Mina Protocol is designed to reduce computing needs for Dapps. Mina, described as the world’s lightest blockchain, with a constant size despite increased use. Moreover, it also balances security and decentralization. Coda Protocol became Mina in October 2020.
Users may natively validate the platform from the genesis block using Mina’s distributed payment mechanism. Its whitepaper calls it a “succinct blockchain.”
The system utilizes zk-SNARKs, a cryptographic proof that allows someone to authenticate information without exposing it. In an extensive network, tracing the platform back to its genesis block may be impractical. Thus, to avoid examining the whole transaction history, Mina gradually computes SNARKS that only focus on the past few blocks.
MINA, the native currency of Mina protocol, is used as a utility coin and a means of exchange. Furthermore, it is a cryptocurrency that uses the accounting concept found in Ethereum.
Revolutionize the Existing Blockchain Environment
The state of the Bitcoin blockchain includes a list of unspent coins, while the form of Ethereum, made up of account balances. Unlike a miner, Mina employs a prover (or snarker) to verify each block commits to the state.
Mina uses the Ouroboros Samasika, a PoS method intended for short decentralized networks that start with a genesis block. Briefly, blockchains validate and update data. The update function interacts with consensus and chain summary, while verification interacts with blocks.
Aside from the solutions mentioned above, the project utilizes a parallel scan state to improve transaction processing performance. Mina aims to revolutionize the existing blockchain environment by eliminating third-party verifiers such as miners/stakers and light clients. A user initiates a trade, then sends to the mempool a pool of legitimate but unconfirmed transactions.
As per CoinmarketCap, Its price has increased 11.52 percent to $6.18. The current trading volume is $430,709,845. $MINA has a market cap of $1,457,848,484. It reached the all-time high of $6.48 today, September 14.