Key points to remember

  • Mina shared full details of her March token sale, which closed in four hours after 375,000 people signed up to participate.
  • The token sale raised $ 18.75 million, with tokens distributed to 40,500 buyers.
  • Mina says she looks forward to welcoming more developers to build on the protocol.

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Mina, the world’s lightest blockchain that leverages zk-SNARK technology, shared details of its recent token sale.

Popular Mina Tokens

MINA tokens were released in a community sale on CoinList last month. Buyers had to register their interest to participate in the sale. It received 375,000 registrants and sold out in just four hours. 40,500 buyers contributed for a total of $ 18.75 million.

The fast liquidation time makes MINA the most oversubscribed token sold on CoinList. The Mina community is known as one of the most passionate about crypto. Long before the token was launched, Mina had a dedicated following of supporters. The project has been underway since 2017, when many other short-lived crypto projects were launched through ICOs. Mina, however, has been in development for a few years and her community has snowballed since the launch date.

The protocol uses “the world’s lightest blockchain” as its slogan. Unlike other chains like Bitcoin and Ethereum, the whole blockchain only takes 22 KB. It uses zero-knowledge evidence called zk-SNARKS to reduce the amount of storage required. Zk-SNARKs use cryptographic keys to prove that a party has “knowledge” of a value, without revealing the value itself. They also make the chain more scalable.

Mina launched on the mainnet on March 23. It uses the Ouroboros Samasika Proof-of-Stake consensus algorithm, which is more succinct than other similar mechanisms. It is also resistant to attacks: it selects validators before an era rather than forcing them to wager for an extended period of time, which limits the risk of someone branching off the chain.

Evan Shapiro, CEO and co-founder of the O (1) Labs team that launched Mina, said he was “incredibly excited” about the future of the project after the successful launch of the token. He added:

“Since launching our mainnet, integrations like what we have done with Teller Finance are now possible and developers will soon be able to take advantage of Mina to build lightweight, privacy-friendly applications that allow users to protect their data and sensitive information. “

Teller Finance already uses Mina to help users share their credit score without revealing the score itself. Such features are made possible by Mina’s zk-SNARK technology, which bodes well for the channel’s future promises.

The tokens were priced at $ 0.25. While those sold as part of the Community Sale are subject to an unlock period, an uncapped sales allowance will be released on a linear basis over the next two years. MINA is currently available on the BitZ exchange, although the 24-hour volume is a paltry $ 556,500. There it is trading at just under $ 50 today—A significant increase on the initial listing price.

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.

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