Mina Coin is the native cryptocurrency of the Mina protocol, which provides various benefits.
What is Mina (MINA)?
Mina (MINA) is a minimal blockchain created to reduce computational requirements for more efficient operation of dApps. Mina is designed to remain constant in size despite its growth in usage and is described as the world’s lightest blockchain. It also maintains a balance between security and decentralization. The project was initially launched as the Coda Protocol in October 2020 before being rebranded as Mina.
Mina aims to achieve an efficient distributed payment system that allows users to construct the platform directly from the genesis block. The technical white paper describes it as a “succinct blockchain.” The protocol utilizes zk-SNARKs, a cryptographic proof that enables identity verification without revealing any information.
However, allowing users to track the platform back to the genesis block may not be practical in a large network. Therefore, Mina gradually calculates SNARKs, focusing only on the last few blocks, meaning that end users check the zk-SNARK compressed proof instead of the entire transaction history of a block. At the heart of the Mina protocol is the native currency MINA, which acts as a utility token and a medium of exchange.
Mina operates similarly to Bitcoin in how transactions are processed but also leverages the account model used in Ethereum. Mina uses a snarker to ensure that each block is connected. When the platform bootstraps from a genesis block, it employs Ouroboros Samasika, a PoS mechanism specifically designed for succinct decentralized networks.
Where to Buy MINA Coin?
MINA Coin can be safely bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. Mina Coin is traded on the Binance platform in the MINA/BTC, MINA/BNB, MINA/USDT, and MINA/BUSD pairs.
To purchase MINA Coin, you first need to register on the Binance exchange. Once registration is complete, you must transfer cryptocurrency or fiat currency to your Binance wallet. After the transfer is complete, you can purchase Mina Coin in any of the four pairs mentioned above. To buy from the MINA/USDT trading pair, navigate to the interface of this pair. In the limit tab, enter the amount you want to buy. After specifying the amount, complete the purchase by selecting the Buy MINA command.
