What is Mina Protocol (MINA)?
Mina Protocol is a layer-1 blockchain-based platform that was founded in 2017. It seeks to address the issue of blockchains requiring large amounts of computational power to validate transactions. Currently, many nodes validating transactions on a blockchain store the entire blockchain’s transaction history. This means that the ledger grows in size as each new transaction is validated. Mina Protocol solves this issue by providing a lightweight alternative to popular chains, such as Bitcoin and Ethereum, on which decentralized applications can be built.
The project defines its chain as a “succinct blockchain” due to its tiny size in comparison to others. Each block has a fixed size of 22KB. It is able to facilitate such comparatively small block sizes thanks to zero-knowledge technology. Applications, zkApps, can be built on top of the Mina Protocol using such technology.
MINA is the protocol’s native cryptocurrency and has a total supply of 946,246,493. MINA is a utility token that facilitates network transactions, as well as a reward for helping to secure the network.
What are Mina Protocol’s key features and how does it work?
As mentioned, Mina Protocol uses zk-technology to allow its size to remain small. In particular, it uses zk-SNARKs. The network comprises a network of nodes that validate transactions. Each node produces new blocks and when a new block is created, a SNARK proof is also created. These SNARK proofs also act as a confirmation of a newly created block, however, are much smaller in size than the entire chain’s transaction history. This is because they store much less information than an entire chain’s transaction record, as commonly seen on other chains. Nodes then store these smaller proofs allowing the Mina Protocol to remain decentralized and also lightweight.
Smaller block sizes mean that becoming a Mina Protocol node is more accessible, as fewer computational resources are required to validate transactions and less expensive hardware is needed.
What can Mina Protocol be used for?
The Mina Protocol, like many blockchains, can be used to build and deploy decentralized applications. Applications can be built across a range of sectors including DeFi, governance, social media, and more.
Where can you buy MINA?
MINA is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Binance, Huobi Global, MEXC Global, Gate.io, and CoinBase Pro. The price of MINA will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for MINA market prices, please view the price charts on this page.
How to Buy MINA on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing MINA. Some reputable platforms include HTX、Bybit、Bitget, and others.
Step 2: Register an Account
Here, we'll register an account on theBybit(registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing MINA.
Step 5: Purchase MINA
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of MINA you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy MINA.
Step 6: Store Your MINA
After purchasing, you can choose to store your MINA in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and MINA assets, be sure to use a strong password and enable two-factor authentication.
MINA Price:Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. The price fluctuates daily, You can go to the exchange: Bybit to check the price.
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