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What is Mina Protocol all about
Mina Protocol is a light and succinct blockchain, which doesn't increase in file size. The Mina blockchain has a fixed 22kB size and this value won't change regardless of the number of transactions on the network. This is unlike other blockchains, such as Ethereum, which has grown by over 200GB since 2016. This growth in the amount of data stored in distributed ledgers forces nodes to use more computing power as time goes on. Because of these technical limitations, many users who want to run a network node, simply cannot.
To combat these problems, Mina utilizes a novel cryptography technique, known as zk-SNARKS. The name stands for “zero-knowledge succinct non-interactive arguments of knowledge.” In the Mina chain, zk-SNARKS are what's responsible for the small chain size. They allow the network to simply show the current state of the overall chain, rather than verify each transaction with each block created. Mina also uses the Proof-of-Stake consensus mechanism. Both the PoS, as well as zk-SNARKS greatly reduce the energy and computing resources needed to process transactions.
In the Mina network, every participant takes the role of a node. This means that anyone can take part in securing the Mina blockchain. There are two roles a node in the succinct Mina blockchain can take. Block producers act as the mining nodes in other blockchains. Meanwhile, SNARK workers generate blockchain summaries by compressing network data.
Mina network also allows for the use of new dApps. SNARK-powered applications or Snapps, allow for trustless transactions to take place. They reduce the amount of shared information needed to an absolute minimum. Users can also specifically state which pieces of data would they like to show publicly when making transactions. Snapps are also more scalable and energy-efficient than regular dApps.
MINA token is the network's native cryptocurrency. It is necessary to block production and purchasing snark work from the marketplace. MINA token launched with a supply of 1 billion tokens. MINA has no maximum supply and is an inflationary token, meaning its supply increases over time.
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MINA Questions & Answers
What will Mina Protocol be worth in 3 months?
On the basis of our price prediction algorithm we suspect the price of Mina Protocol is likely going to reach between €0 and €1.96 in 3 months.
How much will Mina Protocol be worth in one month?
Using our price prediction, we suspect that the price of Mina Protocol is likely going to reach between €0 and €1.96 in 1 month time.
When did Mina Protocol hit its highest price?
The price of Mina Protocol peaked on 2021-06-01, at 7.43 Euro.
What will the price of Mina Protocol be 6 months from now?
Accurate long term projections are very difficult, however using our short term prediction we suspect that Mina Protocol's price will reach anywhere between €0 and €1.96 in half a year.
What is the popularity of Mina Protocol online?
12987 Reddit users follow Mina Protocol's subreddit right now. The official Mina Protocol Twitter account currently is followed by 191142 people.
What is Mina Protocol's current price?
Today's price of Mina Protocol is at 0.78 Euro.
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