- March 10, 2021
- Upcoming networks
MINA Protocol – world’s lightest blockchain
MINA Protocol – world’s lightest blockchain
By design, the entire Mina blockchain is and will always be about 22kb – the size of a couple of tweets. So anyone with a smartphone will be able to sync and verify the network in seconds. The Mina protocol (former Coda protocol) will be supported by 9 different staking providers due to our research updated in February 2021. Find the blog post about Mina protocol here. We are updating our research on a frequent basis. The company behind Mina protocol is 01Labs. 01 Labs is using cryptography and cryptocurrency to build computing systems that put people back in control of their digital lives.
What Makes Mina Unique?
Unlike first-generation blockchains, such as Bitcoin or Ethereum, with heavy chains, Mina uses a chain that is, and always will be, 22 kb so participants can sync the entire chain in seconds.
Mina is also the first production system to implement a recursive zk-SNARK with no trusted setup, an achievement that has advanced the entire blockchain ecosystem.
The deployment of this mathematical proof is what allows Mina to scale while retaining the highest levels of resiliency, privacy, and security while not compromising decentralization.
These 5 characteristics describe the vision of the Mina protocol pretty good:
Easily Accessible, Now & Always
Other protocols are so heavy they require intermediaries to run nodes, recreating the same old power dynamics. But Mina is light, so anyone can connect peer-to-peer and sync and verify the chain in seconds. Built on a consistent-sized cryptographic proof, the blockchain will stay accessible—even as it scales to millions of users.
Truly Decentralized, with Full Nodes like Never Before
With Mina, anyone who’s syncing the chain is also validating transactions like a full node. Mina’s design means any participant can take part in proof-of-stake consensus, have access to strong censorship resistance and secure the blockchain.
Light Chain, High Speed
Other protocols are weighed down by terabytes of private user data and network congestion. But on Mina’s 22kb chain, apps execute as fast as your bandwidth can carry them—paving the way for a seamless end-user experience and mainstream adoption.
Private & Powerful Apps, Thanks to Snapps
Mina enables an entirely new category of applications—Snapps. These SNARK-powered decentralized apps are optimized for efficiency, privacy and scalability. Logic and data are computed off-chain, then verified on-chain by the end user’s device. And information is validated without disclosing specifics, so people stay in control of their personal data.
Programmable Money, For All
Mina’s peer-to-peer permissionless network empowers participants to build and interact with tokens directly—without going through a centralized wallet, exchange or intermediary. And payments can be made in Mina’s native asset, stablecoin or in user-generated programmable tokens—opening a real-world of possibilities.
Important links to the MINA protocol:
Here you will find a few of the block producers:
Here you will find an overview of the investors behind 01Labs:
Here you will find an extract of the Mina protocol advisers:
As always, do your own research and due diligence before you use any crypto service provider, blockchain solution, exchange or other networks & protocols! Find out more about DezentralizedFinance.com and follow us on our social media accounts.
Julian is head of sales and business development at Tangany, a regulated german-based white-label custodian for digital assets (wallet-as-a-service). Moreover, he is excited about DeFi, Web 3.0, blockchain industry databases & maps and B2B networking.
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