- Category: Protocol
- Coin Launched: March, 2021
- Resources: White Paper
- Official Website: Mina
- Reddit: Mina
Mina History / Information / Buying / Staking
The project began in mid-2017. Evan Shapiro and Izaak wanted to make a protocol that could effectively be both decentralized and scalable. Izaak was studying cryptography at Berkeley for a PhD at the time and learning about zkSNARKs. Their thesis argued that it’s difficult for the average end-user to access Ethereum without trusting a third party that runs a full node. Ethereum developers tend to use services like Infura or Alchemy for app development. o(1) Labs, the development firm behind Mina, regarded these as centralization points that 1) make the underlying blockchain less trustworthy and 2) create an unideal user interface and developer experience. The team wanted to keep storage costs low on Mina so that anyone could run a full node.
HOW MINA WORKS
Mina Protocol aims to be a lightweight blockchain that maintains a constant size of just 22 kB, regardless of how many transactions are committed to the network. This size should allow anyone to operate a node and help secure its network without needing sophisticated computer hardware. By keeping the entire blockchain smaller than most pictures on your phone, Mina plans to overcome blockchain size issues that have plagued other projects as they grow.
BENEFITS OF USING MINA
Some of the benefits of using Mina are:
developers can take advantage of private verified real-world data from any website to develop decentralized apps. Without the permission of that web, publically available information from the web can be posted anywhere. The accessibility, usage, and protection of sensitive data can be done only by sharing the relevant proof. It eliminates the need for oracles or custom website integration.
MINA protocol, users can access any internet website or service privately, without giving personal data, login, and no service provider can block them. Developers in the chain can integrate this option into their development services.
Mina protocol gave importance to privacy and safeguarding personal data. Onchain services in Mina protocol can be accessed without compromising personal information privacy; Mina can be used to access online data and prove that requirement of service providers has been met with no data vulnerabilities.
CAN YOU STAKE MINA
$MINA is an inflationary currency with no supply cap. All token holders can stake or delegate to receive their proportional fraction of the inflation, with no lockup or bonding required to do so. There will be up to 1 billion MINA tokens (excluding future block rewards) distributed at launch, which will fully unlock over eight years. (“Initial Distribution”). And during the first year of mainnet, accounts with lock-ups will receive block rewards to annual target purchase inflation of 12%. The inflation rate will decrease over time, eventually reaching 7% at steady-state. During the first 15 months of mainnet, unlocked accounts will receive up to double the block rewards that locked accounts receive. This encourages new network participants and unlocked token holders to remain loyal to the ecosystem.
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