A blockchain is a distributed decentralized ledger that allows transactions to occur without the need for a central authority. A blockchain is a decentralized ledger that enables transactions without a central authority, making it ideal for financial services, supply chains, healthcare, and social media applications.
There are several types of blockchains, each with its own features and characteristics, but they all share the same underlying structure. Currently, blockchains are usually 300 GB or larger and with every interaction the blockchain size grows. This also means the scalability suffers more and more. However this problem could be history with Mina Protocol the lightest blockchain in the world!
What is Mina Protocol?
Mina Protocol is a blockchain that addresses scalability challenges found in certain Proof-of-Work (PoW) networks. It achieves this through the utilization of small block sizes and a zk-SNARK system, enabling greater participation in node operation. The blockchain size is 22kb and will never change!
What is the zk-SNARK system?
zk-SNARK, which stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” is a proof framework that allows for the demonstration of ownership of specific knowledge, like a secret key, without revealing that knowledge and without requiring interaction between the prover and verifier.
This means that the data is just checked for certain information and there is no download of the whole blockchain necessary for confirmation.
Mina vs Ethereum and Bitcoin?
When interacting with Ethereum or Bitcoins blockchain a download of the entire blockchain record is necessary.The record includes all kinds of interactions, including yours. The blockchain of the Mina Protocol is simply a snapshot of the blockchain’s history. Therefore the dowload is limited to the snapshot and not the entire history.
Minas specialties:
- Small and fixed blockchain size (22kB)
- Real world use cases (E.g. universal log-ins in E-mail, Facebook or bank accounts)
- One of the views that can connect to all kinds of websites
- Very difficult to hack (No possession of data)
- Oracle function (Data access to verify private interactions)
- Decentralised (Zero knowledge, access to data but no possession)
Where can you buy mina crypto?
Mina has a crypto token that is listed on Coinmarketcap. The token can be purchased on Binance, Huobi Global or Gate.io. Later I will explain step by step how to become an owner of this coin.
Is mina crypto a good investment?
-Not as effective yet (22 TPS)
+ Specialties (Mentioned above)
+ Could be hyped (Not much “noise” about it yet , but Ethereum´s statement could change this)
+ Relatively low token price of $0.5161
+ Limited supply (824,104,972)
+ High class investors (FTX Ventures and Three Arrows Capital, must be something)
Conclusion and price prediction
Not that long ago Ethereum founder Vitalik Butin emphasized the importance of zero knowledge proof. Click the link to hear the 3 min podcast.
This makes pretty clear that zero knowledge can likely be a major part in improving blockchains. In addition, its relevant to mention that Ethereum already has a partnership with Mina.
Mina will probably fix the inefficiency problem, and since Mina has a variety of specialties related to its partnerships and its leading position, I believe they’ll be successful.
All in all I am bullish on Mina and I believe that the token could increase in value once zero knowledge gains more attention.
I will add some Mina coins in my wallet at a price $0.5161.
How to buy Mina
1.I will use Huobi since I made good experience with it. Click the link to get to the Mina/ USDT chart. Chose login or register on the top right depending on if you already have an account.
2. Once you are registered you need to deposit money to your acount. To do so select orders and then Fiat. With Fiat you can select currencies like Dollar, Euro or Pound. If you just registered you need to to verify your account.
3. Once this is done return to the original page and select the amount of tokens that you want to purchase. Please note that you can only purchase if you have needed amount in your wallet.
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Important
Please note that this is not financial advice in any form and investments should only be done after research was made. Also be aware that I didnt invest in Mina but plan on doing so. This article only shows my personal opinion and should only be viewed as a presentation not an inductment for investing. Investing is at your own risk !