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Mina Protocol is a minimal “succinct blockchain” created to reduce computational requirements for running DApps more efficiently. Mina is described as the world’s lightest blockchain since it is designed to remain the same size regardless of usage growth. It also maintains a balance between security and decentralization. The project was renamed from Coda Protocol to Mina in October 2020.
What is Mina (MINA)?
Mina aims to achieve an efficient distributed payment system that allows users to directly verify the platform from the genesis block. Its technical whitepaper refers to this as a “succinct blockchain.”
The protocol uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs), a cryptographic proof that enables someone to verify the identity of information without disclosing the actual information. However, tracking the platform back to the genesis block may not be practical in a large network. Thus, Mina computes SNARKs progressively, focusing only on the last few blocks. This means end-users verify this zk-SNARK-compressed proof instead of a block’s entire transaction history.
At the heart of the Mina protocol lies its native currency, MINA, which functions as a utility and exchange medium.
Mina is concerned with revolutionizing the current blockchain environment, where most platforms have validators like miners and lightweight clients acting as third parties during transaction verification.
Mina adopts a different approach with multiple participants in the decentralized network, each fulfilling a specific function. The three main roles include validators, block producers, and snarkers.
A transaction begins with a user initiating a transaction, which then goes to the mempool, a pool of valid but unconfirmed transactions.
Then, snarkers take control by making a proof or SNARKs. The transaction continues with the selection of a block producer (BP) to aggregate transactions into a block. It’s important not to forget that a BP sifts through the mempool for profitable transactions. Then, the BP selects a SNARK according to the rules in the consensus mechanism.
How to Buy Mina Coin?
MINA Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform by transaction volume.
To buy MINA, one must first register on Binance and then send fiat money. After sending fiat currency such as dollars, purchasing can be done in the MINA trading pairs of Bitcoin (BTC), Tether (USDT), BUSD, and Binance Coin (BNB).
In addition, on Binance, users can place a buy order not only at the market price but also at a lower price. To do this, use the Limit tab and enter the amount and price you wish to buy at.
