Buy Mina

Mina Protocol, known as the world's lightest blockchain, is a blockchain that aims to solve the scalability issues that plague many traditional blockchains. While traditional blockchains continue to grow in size and complexity, Mina maintains a constant size of just 22 kilobytes. This makes it possible for anyone to run a node without powerful hardware or extensive storage.

The biggest problem that Mina solves is the centralization of mining and node operations. As blockchains grow, it becomes harder and more expensive for ordinary users to participate in the network. This leads to a situation where only a select group with sufficient resources can maintain the network, which compromises decentralization and security.

Mina solves this by using zk-SNARKs (zero-knowledge succinct non-interactive arguments of knowledge), a cryptography technique that allows the full state of the blockchain to be verified without storing all the transaction data. Instead, a 22 kilobyte cryptographic proof is generated that represents the state of the entire blockchain, regardless of the number of transactions.

Mina has designed products and features including Snapps, decentralized apps that use zk-SNARKs. These Snapps can perform complex tasks without sacrificing privacy. An example is Teller, a platform that helps users prove their creditworthiness without sharing personal data.

The MINA token is used for transactions and rewarding network participants. Users can stake MINA to earn rewards and contribute to network security. Block producers and snarkers are paid in MINA for verifying and recording transactions.

Who founded Mina Protocol?

Mina Protocol was founded by Evan Shapiro and Izaak Meckler. They founded O(1) Labs in 2017 to develop Mina Protocol. Shapiro has a background in computer science and cryptography, while Meckler has experience in both theoretical and applied cryptography. The project is now managed by the Mina Foundation, a non-profit organization responsible for the maintenance and further development of the network.

Mina Protocol offers a wide range of features and uses for both end users and developers:

• Develop and use Snapps: Developers can build decentralized applications (dApps) that use zk-SNARKs, allowing users to use dApps without sacrificing their privacy.
• Make payments: Anyone can make transactions quickly and efficiently with low fees thanks to the lightweight blockchain.
• Staking MINA: Users can stake their MINA tokens to earn rewards and contribute to the security and operation of the network.
• Sharing sensitive information: zk-SNARKs allow users to share sensitive data, such as financial or identity information, without actually exposing it.
• Run your own node: The lightweight blockchain allows almost any user to run their own node, furthering the decentralization of the network.

Mina Protocol uses several technologies to achieve its goals. At the core of Mina’s technology is the use of zk-SNARKs, which are cryptographic proofs that allow information to be verified without revealing it. In Mina’s case, this means that the blockchain does not have to store every transaction, but instead generates a cryptographic proof that represents the current state of the blockchain. This proof is only 22 kilobytes in size, which keeps the blockchain small and allows virtually anyone to easily run a node.

Node structure

Mina Protocol uses a unique node structure consisting of verifiers, block producers, and snarkers.

Verifiers

Verifiers are nodes that store the zk-SNARK proofs. They play an important role in the network, because without them the state of the blockchain cannot be proven. Anyone can become a verifier, creating a decentralized ecosystem.

Block producers

Block producers are responsible for creating new blocks. They choose which transactions are included in a block and send snapshots of the blockchain state to verifiers. Block producers earn rewards in the form of MINA tokens. There is no minimum stake or lock-up period required to become a block producer, making participation open to everyone.

Snarkers

Snarkers generate zk-SNARK proofs for transactions. They take snapshots of the entire blockchain in a lightweight format and send them to block producers. Snarkers are rewarded by block producers with a portion of their block rewards.

Archive nodes

In addition to the standard nodes, there are also archive nodes that store the full history of the Mina blockchain. These nodes are crucial for developers who need historical data for their applications. The data from these nodes is stored in the Google Cloud, which provides a reliable and accessible storage solution.

Consensus mechanism

Mina Protocol uses a Proof-of-Stake (PoS) mechanism, based on Cardano's Ouroboros. This mechanism allows the network to host an unlimited number of block producers. Users can stake their MINA tokens to contribute to the security of the network and earn rewards.

MINA is used to execute network transactions, reward network participants, and facilitate decentralized applications (dApps). Users can trade MINA tokens like any other cryptocurrency or choose to stake them to earn rewards and contribute to the security of the network.

The initial supply was 1 billion tokens, and the total supply will increase over time. Inflation is set to decrease from 12% to 7% over the first five years, with further reductions dependent on the governance of the Mina protocol.

By holding MINA tokens in your wallet, you can participate in the Mina Protocol’s Proof-of-Stake (PoS) consensus mechanism. You can choose to run a node yourself or delegate your tokens to a staking pool. When you delegate tokens, you entrust them to block producers who run nodes. These block producers then share the earned block rewards with those who delegated their MINA tokens. This allows users to earn rewards without having to set up a node themselves.

To start staking MINA, you will need a wallet that supports MINA and you need to choose a block producer to delegate your tokens to. There is no minimum requirement for the amount of tokens you need to stake and there are no lock-ups. Once you have delegated your tokens, rewards are automatically added to your account.

Mina Protocol has several unique features that set it apart from other blockchains and cryptocurrencies:

• Constant blockchain size: Mina maintains a fixed size of 22 kilobytes regardless of the number of transactions. This makes the network lightweight and accessible.
• zk-SNARKs: By using zero-knowledge proofs, Mina can verify transactions without storing the full data. This increases efficiency and privacy.
• No minimum stake for staking: Anyone can participate as a block producer with no minimum stake or lock-up period. This contributes to broader decentralization.
• Snapps: Snapps are decentralized applications on Mina Protocol that use zk-SNARKs to perform privacy-sensitive tasks without exposing sensitive information.
• Accessibility: The lightweight blockchain structure allows more users to run nodes without heavy hardware requirements. This increases participation and strengthens the network.

You can puchase Mina Protocol (MINA) from Bitvavo. Our platform is suitable for both beginners and experienced traders. Follow these steps to buy MINA coins via our website or app:

1. Log in to your Bitvavo account or register a new account.
2. Add money to your account by clicking "Deposit".
3. Go to the Mina Protocol (MINA) purchase page.
4. Enter the amount in euros you want to spend or the number of MINA tokens you want to buy, and click on "Buy".

After your purchase, the MINA tokens are automatically and directly added to your Bitvavo account, where you can easily manage and trade them. Selling MINA tokens is just as easy, so you can quickly respond to market changes.

Your MINA tokens can be safely stored in your Bitvavo account. Bitvavo keeps the majority of assets in cold storage, which means they are kept offline for extra security. For extra protection of your account, we recommend enabling two-factor authentication (2FA).

Many software and hardware wallets support MINA. After purchase, you can easily transfer your MINA tokens to an external wallet by linking the wallet address to your Bitvavo account. This gives you full control over your cryptocurrencies and increases the security of your digital assets.