Review Mina Protocol ($MINA) – The world’s lightest blockchain with just 22 kB in size
Mina Protocol is a Layer 1 blockchain network that enables developers to build decentralized applications, or dapps, with a focus on privacy.
What is Mina Protocol ($MINA)?
Mina is claimed to be the world’s lightest blockchain, as its size is meant to remain constant regardless of usage growth. It intends to address blockchain size difficulties that have plagued previous projects as they develop by making the whole blockchain smaller than most of the photos on your phone. The native cryptocurrency of the Mina Protocol, MINA, is used to simplify network transactions and distribute fees among users.
Mina’s blockchain now has a size of 22 KB. When it comes to bitcoin, for example, the size was 1.93 GB in June 2012, but it has since grown to over 360 GB as of October 10, 2021. Not only that, despite its small size, Mina manages to maintain its decentralized and incredibly secure structure, just like any other blockchain now available on the market.
What is the project trying to achieve?
The Protocol integrates a variety of cutting-edge cryptocurrency technologies to address a variety of market issues. Primarily, the platform aids in the struggle against centralization. The centralization of mining has always been a concern for early blockchains. These concerns will eventually affect practically every network. This concentration is a result of the very nature of blockchain technology. Miners must maintain a copy of the legitimate transaction history as blockchains expand in size.
Bitcoin and other early blockchains already have a long history that might take up to a day to download during node setup. Regrettably, this condition may eventually result in a situation where only a small number of miners have the technological resources necessary to safely store such vast volumes of data. By imposing an on-chain data limit on the network, the Mina Protocol alleviates these problems.
- End-to-end data privacy: Mina Protocol enables users to do sensitive blockchain activities without disclosing personal information.
- Permissionless web oracles: Without obtaining permission, developers may incorporate different public data sources from the Internet into their decentralized apps.
- Managing web identifiers: Mina enables people to visit a website or Internet service without creating an account or sharing personal information. Mina serves as an interface for anonymous access to any platform in this case.
What is the unique selling point?
Mina is concentrating on three use cases that will aid in the development of a private gateway between the real world and crypto — and the infrastructure necessary for a secure, democratic future for everybody.
End-to-end data privacy, from online to on-chain
Users can have access to vital on-chain services without risking their personal information. Rather than doing that, they utilize Mina to access their online data and demonstrate compliance with service provider standards. There is no need for a vulnerable trusted enclave. There are no data vulnerabilities from start to finish. For instance, Mina’s zkApps may now connect to a credit score provider and verify if your credit score is greater than a certain level. Soon, you will be able to demonstrate far more from any website.
Permissionless web oracles
zkApps enables developers to create decentralized apps by leveraging private, verifiable, real-world data from any website. They can enter any information that is publicly available on the web (without obtaining permission from the website’s owner). Additionally, they can gain access to, use, and secure sensitive data by releasing just the necessary evidence. There is no requirement for relying on trusted oracles or developing bespoke website connectors.
One private internet login
Users can visit any website or service on the internet anonymously – without creating an account or disclosing their personal information. Rather than that, they use Mina to securely log in. They cannot be blocked by any centralized service provider. Additionally, developers across chains can incorporate this secure, private alternative into their services.
- Token Name: Mina Protocol
- Blockchain: MINA
- Token Standard: Updating
- Contract: Updating
- Token Type: Ultility, Governance
- Total Supply: 824,104,972
- Circulating Supply: 420,500,580
Community Sale runs April 13-14, 14:00 UTC
- Up to 75,000,000 tokens
- April 13, 2021 14:00
- $0.25 per token
- Purchase Limits: $50 – $1,000
- Tokens unlock May 31, 2021
Token Release Schedule
Token Use Case
- MINA is used to do network transactions.
- Users can stake MINA tokens in order to gain incentives for securing the network.
- MINA can also be used to fund the MINA protocol in order to motivate users to create blocks.
Market and Community
Mina Protocol was developed by the team at O(1) Labs, which was launched in 2017 by Evan Shapiro and Izaak Meckler with the goal of empowering individuals with control over their digital lives using cryptographic computing.
Partners & Investors
Someone may choose to purchase MINA if they wish to participate in a blockchain that is attempting to make itself more accessible to consumers through its small size or if they believe Snapps are an exciting development. The present Mina ecosystem is still in its infancy, with no initiatives yet visible. This is understandable, given that the protocol itself is regularly updated to improve system stability.
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If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.