Mina Protocol Գին

Mina Protocol is the world's lightest blockchain that promises cheaper transactions at lightning speeds. MINA is the native token of the protocol used to secure the network.

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Read on to learn everything you need to know about the Mina protocol and the Mina tokens.

What Is Mina Protocol

Mina is the world’s lightest blockchain, with the size of mere 22 kilobytes, i.e., the size of "just a couple of tweets," as marketed by its lead founder Evan Shapiro. Unlike cryptocurrency platforms such as Ethereum and Bitcoin, with sizes stretching up to 300gb and 220gb, Mina’s size remains constant regardless of the number of transactions made on it.

Mina Protocol also incorporates a complex cryptographic tool called Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or zk-SNARK. The zero-knowledge proof theory was co-created by MIT professor and Algorand founder Silvio Micali. Mina’s developers used zk-SNARKs to create a payment-oriented blockchain that doesn't require each node to store the complete record of historic transactions. Instead, nodes can store the zk-SNARK to show the block’s validity, rather than having to store a copy of the entire chain. This effectively lowers the computational requirements needed to support a full blockchain network. The Zero-Knowledge Proof is a cryptographic technique where no information is revealed during a transaction except for the interchange of some value known to both the prover and verifiers (the two ends of the process).

The Mina protocol was sponsored by some of the most prominent VCs in crypto, including Multicoin Capital, Polychain Capital, and Coinbase Ventures.

Mina Protocol Founders

Mina Protocol was co-founded by Evan Shapiro and Izaak Meckler. They created a software company in San Francisco called O(1) Labs in 2017 to create the Coda Protocol, which was rebranded to Mina Protocol in 2020. The Mina Protocol is technically owned by the Mina Foundation, a non-profit in the Cayman Islands that was incorporated in February of this year.

Evan Shapiro started as a software engineer intern at Mozilla before developing O(1) Labs. Currently, Shapiro is the CEO of the Mina Foundation, and Izaak Meckler is the current CTO. Meckler has a Ph.D. in cryptography.

Since high school, Evan and Izaak have been close friends, and both studied computer science. Their cryptocurrency journey started in 2011, but they only took cryptocurrencies seriously in 2017 when they identified a massive flaw in all cryptocurrencies in the market. Most cryptocurrencies require large storage spaces to store transactions, which might become a problem in the future as cryptocurrencies continue to grow. The pair realized it was possible to use zero-knowledge (zk) technology to compress the size of a cryptocurrency blockchain into the size of a few tweets.

Realizing that they had found the solution to crypto’s critical problem by exploiting the power of cryptography, they founded the Mina Protocol.

The Mina Ecosystem secured $92M through strategic and private sales of MINA led by FTX Ventures and Three Arrows Capital, and it was the Venture Fund’s first major backing of zero knowledge-based smart contract technology.

How Does Mina Protocol Work

The Mina Protocol uses a Proof-of-Stake (PoS) mechanism called Ouroboros Samisika, based on the Cardano blockchain’s Ouroboros consensus mechanism. Its main characteristic feature is that it's not based on long-term history and doesn't lock staked MINA coins to validate transactions.

The three actors who make the Mina Protocol work are:

Verifiers: These are nodes that verify zk-SNARKs. Technically, everyone who uses Mina Protocol can be a verifier if their device can handle the 22kb size of the blockchain. These proofs can be downloaded quickly since they weigh only a few hundred bytes each and can be verified in milliseconds.

Block producers: These users are responsible for staking and mining the Mina Protocol cryptocurrency and putting the transactions into blocks. Block producers must also provide SNARK, as the blockchain must remain "succinct." The producer has to provide enough SNARK for an equivalent number of previously added transactions for each transaction added to a block. The protocol rewards miners for their work via the inflation and collection of transaction fees.

Snarkers: These nodes are responsible for producing zk-SNARKs. They assign a bid to each proof generated, while producers use the evidence to build their blocks. Block producers compensate Snarkers by paying for the bids with transaction fees.

The platform on which these activities take place is called the Snarketplace.

Mina Protocol uses zk-SNARKs to maintain its "succinct" blockchain and ensure anonymity.

zk-SNARKs also make it possible to prove the validity of any operation on the network without actually knowing what it’s about. A SNARK makes it possible to verify the validity of signatures and transactions, consensus as proof of stake, etc.

Any Mina user can validate the blockchain and "compress" the blockchain. Full nodes verify cryptographic evidence rather than check the entire transaction history of a block to validate it.

How to Buy Mina Protocol

Mina can be bought on several cryptocurrency exchanges. The top 4 exchanges that let you buy Mina Protocol (MINA) are listed below:

Uphold

Uphold is a popular exchange in the United States and the United Kingdom. It's an innovative trading platform that supports various cryptocurrencies, including Mina Protocol (MINA). The platform stands out for its simplicity, unique features, and company credibility.

Uphold provides a user-friendly desktop and mobile App. The trading view is customizable with your most-traded assets and has an easy-to-navigate, modern feel on both desktop and mobile.

Uphold is a popular option, especially for beginners.

The Uphold trading platform allows you to place your trades with great ease. With just a couple of clicks, you can make trades directly with your preferred deposit method without even having to wait for funds to clear your account. This one-step ordering is among Uphold's innovative features. Uphold also lets users execute limit orders.

Binance

Binance is one of the world’s leading cryptocurrency exchanges by trading volume. It offers crypto-to-crypto trading in more than 500 cryptocurrencies, including Mina Protocol (MINA). Although its trading options are limited in the US, it offers low trading fees and a broad selection of currencies globally. Binance enables you to instantly buy Bitcoins and 15 top cryptocurrencies with fiat currencies using credit cards, bank accounts, and other payment methods. Users can trade crypto derivatives with leveraged positions—(up to 20x leverage on futures and 10x on margin trading)—for maximum returns. Binance also supports staking, crypto loans, and other passive income sources from your crypto assets. Binance's NFT marketplace and trading platform is the premier destination for NFTs and digital collectibles across mediums, from visual arts and gaming to music and sports. The advantages of buying Mina Protocol (MINA) on this exchange include lower fees than other exchanges and improved liquidity, which allows you to purchase and sell rapidly to capitalize on market-moving news.

This exchange is ideal for investors from Australia, Canada, Singapore, the United Kingdom, and other countries. US residents are prohibited from purchasing Mina Protocol (MINA) on Binance.

Gate.io

Established in 2013, Gate.io has grown into a reputable trading platform. While it's not the most popular exchange, it provides users with an easy-to-use interface for beginners while maintaining robust and advanced charts for trades of various skill levels — including technical traders. The exchange boasts a large number of altcoins, including Mina Protocol (MINA), and is often the first exchange to add new tokens. Notably, Gate.io maintains a strong stance against any type of market manipulation.

WazirX

WazirX is India’s biggest cryptocurrency exchange, with over 400,000 users. It's one of the most reputable exchanges that currently offers Mina Protocol (MINA) worldwide. This exchange is part of the Binance Group.