The Mina Protocol is intended to reduce the computing requirements of Dapps. Mina has been described as the world’s lightest blockchain, with a consistent size despite increased usage. Furthermore, it strikes a balance between security and decentralization. In October 2020, Coda Protocol was renamed Mina.
Users can validate the platform natively from the genesis block by using Mina’s distributed payment mechanism. Its whitepaper refers to it as a “succinct blockchain.”
The system employs zk-SNARKs, a cryptographic proof that allows someone to authenticate data without revealing it. Tracing the platform back to its genesis block may be impractical in a large network. Mina gradually computes SNARKs that only focus on the last few blocks to avoid examining the entire transaction history.
MINA, the Mina protocol’s native currency, serves as both a utility coin and a medium of exchange. It is also a cryptocurrency that employs the accounting concept found in Ethereum.
Transform the Existing Blockchain Environment
The Bitcoin blockchain’s state includes a list of unspent coins, whereas Ethereum’s form is made up of account balances. Mina, unlike a miner, uses a prover (or snarker) to ensure that each block commits to the state.
Mina employs the Ouroboros Samasika PoS method, which is designed for short decentralized networks that begin with a genesis block. In a nutshell, blockchains validate and update data. The update function interacts with the consensus and chain summary functions, whereas the verification function interacts with blocks.
In addition to the solutions mentioned above, the project makes use of a parallel scan state to improve transaction processing performance. Mina intends to disrupt the current blockchain environment by eliminating third-party verifiers such as miners/stakers and light clients. A user initiates a trade and then sends a pool of legitimate but unconfirmed transactions to the mempool.
According to CoinmarketCap, its price has risen 11.52 percent to $6.18. The current market capitalization is $430,709,845. The market capitalization of $MINA is $1,457,848,484. Today, September 14, it reached an all-time high of $6.48.