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Mina Protocol (MINA): an overview of the “lightest” cryptocurrency

What is Mina coin? Mina Protocol coin has the lightest blockchain in the entire crypto industry. It weighs only 22Kb. This allows Mina Protocol to scale infinitely and allow users to make almost instant transactions.

Let’s understand how Mina Protocol works, what the Mina Protocol value is and what its long term prospects are.

The basis of Mina Protocol

To understand how Mina Protocol works, here is a simple example:

John makes a signed transaction in the Mina network and right after that it is sent to the validators, who put the transactions in a certain list. From this list, the block producers (those who produce blocks) take a snapshot SNARK to the transaction, which he redeems on the Snarketplace platform. Among these is precisely the confirmation for John’s transaction. The transaction then enters the Mina network and the person receives funds from John and the block is considered confirmed.

You will immediately ask the question: what is SNARK anyway? It’s simple: when new blocks are added to the blockchain, validators are required to validate them before adding them to the network. In many well-known blockchains, miners and validators do this, but then the size of the network increases by hundreds of thousands of times. To prevent the network size from increasing, the validator takes a screenshot of each block and shows it to the rest of the network, so it is not necessary to show all the transactions. These screenshots are SNARK.

Briefly about Mina Protocol

The project is managed by Mina Foundation, a nonprofit that happens to be working with Ethereum. Mina plans to create its own blockchain-based application called Snapp based on SNARK, which will allow users to keep their privacy and speed of interaction with some products (for example, sports scores or anonymous use of the Internet).

Like many other blockchain projects, Mina Protocol has its own MINA token of the same name. It is mainly used for calculations, stacking and blockchain creation.

Speaking of marketplace Snarketplace. In order for Mina validators to add blocks they need to buy a proof of SNARK on Snarketplace for MINA tokens. at the moment absolutely anyone can buy MINA for stacking or delegating to validators.

Mina Protocol coin price

MINA first went public on crypto exchanges in early June. The starting trading price was $10. After listing, its price fell to $3 and soared again to $5, then steadily declined until it reached $1. At the time of publication, on August 13, MINA is trading at $3, which is 70% below its historical high. The Mina Protocol coin price prediction is quite optimistic. 

Is Mina coin a good investment?

From an ecosystem perspective, MINA is quite a promising project. You can buy it on the PancakeSwap exchange, or any other exchange. Ethereum cooperates with it, the token is supported by such major exchanges as Binance, Kraken, Gate.io, and the capitalization of the project exceeds $600 million. The network is very light, secure, scalable and fast in operation. How to buy Mina token? You can do it on any exchange. 

However, there is one BUT! The price of MINA is very unpredictable, extremely volatile and demand-driven. Mina can grow in value in tandem with the whole market, but if bitcoin and Ethereum fall, then MINA will fall twice as much.

That’s why according to Mina protocol news no one can predict how much X’s the project can bring to its investors. That’s why we invest very carefully, with a small amount and in case of any strong plummet, it is best to fix the profit.

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