Frequently Asked Questions
What Is Mina Protocol?Read More
Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralization. The project was rebranded from Coda Protocol to Mina in October 2020.
To learn more about this project, check out our deep dive of Mina Protocol.
The Mina network has a size of only 22 KB, which is miniscule when compared to Bitcoin’s 300 GB blockchain.
What Is Mina Protocol’s Main Objective?Read More
Mina is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Its technical whitepaper calls this a “succinct blockchain.”
The protocol uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs), a cryptographic proof that enables someone to authenticate information without revealing said information. However, enabling a user to trace the platform back to its genesis block can be impractical in a large network. As such, Mina incrementally computes SNARKS that concentrate only on the last few blocks — meaning that end-users check that zk-SNARK-compressed proof, instead of a block’s entire transaction history.
At the heart of Mina protocol is MINA, its native currency, which functions as a utility coin and medium of exchange.
How Does Mina Protocol Function?Read More
Mina is similar to Bitcoin, apart from how it handles transactions, but also employs the account model used in Ethereum.
In this respect, the difference between Bitcoin and Ethereum is that the state of the Bitcoin blockchain contains a list of unspent coins, while Ethereum’s state is made up of account balances.
Mina, on the other hand, uses a prover (or snarker, if you will), an equivalent of a miner, to ensure each block commits to the state.
Mina employs the Ouroboros Samasika, a type of PoS mechanism specially designed for succinct decentralized networks since it provides bootstrapping from a genesis block.
Succinct blockchains contain two major functions: verify and update. Verification touches on consensus, blockchain summary and blocks, while the update function interacts with consensus and chain summary.
Apart from the above implementations, the project uses a parallel scan state to optimize transaction processing speed, which works by grouping unproven blocks and assigning the process to parallel provers.
What is the all-time high price of Mina (MINA)?Read More
The all-time high of MINA was 9.91 USD on 2021-06-01, from which the coin is now down 87.18466195761857%. The all-time high price of Mina (MINA) is 9.91. The current price of MINA is down 87.18466195761857% from its all-time high.
How much Mina (MINA) is there in circulation?Read More
, there is currently 1.06Bn MINA in circulation. MINA has a maximum supply of 0.
What is the market cap of Mina (MINA)?Read More
The current market cap of MINA is 1.35Bn. It is calculated by multiplying the current supply of MINA by its real-time market price of 1.27.
What is the all-time low price of Mina (MINA)?Read More
The all-time low of MINA was 0.37555377
, from which the coin is now up 238.16728826873447%. The all-time low price of Mina (MINA) is 0.37555377. The current price of MINA is up 238.16728826873447% from its all-time low.
Is Mina (MINA) a good investment?Read More
Mina (MINA) has a market capitalization of $1.35Bn and is ranked #69 on CoinMarketCap. The cryptocurrency market can be highly volatile, so be sure to do your own research (DYOR) and assess your risk tolerance. Additionally, analyze Mina (MINA) price trends and patterns to find the best time to purchase MINA.