Mina coin is the lightest and most accessible blockchain feature of all blockchains. Mina coin’s cryptocurrency is MINA.
The MINA protocol was started to be developed by O(1) Labs in June 2017 under the name Coda Protocol. The name of the project, which was called Coda Protocol at that time, was changed to Mina in October 2020. Mina has an infrastructure that works with Ethereum’s account model. MINA is not a mined cryptocurrency.
In addition to having the world’s lightest blockchain feature, the Mina project undertakes an important task with the advantage it provides to users in terms of speed, security and transaction fees.
The main purpose of the mina coin is to create a blockchain with a concise blockchain. It provides a solution to the problem of increasing the data storage size of hundreds of GB of leading cryptocurrencies such as Bitcoin and Ethereum. No matter how much usage increases with Mina coin, the blockchain is designed to always stay the same size. Only a few tweet sizes, such as 22 kb on average, can be processed. In this way, participants can quickly synchronize the network and perform verification processes.
We can list the functions of Mina coin as follows:
- Staking: Users can run nodes and stake Mina coins to help secure the network in exchange for staking rewards. Alternatively, users can stake their coins indirectly by authorizing a third-party staking service.
- Network transaction fees:Users pay network transaction fees with Mina coin to interact with Snapps on the Mina network.
- Block production: Block producers are validators that provide security to the blockchain. They earn block rewards for staking Mina coins and generating new blocks on the blockchain.
Mina Coin Advantages
The advantages of Mina coin are as follows:
- The Mina protocol has been designed to remain the same size despite the increasing use over time with its blockchain. Therefore, it is a project that shows the feature of being the lightest blockchain among all existing blockchains.
- The shortness of the blockchains in Mina coin ensures that every transaction that will take place in the chain is fast and fast.
- It was developed as a project aiming to provide support for the development of decentralized applications.
- It includes the zk-SNARK feature, which is one of the cryptographic techniques that ensure the security of blockchains. The purpose of this technique is zero-knowledge proof. In this way, it enables people who transact on the blockchain to prove their personal information without revealing it. With this method, it allows its users to enter websites and obtain data without the need for identity information.
- It allows people to earn MINA coin rewards as a result of the transactions made by block producers and validators. In addition, it allows users to earn additional income through staking.
