Bitcoin has now become a traditional cryptocurrency. It’s the most valuable crypto asset in the market today. BTC and other cryptos were invented to offer a decentralized payment and verification system.
Decentralization has many perks, but it comes at the cost of scalability. Each node in the entire blockchain processes the history of transaction whenever a new node is added. It is a time-consuming process and quite lethargic according to many experts.
There are millions of transactions are contained on the blockchain. Downloading and verifying all those transactions can take many days! It is quite time-consuming, power-consuming, and resource-consuming process. Mina claims to resolve this issue and offer much faster solutions!
What is Mina?
Mina has been introduced as the latest cryptocurrency protocol based on a succinct blockchain. Its size will never change no-matter how much its demands grow in the future. This new blockchain will allow all the users to sync and verify the network in no time!
It is the world’s leading cryptocurrency protocol trying to achieve this goal. Since other blockchains continue to grow in size, it is getting tougher for the users to verify each transaction.
Mina on the other hand stays pretty light. Its size is equal to a few tweets, which is about 22kb1! It will never change and therefore this platform promises to process operations at a lightning-fast speed.
Mina is a breakthrough and credit for the development of this innovative solution goes to zk-SNARKs. Whenever a new block is generated in the Mina blockchain, it creates a SNARK proof to validate the creation. That small proof is then stored on all the nodes to ensure everything is legit. Thus, the block size remains pretty small and operations complete at quite a fast speed.
The Mina protocol
This protocol is quite identical to Bitcoin, but its way of managing transactions is quite different. It is also using the account model of Ethereum without being that sluggish. The Bitcoin blockchain keeps the track of unspent coins and the Ethereum Blockchain contains account balances.
The Mina blockchain relies on a prover, who works similarly as a miner to verify the node commits to the state. This protocol relies on Ouroboros Samasika, which is a kind of PoS mechanism. This mechanism is crafted specifically to serve the succinct decentralized network for its bootstrapping needs.
Key participants in the Mina protocol
Yes, Mina is a blockchain but quite different from Bitcoin and Ethereum’s blockchains. It can bring radical changes in the crypto industry with its revolutionary solutions. Traditional platforms rely on miner and light clients to verify transactions. Mina follows a different approach.
This protocol employs various participants and they are responsible for managing specific procedures in the decentralized network. This network is comprised of three major participants: Verifiers, Snarkers, and Block producers.
It is verifiers’ job to communicate with zk-SNARKS that certifies the consensus data. Block producers work like miners and they gain transaction fee payments and rewards for their job. Snarkers come to the party when it comes to verifying transactions. That’s how Mina’s entire ecosystem works!
How to buy the MINA coin?
Mina token’s demands were pretty high before its launch. Therefore, its price was expected to be pretty high. However, co-founders decided to keep the price below $500 in order to entertain a much wider audience.
This token has performed exceptionally great since its launch. It is available in a limited quantity and prices will raise again due to the scarcity of this token. Follow the below-given tips to buy the MINA coin right now.
Mina has partnered with Coinlist to launch its tokens. It is a popular crypto exchange, known for providing a wide range of crypto assets for investment. Anyone can join it, but make sure crypto trading is legal in your country before you join the platform.
Go to the official Coinlist website and click on the “Get Started” option. Now, complete the registration process and then proceed ahead. You will be able to add funds to your account after registration. So, pick any suitable money deposit method and add money to your account and then follow the next step.
Buy a cryptocurrency
You can easily buy the cryptocurrency once you have joined the platform. Go to the exchange page and invest your funds in Ethereum, Bitcoin, or any other cryptocurrency. You can also buy the Mina coin by exchanging USD if you hold this fiat currency.
Get a crypto wallet
A cryptocurrency wallet is an application designed specifically for storing cryptocurrencies. You are going to find several such wallets online. Carefully assess their features, previous track record, and then download one.
Buy the Mina coin
Go to the exchange tab and check the latest pairs for the MINA token. It will be available in pair with coins with BTC, ETH, XRP, etc. pick a pair that includes your token and then make the trade. Thus, you will get the profitable MINA coin within a few minutes.