Source: Republic of the World

Cryptocurrency or also often referred to as crypto is simply an online currency that can be used for the purpose of trading, exchanging as well as buying and selling goods and services over the internet. Having experienced a boom in popularity over the past couple of years, I’m sure most of you are already familiar with virtual currencies and how they work, but for others who still struggle with the whole concept of virtual currencies. cryptocurrencies, let me make it easy for you. you.

Digital currencies are somewhat similar to physical money which of course can only be spent on the web. This is an industry that has experienced significant growth and development in recent years and since its inception, its growth has always been on the rise.

For those of you who have been following crypto from its early stages will agree that when the industry started there weren’t a lot of people willing to invest in currencies online, but in fact , if you look around today, I believe it has been successful in attracting large global investors as well.

Cryptocurrencies are often viewed as a risky investment, but they still provide a passive income stream for people who have extra cash and are looking for an investment. Crypto is portable and this is one of the main reasons for its desirability. Other than that, the whole user experience is just something very intuitive. looking at all this, potential investors around the world are intrigued to put their money in virtual currencies.

Some other things worth mentioning include that crypto uses blockchain technology to function, it is a completely decentralized platform and therefore will be able to operate outside the supervision of central authorities and finally, it uses cryptography and is therefore highly secure and very difficult to duplicate or even counterfeit.

Over the past couple of years we have seen a lot of online currencies appear and among these a few are capable of attracting customers. and get into the mainstream, but others who failed to grow up disappear soon after. Even today, there are several currencies available in the market. Speaking of online currencies, some of the popular currencies available in the crypto market today include Bitcoin, Binance Coin, Ethereum, Cardano, Dogecoin, SHIBA INU, and many more.

According to some global crypto experts, cryptocurrency is advancing towards a complete transformation of the global payment system and it is really believed that in the next few years, crypto could be accepted as an official payment method in stores and traders. This is for the future, but starting today you will be able to buy all of these currencies from digital exchanges on the web.

Now that you have a basic understanding of cryptography, you will be able to have a much better understanding of what we have with us today, the Mina Protocol. To learn more, I suggest you read further.

What is the Mina protocol?

MINE

Source: Ivan on Tech Academy

Mina is a small and the very first encryption protocol to have a “Succinct blockchain” which is created in order to reduce the computational requirements to run decentralized applications (DApps) much more efficiently. They say Mina is the lightest blockchain in the world since its size is designed in such a way that it will remain constant even with increasing use.

Before going further. It is important that you know what is a blockchain because I think some of you may not be familiar with the technology. All the virtual currencies on the market are built on blockchain technologies. Blockchain technology is basically a large number of transactions that occur on the platform, so there will be no kind of corruption or theft of currency.

According to this, the more people buy a specific currency, the larger the size of the blockchain. However, Mina managed to create a unique solution to this problem. The Mina protocol has a fixed size of 22kb and so, anywhere anyone can easily access the Mina protocol through their cell phones or desktops, making it a much better experience and also offers new opportunities for developers of applications to create.

Just for reference, Bitcoin’s blockchain is around 300 GB. Not only that, despite its small size, Mina manages to stay decentralized and extremely secure, like any other blockchain on the market. Also, it should be mentioned that the whole project was previously known to be as Coda protocol and was recently renamed in October of last year.

The protocol was created with a objective to optimize both decentralization and scalability the same time. This can however be achieved by using zero-knowledge evidence in order to condense the blockchain into a constant size, therefore, no matter how much blockchain usage increases, it will always remain the same 22KB size.

How it works?

MINE

Source: CoinList Blog

As we talked previously about how Mina’s height will always stay the same, this breakthrough was made possible by zk-SNARKS. For those of you who are wondering what this is? Let me help you with this. SNARK is nothing more than a type of succinct cryptographic proof. Whenever there is a new block produced by a Mina node, it simultaneously generates a SNARK proof, thus verifying that the created block was valid.

All nodes can then easily store the tiny evidence rather than the entire chain. By not having to worry about its increasing size, the protocol creates a large-scale decentralized blockchain. Mina uses a point of sale mechanism specifically designed for succinct decentralized networks called Ouroboros Samasika because it is known to provide a bootstrap through a genesis block.

Speaking of succinct blockchains, they carry two main functions including updating as well as verification. So, the checks are for blockchain summary, consensus, and blocks, while the update functions work with chain summary and consensus. Not only that, aside from the mentioned uses, Mina Protocol is known for use a running crawl side by side in order to optimize the processing speed of transactions, which work by combining unproven blocks and assigning the entire process to parallel provers.

MINE

Source: Medium

As mentioned earlier, other protocols are very heavy and large in size and therefore, in order to operate nodes, they often require intermediaries. As a result, the same old power dynamic is created. While in Mina’s case, it’s so light that anyone will be able to peer-to-peer and check as well as sync the channel in just seconds. Mina protocol, being built on a fixed size cryptographic proof, the blockchain will remain easily accessible even if it extends to nearly a million users.

In addition, in accordance with Mina’s graphic design, any user or participant on the platform can participate in the Proof of Stake (PoS) consensus, securing the blockchain and also having easy access to strong censorship resistance. Also, it is worth mentioning that other protocols are slowed down by terabytes of user data and congestion caused on networks, but on Mina applications run as fast as your internet bandwidth is capable of carrying them, which results in a seamless user experience.

Invest in MINA

MINE

Source: Nomics

To date, the price of the Mina protocol is almost $ 4.88 with a volume of trade of 174,453,523 US dollars. Over the past twenty-four hours, the Mina protocol has increased by almost 6.33%. Have a market capitalization of US $ 1,183,183,139, the platform is currently 81st position in the CoinMarketCap ranking with a circulation supply of 242,637,753 MINA coins, but unfortunately the maximum lifetime supply of the currency is not yet available. Apart from that, just last week, the value of the Mina Protocol fell 14.30 percent.

Speaking of investing In the Platform, I sincerely believe that by reading this far you might have understood what the Mina Protocol is and whether investing in Mina is the right thing for you to do right now. . Having launched roughly four years ago in the 2017 model year, seeing the project’s goal of compressing the size of a blockchain to just 22KB is nothing short of extraordinary.

Not only that, Mina would be the most anticipated project in the cryptocurrency industry to date. If that’s not convincing enough, the team behind the platform raised a total of nearly $ 18.75 million at the time of its token sale, and that too in just under four hours. I think investing in the platform can provide you with good returns in the near future and could be worth your time and money!

It is extremely important that you understand the fact that like any other currency in the crypto market, the Mina Protocol also comes with its own risks and you should only invest if you are willing to take those risks and bear all the losses. if at all necessary.

If you wonder, where to buy MINA? Let I help you with that. Currently, Mina is available on all major crypto exchanges, but some of the popular exchanges that MINA is listed on include Mandala Exchange, Binance, ZT, Gate.io as well as OKEx.

In conclusion, What do you think of the Mina protocol? Let us find out in the comments below. To learn more about the different cryptocurrencies, see other items we have on our website. Thanks for your time and if you have found our informative content, share it with your investor friends!

Read also : SHIBA INU: all you need to know