MINA token is now available for trading on CoinList representing the world’s lightest blockchain
- Mina protocol, the world’s lightest blockchain raised $18.5 million in its Community Sale via its official partner CoinList and got more than 40,500 purchases from 375,000 different verified registrants on the exchange.
- Mina Protocol is on a mission to give users full protection of database without the need to give up a lot of control to third parties.
- Since MINA is similar to Bitcoin, apart from how it handles its transactions but also uses the account model used in Ethereum. In this respect, the difference between Bitcoin and Ethereum is that the state of the Bitcoin blockchain contains a list of unspent coins, while Ethereum’s state is made up of account balances. Mina, on the other hand, uses a prover (snarker) that is an equivalent of a miner, to ensure each block commits to the state.
- At the time of writing, Mina token is $2.92 with a 24-hour trading volume of over $100 million. Its sale Option 1 opened on April 13, and Option 2 on April 16 and it has now ended. The returns reported by ICOdrops, are 12.16X USD, 10.33X ETH, and 20.61X BTC ahd has also given Mina an ICO score of very high Interest.
Mina protocol, the world’s lightest blockchain raised $18.5 million in its Community Sale via its official partner CoinList.
Mina managed to get more than 40,500 purchases from 375,000 different verified registrants on the CoinList exchange. The demand for Mina tokens was so high, that it ended up selling in four hours with 8.8X more demand than available supply.
Evan Shapiro, CEO and Co-Founder of O(1) Labs and Board Member of the Mina Foundation, shared, “We’re incredibly excited about what this milestone means for Mina’s future as the world’s lightest blockchain. Since our mainnet launch on March 23rd, integrations like what we’ve done with Teller Finance are now possible and developers will soon be able to leverage Mina to build lightweight, privacy-preserving applications that allow users to keep their data and sensitive information secure.”
Please note: The token sale was not available in U.S., Canada, China and residents of certain jurisdictions.
Mina Protocol is on a mission to give users full protection of database without the need to give up a lot of control to third parties. As Mina suggest on its website, in our daily lives we give up a lot of control of intimate data to large tech companies that use our online services. Why do you think you get random popup advertisements on your phone that actually match something that you have said out loud, or something you were thinking of buying?
However, even when people try to eliminate this exposure of data by participating in blockchains it is again inevitable not to include or trust third parties to verify transactions.
Mina was created for this exact purpose. In June 2017, O(1) Labs kicked off an ambitious new open source project to design a layer one protocol that could deliver on the original promise of blockchain—true decentralization, scale and security. Rather than apply brute computing force, Mina offers an elegant solution using advanced cryptography and recursive zk-SNARKs.
Mina finally launched its mainnet on March 23, where it can offer developers powerful applications like Snapps (SNARK-powered applications) to offer financial services without compromising data privacy and programmable money that anyone can access from their phones. And that’s just the beginning.
The network uses the proof-of-stake consensus with the main difference being that users do not need to have expensive hardware or wait days for the blockchain to sync, or use a ton of computing power to stake and participate in it.
Mina Use Cases
- End-to-end data privacy from online to on-chain.
Users can access critical on-chain services without sharing their personal data. Instead, they use Mina to access their online data and to prove that they meet the requirements of service providers. No need for a trusted enclave that can be compromised. No data vulnerabilities, end-to-end. For example, today Mina’s Snapps can connect to a credit score provider to prove that your credit score is above a certain threshold. Soon, you’ll be able to prove so much more from any website.
Status: Demo in Use
- No permission web oracles
With Snapps, developers can leverage private, verified, real world data from any website to build decentralized apps. They can input any information that is publicly available on the web (without needing that website’s permission). And they can access, use and protect sensitive data by only sharing the relevant proofs. No need for trusted oracles or custom website integrations.
Status: In development
- One private internet login
Users can access any internet website or service privately — without creating an account and handing over their personal data. Instead, they login securely with Mina. No centralized service provider can block them. And developers across chains can integrate this private, secure option into their services.
Status: In development
Since Mina is similar to Bitcoin, apart from how it handles its transactions but also uses the account model used in Ethereum. In this respect, the difference between Bitcoin and Ethereum is that the state of the Bitcoin blockchain contains a list of unspent coins, while Ethereum’s state is made up of account balances.
Mina, on the other hand, uses a prover (snarker) that is an equivalent of a miner, to ensure each block commits to the state.
Block producers take the form of miners or stakers and earn transaction fees and block rewards. Block producers must also SNARK a number of previous trades that took place in order to verify the blocks. If a block produced wants to incorporate 10 transactions on the chain, they must also SNARK latest trades. In any case, block producers have the option to do the SNARK by themselves or use those generated by the snarkers.
Snarkers, like the word suggests are the people who produce zk-SNARKs used in verifying transactions.
Block producers pay snarkers from the overall transaction fees they receive for adding new blocks. However, to qualify for the fees, they have to post bids. Note that a snarker’s zk-SNARK needs to be used in a block while the block producer who uses it is responsible for incentivizing the snarker.
This creates a business economy where multiple snarkers can post bids tied to the same transaction. Block producers, on the other hand, are in for the profits and will choose the bid with the lowest fees. Consequently, snarkers are challenged to produce low-cost SNARKS.
About Mina Foundation
The Mina Foundation is the non-profit steward of the Mina Protocol, the world’s lightest blockchain. The Foundation supports the protocol by issuing grants to third parties that make significant contributions and by maintaining & managing community assets. Board members include Former Executive Director at ZCash Foundation Josh Cincinnati, Principal of Slow Ventures Jill Carlson, VP of Engineering at Interchain GmbH and Tendermint developer Tess Rinearson, Fund Director and Joint Legal Counsel of International Management Services Sean Inggs, and CEO of O(1) Labs, the team that incubated Mina, Evan Shapiro
About Mina Token
At the time of writing, Mina token is $2.92 with a 24-hour trading volume of over $100 million. Its sale Option 1 opened on April 13, and Option 2 on April 16 and it has now ended. The returns reported by ICOdrops, are 12.16X USD, 10.33X ETH, and 20.61X BTC ahd has also given Mina an ICO score of very high Interest. The ICO token price was 0.25 USD per MINA with available token for sale 28%.
On May 31st, Mina tokens were distributed to over 40,000 community members on CoinList and is now available for trading on the exchange. Eligible users will be able to stake MINA directly on CoinList and earn rewards of up to 24% in APY.
Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.
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