What is Mina Protocol? Mina Protocol (MINA) is a minimal Blockchain network released to run dApps more efficiently and faster. cryptocoin.com In this article, we have compiled for you the questions that are wondered by investors such as what is Mina Protocol, what it offers, what is MINA coin, what is it for, how to get it. Let’s examine together this protocol, which is known as the lightest Blockchain network on the market.
What is Mina Protocol?
Mina is the first cryptocurrency protocol with a succinct Blockchain. Current Blockchain networks like Bitcoin and Ethereum store hundreds of gigabytes of data. However, these networks will increase in size as time goes on. These high-dimensional Blockchain networks reduce the efficiency of decentralized applications, namely dApps. It also causes the network to be slower, expensive and cumbersome. This is where Mina’s lightweight Blockchain network comes into play. Accordingly, the protocol aims to solve these problems that arise in the industry due to the high size.
Mina Protocol was launched with the vision of becoming a global payment system. It claims to be the lightest Blockchain network in the world. In the Mina ecosystem, the blockchain always remains the same size, no matter how much usage grows. So much so that the file size of the entire network is around 22 kilobytes. 22 kilobytes is the same size as a few tweets. This means that participants can quickly sync and verify the network. The network aims to solve the scalability problem of Blockchain. It also works to make the network decentralized and inclusive.
What features does the project have?
Mina Protocol uses zk-SNARK technology, which can prove the authenticity of a transaction without knowing about the offer itself. For this, it has created a consensus algorithm called Ouroboros Samaika, which includes the integration of technology. Zk-SNARK fixed size is only 22 kb compared to other blockchains. This makes it the lightest chain and also reduces other resources required to process and record transactions. For transactions on the network to run smoothly, Mina requires each participant (SNARK employees) to run a node.
What is MINA? What does it do?
MINA, the native cryptocurrency of the Mina Protocol, has several use cases on the network. Accordingly, the altcoin can be used to conduct network transactions and pay transaction fees. However, token holders can also earn passive income by staking their assets or earn MINA rewards by contributing to the network. Altcoin is also used to interact with dApps called Snapp.
What is Mina Protocol? How to take MINA?
Mina Protocol is listed on Binance, AAX, Deepcoin and MEXC exchanges. Interested investors are required to become a member of one of these exchanges and follow the purchasing steps in accordance with MINA parities.
