Mina Protocol MINAPrice $ 0.0572

Mina Protocol is a layer-1 blockchain-based platform that was founded in 2017. It seeks to address the issue of blockchains requiring large amounts of computational power to validate transactions. Currently, many nodes validating transactions on a blockchain store the entire blockchain’s transaction history. This means that the ledger grows in size as each new transaction is validated. Mina Protocol solves this issue by providing a lightweight alternative to popular chains, such as Bitcoin and Ethereum, on which decentralized applications can be built. 

The project defines its chain as a “succinct blockchain” due to its tiny size in comparison to others. Each block has a fixed size of 22KB. It is able to facilitate such comparatively small block sizes thanks to zero-knowledge technology. Applications, zkApps, can be built on top of the Mina Protocol using such technology.

MINA is the protocol’s native cryptocurrency and has a total supply of 946,246,493. MINA is a utility token that facilitates network transactions, as well as a reward for helping to secure the network.

What are Mina Protocol’s key features and how does it work?

As mentioned, Mina Protocol uses zk-technology to allow its size to remain small. In particular, it uses zk-SNARKs. The network comprises a network of nodes that validate transactions. Each node produces new blocks and when a new block is created, a SNARK proof is also created. These SNARK proofs also act as a confirmation of a newly created block, however, are much smaller in size than the entire chain’s transaction history. This is because they store much less information than an entire chain’s transaction record, as commonly seen on other chains. Nodes then store these smaller proofs allowing the Mina Protocol to remain decentralized and also lightweight. 

Smaller block sizes mean that becoming a Mina Protocol node is more accessible, as fewer computational resources are required to validate transactions and less expensive hardware is needed.

What can Mina Protocol be used for?

The Mina Protocol, like many blockchains, can be used to build and deploy decentralized applications. Applications can be built across a range of sectors including DeFi, governance, social media, and more.

Where can you buy MINA?

MINA is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Binance, Huobi Global, MEXC Global, Gate.io, and CoinBase Pro. The price of MINA will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for MINA market prices, please view the price charts on this page.