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.
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.
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.
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