This article was written exclusively for Investing.com
- The lightest blockchain in the world
- One of the top 100 cryptocurrencies
- MINA: Around less than a year
- Unlimited total supply
- Only invest what you can afford to lose
As of February 28, a total of 17,911 cryptocurrencies filled the asset class. The growth of new tokens hitting the market has been nothing short of amazing. At the end of 2020, less than half of that number – 8,153 – was floating in cyberspace. New tokens are hitting the market whether crypto values are rising or falling every day.
The magnetic impact of rising five cents in 2010 to a high of nearly $70,000 per token in mid-November 2021 has sparked a speculative frenzy that is supporting emerging tokens. Speculators have been ready to throw money at many new entrants, hoping that one will turn out to offer staggering Bitcoin-like returns.
While some of the 17,900+ tokens are likely scams that will disappear into the dust heap of the asset class, some bring new features and offer upside potential. (MINA) is a new crypto, offering “true decentralization, scale and security”.
MINA has climbed to the top of the cryptocurrency hierarchy, reaching the top 100, as the value is greater than 99.5% of other members of the asset class.
The lightest blockchain in the world
The MINA website describes the protocol as follows:
“build a bridge between the real world and crypto – and the infrastructure for the secure and democratic future we all deserve.”
MINA developers have created what they call the “the lightest, participant-powered blockchain.”
The size of the entire MINA blockchain is the size of “a few tweets.” MINA uses advanced cryptography and recursive zk-SNARKs to ensure decentralization at scale. A zk-SNARK is an acronym that stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge”. It is cryptographic proof that allows a party to prove that they have certain information without revealing that information.
One of the top 100 cryptocurrencies
On March 3, MINA was the 87th major cryptocurrency. At $2.077 per token, MINA had a market capitalization of just over $816.50 million.
MINA was worth over 99.5% of the cryptocurrencies in the asset class.
The MINA network operates via a proof-of-stake consensus that is energy efficient and becomes more secure and resilient as it grows.
MINA: Around less than a year
In June 2017, O(1) Labs launched an open-source project to design a layer one protocol that delivers on the original blockchain promise of true decentralization, scale, and security. MINA started its activities at the end of May 2021.
On May 31, MINA started trading at $4.938 per token, with total 24-hour volume at the $20.80 million level. The crypto peaked at $6.2008 on September 14, with 24-hour volume hitting $367.06 million.
MINA hit a slightly lower high on Nov. 11 at $6.1163, the day after Bitcoin hit their respective highs. The 24-hour volume for MINA reached a record high at that time.
Since November 11, MINA, like many other cryptocurrencies, has been making lower highs and lower lows. The most recent low occurred on February 24 at $1.8547 per token.
Unlimited total supply
On March 1, 391,397,894.84 MINA tokens constituted the circulating supply. The current total supply is 824,104,972 tokens.
MINA is an inflationary currency with no supply cap. Its designers decided to encourage a high level of participation in staking in the early years of the protocol, thereby increasing the level of decentralization. The inflation schedule is as follows:
The MINA community may change the inflation schedule depending on market conditions.
Only invest what you can afford to lose
With over 17,900 cryptocurrencies to choose from, investors and speculators have plenty to choose from. MINA is a cryptocurrency that has reached critical mass with a market cap of over $850 million.
When selecting the components of a crypto wallet, market participants should understand that the vast majority of cryptos will eventually become dust collectors in cyberspace. Additionally, the entire asset class faces regulatory, custody and security issues that will contribute to price volatility and determine the future.
Only invest capital in cryptocurrencies that you are willing to lose, as the potential for substantial rewards comes with significant risk.