Exchange Mina (MINA) at the Best Rates

Mina Protocol: The Privacy and Security Layer for Web3

The crypto industry has come up with multiple projects that aim to solve a scalability problem inherent to some Proof-of-Work (PoW) blockchain networks, and one of the leading solutions that enters the top 100 projects by market cap is Mina. Mina prides itself on being the world's lightest blockchain that’s powered by users. Mina is building the framework for a safe, democratic future via zero-knowledge proofs. Let’s take a closer look at the Mina Protocol and its main characteristics.

Mina Protocol (MINA) Overview

The Mina Protocol, developed by O(1) Labs and introduced in 2021, is a blockchain network that puts an emphasis on security, usability, and decentralization to achieve what it refers to as a ‘light’ blockchain infrastructure.

Before new transactions can be executed on blockchain networks employing a PoW consensus mechanism, each network node must verify the chain's entire data history. A blockchain takes longer to validate the more transactions it has. As networks expand, the amount of data they must process increases, increasing the amount of processing power needed to provide transactions quickly. In general, increasing processing power necessitates more specialized hardware, which can be prohibitively expensive for many users who want to run nodes.

Mina's key features are:

1. Mina Network’s size is just 22 KB and hence it is a light blockchain.
2. Mina Network makes use of the Ouroboros Samasika consensus algorithm (which is a kind of PoS designed for succinct networks).
3. The protocol makes use of the zero-knowledge proofs to create a secure infrastructure.

How Does Mina Work?

Zk-SNARKs, which stand for ‘zero-knowledge succinct non-interactive arguments of knowledge,’ are a crucial component of the Mina Protocol. This is a computing idea that Silvio Micali, an MIT professor and the creator of Algorand, initially created. It enables users to certify they possess specific data without disclosing that data to one another. Zcash is another well-known cryptocurrency that makes use of zk-SNARKs.

In Mina's case, this implies that a transaction need not be verified by the network with each new block. Instead, the blockchain is represented by the zk-SNARK, a cryptographic proof that is simple to verify. Unlike most other blockchains, this evidence is far more compact and depicts the chain's whole state rather than just the most recent block. Decentralized applications in the Mina network are referred to as ‘Snapps,' ‘Snark-powered apps,’ or even ‘zk-Apps’ because the Mina Protocol leverages zk-SNARKs. These apps may consume data from different chains, but because they only communicate zero-knowledge metadata, the data of the users cannot be read. Using a credit score verification example, it is possible to demonstrate your loan eligibility by creating a snapshot of your credit report.

Mina asserts that their use of zk-SNARKs dramatically reduces the resources required to process and record transactions when coupled with a Proof-of-Stake consensus method. Each user of the Mina network must run a node in order to send and receive transactions. Additionally, for Mina Protocol to function properly, the network needs two specialized nodes: 

1. Block producers decide which transactions to include in the following block and are awarded the reward for that block. They resemble the ‘miners’ or ‘validators’ of other blockchains in that regard. 
2. Snark employees devote computing resources to generating proofs of transactions and compressing network traffic. Snark employees are paid in MINA for these proofs, which block producers can then bid on.

Mina Coin and Its Tokenomics

The native coin that drives the Mina Protocol is called MINA. The native coin communicates with the network and supports payments for exchanges. Holders of MINA can directly stake, earn, and confirm transactions. Approximately 985 million MINA are in use as of October 16, 2023, out of a total (uncapped) supply of over 1 billion tokens. With a price of $0.3662 right now, MINA has a market cap of $360,784,091.

Up to nine decimal places can be used to divide each MINA coin. The Mina protocol seeks to reward contributors who participate in the ecosystem's governance and stake their tokens for the long term.

As a punishment for users retaining their tokens without staking, Mina Protocol introduces inflation. The governance of the Mina Protocol will determine how much more the inflation rate will decline. Mina Protocol began with a 12% yearly inflation rate to entice stakers. By 2026, it wants to lower that rate to 7%. By combining the value of held tokens, this inflation gives users an incentive to stake and take part in network governance. In relation to the quantity of assets staked on the system, the payouts frequently change.

Mina Protocol News: Testworld Mission 2.0 

Testworld Mission 2.0, an Incentivized Testnet that Mina has announced, is geared on preparing the community for the next hard fork in Mina. The next phase will take place on October 17, 2023. In order to deliver programmable ZK proofs to mainnet with zkApps, Mina developers claim it provides an opportunity for validators and users to test the Mina blockchain.

The Mina network is now focused on testing the network and making sure SnarkyJS and programming linked to zkApps function properly. According to Mina, Testworld Mission 2.0 will have four distinct tracks, with track 1 already finished.

Builders from previous programs created zkApps that cover all new functionality for the zkApp End-to-End (E2E) Testing, track 1, and tested them on the Berkeley Testnet. Auditors and node operators have been selected for Tracks 2 and 3, according to Mina. Track 4 will also start soon. The four tracks are External Security Auditing, Protocol and Performance Testing, End-to-End (E2E) Testing for zkApp, and Hard Fork Preparation. Additionally, Mina unveiled that track 3, Protocol and Performance testing, is set to go live, and will run for approximately 2 months.

Is Mina A Good Investment?

Your own risk tolerance will be the sole determinant of whether you invest in Mina Protocol and MINA crypto. Because it is one of the most advanced blockchains and has solid foundations, investing in Mina Protocol may yield substantial results. However, the cryptocurrency market is highly volatile, making investments in cryptocurrencies, especially newer coins like MINA, dangerous. When deciding whether or not to add a coin or token to your portfolio, it is in your best interest to learn as much as possible about it. 

Is Mina Protocol Safe?

Mina may have an advantage in the decentralized financial (DeFi) market thanks to its concept for safely transferring real-world data to the blockchain. You can still have control over your data in terms of security.

Is Mina A Layer 1 or Layer 2?

Being a Layer 1 protocol, Mina is intended to fulfill the initial goals of blockchain, which include real decentralization, scale, and security.

Is Mina Built on Ethereum?

Mina is not built on Ethereum, however, it utilizes the account model used in Ethereum.

How High Can Mina Go?

According to websites like PricePrediction, by 2032, Mina coin can reach a maximum of $16.26.

How Much is 1 Mina Worth?

At the moment, MINA coin price is $0.551694.

Can Mina Reach $1000?

While Mina Coin can hit $100 between 2030 and 2040, however, reaching $1000 seems like an impossible feat.

What Will Mina Be Worth in 2030?

Various sources, for instance, DigitalCoinPrice, claim that by 2030, Mina crypto can climb up to $3.84, while Binance expects it to reach at least $28-30.

What Is Mina Coin Used For?

MINA coin is used to disperse fees among users and speed up network transactions. The quantity of transactions that are now kept across the majority of platforms has considerably expanded as blockchain technology has grown in popularity.

Where to Buy Mina Coin?

StealthEX is here to help you buy MINA coin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1400 coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange — for instance, BTC to MINA. 
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.