What is Mina Protocol (MINA)? Everything you need to know about MINA token
What is Mina Protocol?
Mina is the first cryptocurrency protocol with a succinct blockchain. Current cryptocurrencies like Bitcoin and Ethereum store hundreds of gigabytes of data, and as time goes on, their blockchains will only increase in size.
Therefore, Mina claims to be the lightest blockchain in the world with a vision of becoming a global payment system.
With Mina, however, no matter how much the usage grows, the blockchain always stays the same size - about 22kb1 (the size of a few tweets). This means participants can quickly sync and verify the network.
The network aims to solve the scalability problem of blockchain and enable anyone to run with commodity hardware to keep the network become decentralized and inclusive.
How does Mina work?
The Mina Protocol uses a consensus algorithm called Ouroboros Samaika which includes the integration of zk-SNARKs (zero-knowledge Succinct Non-interactive Argument of Knowledge) which can prove a transaction’s veracity without knowledge of the proposal itself.
Zk-SNARK fixed size is only 22kb compared to other blockchains, making it the lightest chain and also cutting down other resources needed to process and record transactions.
In order to make transactions on the network run smoothly, Mina requires each participant (SNARK workers) to run a node. There are two types of nodes which are:
- Block producers: Can select transactions to include in the next block and win that block’s reward.
- Snark workers: Using computing power to help compress network data and generate proofs of transactions.
Also, Mina solves the common problems of blockchain with dApps called Snapps. Snapps use cryptography to conduct trustless blockchain transactions and use the power of zk-SNARKs to prove knowledge without exposing important information.
What is a MINA token?
MINA is the native token of the Mina Protocol. The token’s use cases are:
- Transactions: MINA is used to execute network transactions
- Staking: Users can stake MINA tokens to earn rewards while securing the network
- Payment: MINA can serve as the payment of MINA protocol to incentivize users to create blocks
- The token is also used to interact with applications or dApps built on the Mina Protocol such as Snapps.
Detailed information about MINA token
Token Metrics MINA
- Token Name: Mina Protocol
- Ticker: MINA
- Blockchain: Mina
- Token Standard: Updating
- Contract: Updating
- Token type: Utility, Governance
- Total Supply: 880,852,492
- Circulating Supply: 331,652,767
MINA Token Allocation
MINA Token Sale
The MINA token sale was held on Coinlist from Apr 13, 2021, to Apr 15, 2021.
Details are as follows:
- Tokens for Sale: 75,000,000 MINA
- ICO Price: $0.25
- Exchange: Coinlist
- Soft Cap: TBA
- % of Total Supply: 7.5%
- Fundraising Goal: $48,150,000
- Accept: USDT/USDC/BTC/ETH
- Personal Cap: $50~$1000
- Access: Public
MINA Token Release Schedule
How to buy MINA Token
You can buy MINA on these centralized exchanges: Kraken, Binance, Gate.io, OKEx, MEXC Global.
Alternatively, you can use Coin98 Exchange to swap other tokens for MINA at the end of this article.
Learn more: How to use Coin98 Exchange
How to get MINA token
You can participate in the network and become a validator to earn MINA in rewards.
How to store MINA Token
You can store KDA on exchanges that listed the token. Coin98 Wallet will update the token as soon as possible.
Roadmaps and Updates
In Q1 2022, there are a few important updates of the Mina Protocol such as:
- Easy Snapps Programmability on Mainnet.
- Snapps SDK.
- Multi-Environment Setup.
- Bridge to Ethereum.
Team, Investors, and Partners
Team
- Evans Shapiro is the CEO and Co-Founder of O(1) Labs. He is a graduate Computer Science student and previously worked as a software engineer for Mozilla.
- Joon Kim is the General Counsel (GC) of O(1) Labs. He is also GC at Terra and Assistant GF and Vice President at Goldman Sachs.
Investors
The project has raised a total of $44.7M over 4 funding rounds. Mina is invested by highly respected and reputed venture capitals such as: Three Arrows Capital, Coinbase Ventures, Paradigm, Polychain Capital, Hashkey.
And other investors such as High Naut Capital, Bixin Ventures, Accomplice, General Catalyst.
Partners
A notable event as well as marking Mina's reputation is the collaboration with Finoa. Finoa is known for its digital asset custody technology and interface that enables the highest in security and usability for its institutional customer.
Is MINA a good investment?
This article has provided some of the main ideas related to the MINA token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making investment decisions:
- MINA is an advanced blockchain with great potential. The project is built from strong fundamentals and the MINA token could expand further utility and value from other applications such as Snapp. Being a lightweight blockchain also gives mina a lot more value by solving the challenges of many other blockchains with scalability issues.
- For a project to be successful, the technology behind it is not the only deciding factor. The market effect is also important and MINA was the top 1 trending search on Coingecko in May - Jun this year and still growing. This reminds me of ADA back a few years ago when they had one of the largest user bases in the market. Could this be the second ADA for the next few years? We will have to wait and see but for now, they have been pretty successful with their supporters.
Similar Projects
You can find similar projects to Mina Protocol through the analytic from Coin98 Analytics.
Conclusion
I hope you have gained all of the important information about MINA including its features and highlights throughout this topic.
If you have any questions about MINA or want to know more about MINA, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.
Learn more: Mina Ecosystem - An ecosystem in the early development stage