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Highlights
- Mina is the world’s lightweight & constant-sized blockchain protocol in the cryptocurrency domain.
- The size of Mina is just 22 Kb, and is considered to the gateway between the real world and cryptocurrencies in a secure manner.
Mina is the world’s lightest and constant sized cryptocurrency protocol with a succinct blockchain. Unlike other cryptocurrencies like Bitcoin, Ethereum, Cardano etc. which can run into 300 GB, Mina irrespective of the usage, the blockchain size remains the same - about 22 kbs. Without comprising on the trust, security or the functioning format, Mina enables seamless integration of cryptocurrency into various dApps (decentralized applications).
Mina can authenticate the information through a type of succinct cryptographic proof zk-SNARKS (uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge). This enables the user to trace the platform back to the node, which means the users can cross check and verify the transactions that they make. As the users don’t have to worry about the size of the block any more with Mina, the blockchain becomes a completely decentralized one.
How does Mina Work?
Created by computer scientists Evan Shapiro and Izaac Meckler, the Mina protocol functions in a similar pattern that of Bitcoin and Ethereum. While its Bitcoin model keeps track of the unspent coins, Ethereum keeps track of the account balances. Mina uses something similar to the one that a miner would use to ensure that each block commits to the state. With its Ouroboros Samasika it provides bootstrapping from a genesis block. As the succinct blockchains helps it to perform two major functions such as verify and update. While the verification deals with the blockchain summary and blocks, the update function connects the consensus and chain summary.
Mina functions in such a way that it is revolutionizing the current blockchain landscape. While other platforms have verifiers or checkers to do the verification part, the Mina crypto allows multiple participants instead of a single third-party verifier to handle the function on the decentralized network.
How is Mina faring in the market?
Mina (BNB) has had a healthy morning on Tuesday, was placed at 116 on CoinMarketCap. Mina was trading at US $3.27 with a 24-hour trading volume of US $21,69,33,318. At the time of writing (BST 12:15 pm), Mina was up by 16.54% in the last 24 hours. BNB currently has a live market cap of US $66,96,07,603
One of the advantages of Mina cryptocurrency is that it offers faster transaction and seamless user experience. As its able to implement multiple transactions per second, the users can save the entire transaction history on their phone itself. As it operates on the PoS consensus, it provides strong security to the blockchain. Besides anyone who is syncing the chain in Mina can also validate the transaction like a full node.
