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Mina Protocol was created by Evan Shapiro and Izaac Meckler in O(1) Labs with the aims of scalability and decentralization optimization. Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina is the first cryptocurrency protocol with a succinct blockchain and at the heart of this protocol is MINA, its native currency, which functions as a utility coin and medium of exchange. This coin has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralization.
On the other hand, Mina uses a prover (or snarker, if you will), an equivalent of a miner, to ensure each block commits to the state.
Mina employs the Ouroboros Samasika, a type of PoS mechanism specially designed for succinct decentralized networks since it provides bootstrapping from a genesis block.
Apart from the above implementations, the project uses a parallel scan state to optimize transaction processing speed, which works by grouping unproven blocks and assigning the process to parallel provers.
How Does Mina Protocol Work?
Mina protocol efficiently designed, the entire Mina blockchain is about 22kb. So, participants can quickly sync and verify the network. Mina is a layer one protocol designed to deliver on the original promise of blockchain - true decentralization, scale, and security and uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs), a cryptographic proof that enables someone to authenticate information without revealing said information. Nodes can then store the small proof, as opposed to the entire chain. And because it’s a consistent size, Mina stays accessible - even as it scales to many users and accumulates years of transaction data. However, enabling a user to trace the platform back to its genesis block can be impractical in a large network. Mina is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block.
Mina coin started to trade on the market on 06/01/2021. So, it's too soon to talk about Mina's annual Return On Investment (ROI). However, the data is sufficient to calculate its monthly ROI. Our data shows that Mina experienced an increase in its price, with a 43% gain.
Also, according to Mina's public Github account, it seems that the growth rate of four-week code commits, stars, contributed and forks are green. Projects with public Github account have more transparency and reliability. Generally, you want to invest in the projects with multiple contributors and commits (This means they are busy working and building the project and just pumping their coin). So, based on the green data, it can be concluded that Mina has the potential to attract more investors.
On the other hand, popularity is a critical factor in determining the success of a cryptocurrency project. In order to consider the popularity of the Mina since the lunch date, the Twitter and Reddit growth rate was about +35% and 42%, respectively. Based on the data, Mina's number of Twitter account followers slightly has increased over time, and currently, the number of users is more than 134000. On the other side, the number of Telegram channel users has decreased 17%.
Talking about market capitalization ranking and price, Mina's market cap ranking was a negative trend until mid of July 2021. Then, the Mina rank started to get better in the market, from late July and at the time of writing this report, the rank of Mina is about 92. Also, its liquidity score is 56% upper the market's average score, which means that it would be easier to sell Mina if the market is rising.
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