entire block will not adhere to the consensus guidelines and will get rejection by other nodes.
- Verifiers. To demonstrate state validity, Mina employs zk-SNARKs. It takes a few moments of computation to verify a zk-SNARK.
How to buy MINA token?
You can buy MINA on MEXC following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “MINA” using the search bar to see the available trading pairs. Take MINA/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of MINA you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy MINA] to confirm your order. You will find the purchased tokens in your Spot Wallet.
The Goal of Mina Protocol
Utilizing Proof of Validity, the Mina Protocol makes an effort to address the scalability issue. Instead of sharing huge data files, it shares proofs or SNARKs, enabling data security and improving the efficiency of the blockchain. Because the chain is shorter, a larger population can verify it, which encourages increased trust, security, and decentralization.
History of the Project
The CEO of Mina Foundation, Evan Shapiro, Josh Cincinnati, and Jill Carlson make up the board of directors for Mina Foundation. Josh Cincinnati served as the former executive director of the Zcash Foundation, and Evan Shapiro has worked as a software developer for Mozilla. The founder and owner of Slow Ventures is Jill Carlson. At the University of Oxford, she conducted academic research on cryptocurrencies.
Recent Price & Performance of MINA Token
It reached the highest price (ATH) of $12.0130 on June 1, 2021. The lowest price since the date of ATH was $0.5019 on October 13, 2022.
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