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What is Mina Protocol?

8 mins read

Mina Protocol is the world’s lightest blockchain, powered by participants.

Mina is building a privacy-preserving gateway between the real world and crypto — and the infrastructure for the secure, democratic future we all deserve.

By design, the entire Mina blockchain is about 22kb1 – the size of a couple of tweets. So participants can quickly sync and verify the network.

 

How to invest in  Mina Protocol?

Mainnet is live and Coinlist is the official token sale partner of Mina

If you are interested to buy Mina Protocol Click on the link below to signup and be the early investor on Mina Protocol

Buy Here

How Mina Protocol Works?

Mina is a layer one protocol designed to deliver on the original promise of blockchain — true decentralization, scale and security.

In theory, blockchains are designed to be held accountable by its users. When anyone can enforce the rules by validating an irrevocable public ledger — power remains in the hands of the many, not the few. This decentralized structure is what allows the network to conduct trustless transactions.

But in practice, this hasn’t been the case. With legacy blockchains like Bitcoin and Ethereum, when a new participant joins, they have to check every transaction since the beginning of the network to verify correctness — which amounts to hundreds of gigabytes of data. Most people can’t afford the computing power it takes to verify these heavy chains on their own and are forced to trust increasingly powerful intermediaries. This means most folks can no longer connect peer-to-peer — causing decentralization to suffer, power dynamics to shift, and the network to become more vulnerable to censorship.

Mina offers an elegant solution: replacing the blockchain with an easily verifiable, consistent-sized cryptographic proof. Mina dramatically reduces the amount of data each user needs to download. Instead of verifying the entire chain from the beginning of time, participants fully verify the network and transactions using recursive zero knowledge proofs (or zk-SNARKs). Nodes can then store the small proof, as opposed to the entire chain. And because it’s a consistent size, Mina stays accessible — even as it scales to many users and accumulates years of transaction data.

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But how do zk-SNARKs work?

They capture the state of the entire blockchain as a lightweight snapshot and send that around — instead of the chain itself. It’s like sending your friend a postcard of an elephant, instead of a massive live animal. When the next block in the network is created, it takes a snapshot of itself — with the snapshot of the previous state of the blockchain as the background. That new snapshot will in turn be used as the backdrop for the next block, and so on and so on. Rather amazingly, while it can contain proof of an infinite amount of information, the snapshot always remains the same size.

Coming full circle, the world’s lightest blockchain empowers inclusive consensus. Our modified Ouroboros proof-of-stake protocol maximizes inclusivity in consensus. On Mina, all participants act as full nodes and anyone can take part in consensus, secure the blockchain and hold Mina accountable.

And that’s how Mina will deliver true decentralization, scale and security.

Use Cases:

Mina is focusing on three use cases that will help us build a private gateway between the real world and crypto — and the infrastructure for the secure, democratic future we all deserve.

END-TO-END DATA PRIVACY, FROM ONLINE TO ON-CHAIN

Users can access critical on-chain services without sharing their personal data. Instead, they use Mina to access their online data and to prove that they meet the requirements of service providers. No need for a trusted enclave that can be compromised. No data vulnerabilities, end-to-end. For example, today Mina’s Snapps can connect to a credit score provider to prove that your credit score is above a certain threshold. Soon, you’ll be able to prove so much more from any website.

PERMISSIONLESS WEB ORACLES

With Snapps, developers can leverage private, verified, real world data from any website to build decentralized apps. They can input any information that is publicly available on the web (without needing that website’s permission). And they can access, use and protect sensitive data by only sharing the relevant proofs. No need for trusted oracles or custom website integrations.

ONE PRIVATE INTERNET LOGIN

Users can access any internet website or service privately — without creating an account and handing over their personal data. Instead, they login securely with Mina. No centralized service provider can block them. And developers across chains can integrate this private, secure option into their services.

Explore the Possiblities

Mina’s decentralized, democratic design opens up a world of good.

BUILD SNAPPS3 PRIVACY-ENABLED APPS

Leverage Mina to develop decentralized apps that use zk-SNARKs to ensure privacy, without exposing users’ data to a public blockchain.

POWER ENTERPRISE INTEROPERABILITY

Use Mina to combine the cost-efficiency and privacy of a private chain with the interoperability of a public chain.

MINIMIZE TRANSACTION FEES

Power trustless e-commerce and global peer-to-peer transactions without using centralized intermediaries, or paying costly transaction fees.

POWER SECURE & FAIR FINANCIAL SERVICES

Ensure lenders only use fair criteria to make decisions and securely verify relevant information without accessing private user data.

ENABLE PRIVATE & AUDITABLE ELECTIONS

Guarantee fully verifiable and auditable elections, while keeping the process private and protecting individuals’ voting information.

ACCESS MONEY FROM ANYWHERE IN THE WORLD

With a 22kb1 Mina chain, access peer-to-peer stablecoins and tokens via smartphone and bring hard-earned money anywhere you go.

Whitepapers

 

How to invest in  Mina Protocol?

Mainnet is live and Coinlist is the official token sale partner of Mina

If you are interested to buy Mina Protocol Click on the link below to signup and be the early investor on Mina Protocol

Buy Here

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