What is Mina Protocol (MINA)? What Does It Do?
Mina Protocol is a cryptocurrency project that features the lightest and most accessible blockchain among all other blockchains.
The Mina protocol is a minimalist blockchain that runs decentralised applications (dApps) extremely efficiently. The design of this protocol is specially kept to a size of 22 KB and is organised in such a way that this size never increases.
Thanks to this remarkable feature, Mina is significantly lighter and more accessible than other major blockchains such as Bitcoin (BTC) and Ethereum (ETH).
The Mina protocol offers a distributed payment system that works efficiently, allowing users to verify transactions directly through the genesis block. This approach provides a much lighter and accessible experience compared to other blockchains.
Users can transact securely and efficiently with low transaction costs and fast verification times. Mina's minimalist design and low data size make the network more environmentally friendly and contribute to the wider dissemination of blockchain technology.
What are the Advantages of Mina Project?
One of the most striking features of Mina Protocol is that the size of the blockchain is only 22 KB. This size is a striking difference compared to other blockchain projects.
Size: It differs significantly from other blockchains because it keeps the blockchain size at only 22 KB, and this size never increases. This allows it to run easily even on low-capacity devices and networks with low bandwidth. Users can join the Mina network quickly and at a lower cost and store their data on a blockchain that takes up less space.
Data: Today, users are forced to surrender their data to centralised entities in order to participate in the modern world. But Mina's zkApps, zero-knowledge smart contracts, allows users to keep their privacy in check by verifying and sharing proofs of their data instead of the data itself. Imagine getting a loan just by sharing a proof of your personal identity and credit score instead of the data itself. There is no risk of your personal information being intercepted or sold. You are the sole owner of your data and it never leaves your device.
The Real World: Other blockchain protocols do not interact with the internet, limiting the scope and utility of their applications. Mina's zkApps, however, can interact privately with any website and access verified real-world data for use on-chain. Thus, developers can leverage data from the internet and easily add it to the chain without ever compromising users' privacy.
Mina Project Team
Mina Token Economy
Mina has an inflationary structure with no supply limit. Some may argue that this tokenomics model is disadvantageous, but the Mina team made this decision to try and encourage more stake participation in the early stages of the project. This has helped the Mina Protocol maintain a high level of decentralisation and security. The Mina team set inflation targets for the first 28 months from the start of the project. Over time, the project token's inflation will decrease from an initial target of 12 per cent to 7 per cent from month 24 onwards. This planned disinflation will contribute to a more balanced and sustainable control of token supply.
