Snapshot:
- What is Mina (MINA)?
- Who are the founders of MINA?
- How does MINA work?
- Key Attributes of MINA
- How to buy Mina (MINA) in India
What is Mina (MINA)?
As a lightweight blockchain, the Mina Protocol maintains a constant size of only 22 kB, regardless of how many transactions are committed to the network. This size enables anyone to operate on a node and help secure its network without the need for sophisticated computer hardware.
To put it simply, Mina Protocol is a minimal succinct blockchain built to minimize computational requirements for the efficient running of DApps. MINA has also been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Not only that, but it also remains balanced in terms of security and decentralization. The MINA project was rebranded from Coda Protocol to Mina in October 2020.
With the entire blockchain being smaller than most pictures on a phone, Mina plans to overcome the blockchain size issues that have plagued other projects when they start growing. MINA, the native crypto of the Mina Protocol, is used to facilitate network transactions and distribute fees between users.
Who are the Founders of MINA?
O(1) Labs, founded by Evan Shapiro and Izaak Meckler in 2017, is the team behind the creation of the Mina Protocol (MINA). The blockchain was built with the aim of using cryptographic computing as a way to give people control over their digital lives.
How does MINA work?
The Mina Protocol (MINA) functions similarly to that of Bitcoin and Ethereum. While it is similar to Bitcoin but differs in handling transactions, it also makes use of the account model used in the Ethereum blockchain. Another notable difference is the use of a prover instead of a miner within MINA, to ensure each block commits to the state.
Mina employs a type of PoS mechanism, Ouroboros Samasika, specially designed for succinct decentralized networks. It uses that particular PoS mechanism since it provides bootstrapping from a genesis block. Apart from that, the project uses a parallel scan state to optimize transaction processing speed, which works by grouping unproven blocks and assigning the process to parallel provers.
Key Attributes of MINA
- Own your Data: Users today are compelled to hand over their data to centralized entities in order to participate in the modern world. But Mina’s zkApps, smart contracts powered by zero-knowledge, keep users in control of their privacy by validating and sharing proofs of their data, rather than the data itself.
- Access MINA from other chains: Given Mina’s lightweight design and the off-chain nature of Mina’s zkapp smart contract computations, it’s easy to use the Mina proof system from other chains. There is currently work being done to establish a bridge between Mina and Ethereum, and progress made on this can also go towards building trustless bridges between different chains.
- Crypto to real-world: Other blockchain protocols don’t interact with the internet, limiting their applications’ scope and utility. But Mina’s zkApps can privately interact with any website and access verified real-world data for use on-chain.
- Each participant is equal to a Full Node: Traditional chains are becoming so heavy that users need to rely on intermediaries to run nodes, going against the original decentralization promise of blockchain and leaving the network more susceptible to a 51% attack.
Read more here.
HOW TO BUY Mina (MINA)?
Use these three-step processes to buy your first MINA using the CoinDCX crypto app for beginners
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy MINA on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy MINA: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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