Mina

What is Mina (MINA)?

• Mina Protocol (MINA) is a minimal “succinct blockchain” designed to reduce computational requirements to run DApps more efficiently.

• It is known as the world's lightest blockchain.

• MINA maintains constant size despite usage growth.

• It balances security and decentralisation.

Tokenomics

• Native cryptocurrency: MINA.

• They are used for transactions, staking, and zk-SNARK proofs on the Proof-of-Stake network.

Market Data

As of today #{today’s date}, the price of Mina is ₹55.68 INR or 0.588 USD, with a 24-hour trading volume of 56603689.92 USD. The market capitalisation for Mina is 705926187.88USD. The circulating supply is 1198608579.84 Mina, with the total supply also being 1205696498.84 Mina.

Pros and Cons

Pros:

• Mina’s blockchain size is only 22 KB, significantly smaller than other blockchains, making it more accessible for users to run full nodes.

• It utilises zero-knowledge proofs (zk-SNARKs) to maintain privacy and security while enabling scalability.

• The proof-of-stake consensus mechanism is less energy-intensive compared to the proof-of-work mechanism.

Cons:

• As a newer blockchain, it may have a different level of adoption and network effects than more established blockchains.

• The reliance on advanced cryptographic techniques like zk-SNARKs may present challenges regarding broader understanding and trust among potential users.

Why Should You Invest in the Coin?

• Innovative lightweight blockchain approach.

• It increased scalability, accessibility, privacy, and security.

• It uses zero-knowledge proofs.

USP of the Coin

• Constant-size blockchain of only 22 KB.

• It enables easy validation of transactions, promoting decentralisation and security.

Problem the Coin is Solving

• MINA addresses scalability and privacy issues of traditional blockchains.

• It allows running full nodes easily and securely without revealing data.

Founder and Team Background

• MINA was developed by O(1) Labs, focusing on secure, decentralised, efficient cryptographic protocols.

• Co-founders: Evan Shapiro (UC Berkeley, ex-Mozilla) and Izaak Meckler (UC Berkeley, mathematics and cryptography).

• Team expertise in software development, blockchain, business development, and marketing.

ICO Price

• ICO dates:

• 13th April to 16th April, 2021.

• Price

• : $0.25 per token.

• Community sale:

• 75,000,000 tokens, $50-$500 limits, unlock on 31st May, 2021.

• Uncapped sale:

• Unsold tokens, $50+ limits, 24-month linear release starting 31st May, 2021.

• Raised $18.75 million.

Risks Associated in Investing in the Coin

• Market volatility, regulatory changes, technological challenges.

• Competition from other blockchains.

• The project's short history and complex technology.

Whitepaper Insights

The Mina Protocol whitepaper outlines a new blockchain design that addresses the scalability issues of traditional blockchains. Traditional blockchains, like Bitcoin and Ethereum, store hundreds of gigabytes of data, which grows over time as more transactions are added. This growth makes it increasingly difficult for individuals to run full nodes, leading to centralisation as only those with significant resources can participate in the network’s validation process.

Mina Protocol introduces a succinct blockchain that maintains a fixed size of about 22 KB, regardless of the number of transactions processed. This is achieved through recursive zk-SNARKs, a form of zero-knowledge proofs that allow the network to replace the entire blockchain with a small snapshot. This snapshot proves the transactions' validity and the blockchain's current state without requiring nodes to process or store the entire chain.

The whitepaper explains that each user can act as a full node, syncing with the network quickly and validating transactions from the genesis block. This approach ensures a high degree of decentralisation and security, as the barrier to participation is significantly lowered.

Mina’s consensus mechanism is based on Ouroboros Samasika, a Proof-of-Stake protocol that allows for a predictable and consistent issuance of new coins to secure the network. The protocol is designed to resist long-range attacks and provides bootstrapping from a genesis block with succinct blockchain arguments.

The whitepaper also discusses the economics of the Mina Protocol, including the distribution of MINA tokens and the incentivisation model for participants. MINA is used for transaction fees, block rewards, and as a means for users to participate in the network’s governance.

Mina Protocol’s use of zk-SNARKs enables the creation of zkApps, smart contracts that leverage zero-knowledge proofs to ensure data privacy while allowing for verifiable computation. This opens up a range of applications, such as private voting, verified credentials, and more, without compromising user privacy.

The whitepaper emphasises the importance of a decentralised network where participants have control over their data and privacy. Mina Protocol aims to create a more secure and accessible blockchain, enabling a wide range of use cases while addressing the limitations of existing blockchain architectures.

In summary, the Mina Protocol whitepaper presents a novel approach to blockchain technology, focusing on scalability, privacy, and decentralisation. By maintaining a constant blockchain size and leveraging zero-knowledge proofs, Mina Protocol offers a platform for building decentralised applications that protect user data and provide a high level of security and accessibility.