Mina Protocol, known as the world’s lightest blockchain, aims to drastically reduce the computational requirements for running DApps. Originally launched as Coda Protocol, it was rebranded to Mina in October 2020. The standout feature of Mina is its constant blockchain size of just 22 KB, in stark contrast to Bitcoin’s 300 GB blockchain. This minimal size ensures easy accessibility and verification from any point in time.
Mina’s primary goal is to create an efficient distributed payment system where users can verify the platform directly from the genesis block. This is achieved through the use of Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs). These cryptographic proofs allow users to verify transactions without revealing the actual data, maintaining privacy while ensuring authenticity. Mina’s protocol focuses on the last few blocks using zk-SNARKs, enabling quick and secure verification without the need to process the entire transaction history.
The native currency of the network, MINA, serves as a utility coin and medium of exchange within the ecosystem.
Mina operates similarly to Bitcoin in its transaction handling but adopts the account model used by Ethereum. While Bitcoin’s state consists of unspent coins, Ethereum’s and Mina’s states comprise account balances. Mina uses a unique system involving provers (or snarkers) who validate blocks and ensure state commitment.
The protocol employs the Ouroboros Samasika, a Proof-of-Stake (PoS) mechanism designed for succinct blockchains, enabling secure bootstrapping from the genesis block. Mina’s succinct blockchain functionality revolves around two main processes: verify and update. Verification involves consensus and blockchain summary, while the update function manages consensus and chain summary. Additionally, Mina’s parallel scan state optimizes transaction processing by distributing unproven blocks across parallel provers.
Mina’s decentralized network comprises three primary roles:
Mina Protocol represents a significant advancement in the blockchain space, offering a minimalistic and efficient approach to decentralized applications. By leveraging zk-SNARKs and maintaining a constant blockchain size, Mina ensures accessibility, security, and decentralization. Whether you are an investor, developer, or enthusiast, understanding Mina’s unique features and staking mechanisms can provide valuable insights into the future of blockchain technology.
In Mina Protocol, staking involves locking up MINA tokens to become a block producer. Block producers validate transactions and create new blocks, earning rewards in the form of MINA tokens. This process helps maintain network security and decentralization.
Staking MINA tokens offers multiple benefits, including earning rewards for block production and transaction validation. It also enhances the security and decentralization of the network, contributing to its overall stability and efficiency.
Mina Protocol uses zk-SNARKs to compress the proof of the entire blockchain into a small, fixed size of 22 KB. This constant size allows any device to verify the blockchain quickly and efficiently, ensuring the network remains lightweight and easily accessible.
Mina Protocol's unique feature is its succinct blockchain that remains constant in size regardless of transaction volume. The use of zk-SNARKs for secure verification allows the network to maintain efficiency and accessibility without requiring extensive storage or computational power. This minimalistic yet powerful approach differentiates Mina from other blockchains.
You can participate in the Mina Protocol network as a verifier, block producer, or snarker. Verifiers handle zk-SNARK proofs to ensure network integrity, block producers validate transactions and create new blocks, and snarkers generate the necessary zk-SNARK proofs for transaction validation. Staking MINA tokens is essential for becoming a block producer and earning rewards.
