What is Mina Protocol?
Mina Protocol is a cryptocurrency with a succinct blockchain designed to maintain a constant size despite growth in usage. It was rebranded from Coda Protocol in September 2020 and created by O(1) Labs in 2017. The native cryptocurrency, MINA, powers the Mina Protocol, facilitating transactions, staking, and validating activities within the network.
Mina Protocol goals
The purpose of Mina Protocol is to solve scalability issues using Proof of Validity. The project aims to achieve an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Mina's main objective is to make cryptocurrencies more user-friendly and accessible, while maintaining security and decentralization.
Mina Protocol fondamentals
The total supply of MINA tokens is 1230332761 MINA. The native MINA cryptocurrency is used to process Mina crypto network transactions. Staking MINA is also available on various platforms. MINA coins are also the payment method to incentivize block producers and Snarkers, who keep the network running efficiently.
Marketcap
$0.30476067B
Total number of Mina Protocol
1230332761 MINA
Mina Protocol technology
Mina Protocol uses a Proof-of-Stake (PoS) consensus mechanism and zk-SNARKs to cut down on file size and minimize the computing power required by nodes to participate in network consensus. The blockchain is designed to maintain a constant size despite growth in usage, making it more efficient and scalable.
Mina Protocol competitors
Mina Protocol differentiates itself from competitors through its use of zk-SNARKs, which allow for more efficient data processing and verification. This technology enables Mina to maintain a constant-size network, making it more scalable and secure than other blockchain platforms.
Mina Protocol price history
Frequently asked questions
The native cryptocurrency of Mina Protocol is MINA.
Zk-SNARKs are used to cut down on file size and minimize the computing power required by nodes to participate in network consensus.
Mina Protocol uses zk-SNARKs to compress the blockchain data, allowing it to maintain a constant size despite growth in usage.
Block producers add transactions to the blockchain and create new zk-SNARKs for every transaction they add.
Snarkers produce zk-SNARKs used in verifying transactions and are incentivized by block producers to produce low-cost SNARKS.
Mina Protocol offers a more efficient and scalable blockchain solution, making it more accessible and user-friendly.
The main objective of Mina Protocol is to achieve an efficient distributed payment system that enables users to natively verify the platform right from the genesis block.
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