How and Where to Buy Mina (MINA)
Mina Protocol was founded by O(1) Labs in 2017 by Evan Shapiro and Izaak Meckler. They aimed to use cryptographic computing to enable people to gain control over their digital requirements. Evan Shapiro has a BS in computer science. His experience includes researching for his MS with the CMU Personal Robotics Lab and working with Mozilla (Firefox browser creator) as a software engineer.
The project began as Coda Protocol but rebranded to Mina in October 2020
The Mina Mainnet went live on March 23rd, 2021. In April 2021, Mina’s community token sales raised $18.75 million.
What Is Mina (MINA)?
Mina is the world’s “lightest blockchain”, with a 22KB network size, remaining constant regardless of growth. For comparison, Bitcoin’s blockchain is 300GB. Mina’s technical whitepaper refers to the system as a “succinct blockchain.”
“Why did we create the world’s lightest blockchain? To rebalance the scales and give anyone with a smartphone the power to participate, build, exchange and thrive.” Mina website.
The Mina protocol uses a cryptographic proof called zk-SNARKS (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), a computing theory developed by Silvio Micali, a professor and founder of Algorand.
The protocol enables users to authenticate information privately. The computation focuses on the last few blocks so users can check zk-SNARK-compresses as cryptographic, verifiable proof instead of trawling through the history of an entire block and denoting the state of the complete chain. The proof is significantly smaller than the majority of other blockchains.
$MINA is the native utility token of the Mina network, used as a medium of exchange for block producers and snarkers and for interacting with “Snapps” DApps built on the Mina protocol.
The Mina protocol utilizes a proof of stake (PoS) consensus using the Ouroboros Samasika, suitable for succinct decentralized blockchains. Mina uses the equivalent of a miner (called a snarker or prover) to ensure block completion.
Succinct blockchains have two primary functions: –
- Verify – focusing on blockchain summary, consensus, and blocks
- Update – Interaction with chain summary and consensus
Mina groups unproven blocks using a parallel scan state for optimum transaction processing speeds. Parallel provers are responsible for implementing that process.
“Build on Mina with zkApps, smart contracts powered by zero-knowledge. The SDK, based on Typescript, will be available soon.” – Mina website.
What Makes Mina (MINA) Unique?
Most blockchains have third party verifiers like miners (for Pow consensus mechanisms) or stakers (for PoS consensus mechanisms). On the Mina network, there are multiple participants responsible for specific functions to keep the decentralized network running efficiently.
The three primary roles include: –
- Verifiers – Certify the consensus and interact with the zk-SNARKS
- Block producers – Acting as stakers, block producers earn transaction fee payments and block rewards from forming transactions into complete blocks. Block producers must produce SNARKS, which they can do themselves or allocate to snarkers
- Snarkers – Otherwise known as “provers”, the job of a snarker is to create the zk-SNARKS used for verifying network transactions
The process is not dissimilar to typical PoS networks, where stakers delegate their tokens to validators or nodes in return for rewards. Snarkers receive payment from block producers (when their zk-SNARK is used in a block) based on transaction fees received for new block production, and the latter is responsible for incentivizing the snarkers.
The main difference is that snarkers must post bids to qualify for fees. This system creates an economy where block producers select the lowest bids from multiple snarkers on the same transaction, so snarkers must get their pricing low enough to win the bid.
How Transactions Work On Mina
- Users initiate a transaction
- The trade goes to a mempool (a pool of unverified transactions)
- Snarkers make proofs of SNARK
- A block producer is chosen to create a block from the transactions, and they look for profitable transactions in the mempool
- The block producer chooses the lowest priced SNARK from the multiple bids
- The SNARKS are incorporated into a block
- The block is added to the chain, and the network is updated
- Snarked transactions are removed from the chain to enable sizing of the Mina blockchain to remain constant
- The block producer upgrades the zk-SNARKS, and the new block becomes part of the chain
How and Where to Buy Mina (MINA)
How do you choose where to buy $MINA tokens from the hundreds of cryptocurrency exchanges online? When you’re new to the cryptocurrency market, it’s essential to begin your crypto investing journey with a reputable exchange like global leader Binance.
- Create an account on the Binance website
- If you wish, download the Trust Wallet or make sure you have a secure wallet ready to transfer your $MINA coins
- Complete the registration process, including uploading your ID documents
- Once your account is verified, you can deposit with cryptocurrency, wire transfer, Visa or Mastercard
- On the “exchange” tab, choose from the available $MINA pairs: MINA/USDT, MINA/TRY, MINA/BUSD, MINA/BTC & MINA/BNB
- Transfer your $MINA tokens to your chosen wallet
How do I Sell Mina (MINA)?
Sell your $MINA tokens quickly on the Binance exchange or from the Trust wallet: –
- Log in to your account and locate the “exchange” tab
- Sell your $MINA tokens for $USDT
- Send the $USDT to an off-ramp platform (Gemini and Coinbase are two highly respected platforms)
- From that account, sell your $USDT for a fiat currency and withdraw to your bank account
Should I Buy Mina (MINA)?
We cannot advise you about buying $MINA tokens. Balance the risks with the potential rewards and understand how the volatile cryptocurrency market works before investing $MINA.
How do I invest in Mina (MINA)? Safely?
It’s impossible to invest without risk, regardless of the perceived potential of a crypto project. The crypto market is unpredictable, with around 100 new coins emerging every week. You can, however, make sure you invest with a secure, established cryptocurrency platform. Three of the top cryptocurrency exchanges globally are Binance, Gate.io and Kraken.
Gate.io has an extensive range of markets and coins, a cold storage wallet and lists MINA/USDT and MINA/BTC pairs. Kraken doesn’t have a personalized wallet service, so you’ll need to connect a wallet. The platform has over 500 markets and more than 150 tokens, including MINA/USD, MINA/EUR, MINA/XBT, and MINA/GBP.