Mina Protocol (MINA)
Mina Protocol, originally known as Coda Protocol, is a fixed-size L1 blockchain utilizing zero-knowledge proofs (ZKP) with smart contracts written in TypeScript. The succinct blockchain is notably compact at just 22KB in size. Established by O(1) Labs in 2017, the protocol underwent a name change in September 2020 to Mina following a trademark dispute. Renowned for being the "world’s lightest blockchain," Mina Protocol was brought to life by computer scientists Evan Shapiro and Izaak Meckler.
In October 2020, Mina Protocol secured $10.9 million through a fundraising event led by Bixin Ventures and Three Arrows Capital. Although the mainnet launch was anticipated for late 2020, it was postponed to early 2021 to avoid launching during the holiday season.
| Ticker | MINA |
| Category | Smart Contract Platform |
| Website | https://minaprotocol.com/ |
| @minaprotocol | |
| Telegram | minaprotocol |
| https://www.reddit.com/r/MinaProtocol/ |
Mainnet launch
Mina Protocol's mainnet went live on March 23, 2021, coinciding with a collaboration with CoinList for its token sale. Evan Shapiro, the CEO and Co-Founder of O(1) Labs and Mina Foundation, emphasized the protocol's commitment to empowering users with a lightweight blockchain, offering secure and private access to cryptocurrency through SNARK-powered applications. Mina Protocol employs zk-SNARKs, a cryptographic proof system that allows information to be authenticated without revealing it.
$92 million capital raise
On March 17, 2022, the Mina Ecosystem announced a $92 million funding to attract top-tier developers through grants. This financing was led by FTX Venture and Three Arrows Capital, with participation from various prominent investors. The funds aim to enhance Mina's adoption as a leading zero-knowledge platform in Web3 by supporting developer grants.
zkApps and zero-knowledge proofs
zkApps
zkApps, or zero-knowledge apps, are Mina Protocol’s smart contracts powered by zk-SNARKs. These apps offer features like unlimited off-chain execution and privacy for data inputs, enabling smart contracts to be written in TypeScript.
Zero-knowledge proofs and zk-SNARKs
Zero-knowledge proofs ensure that Mina's blockchain remains lightweight while keeping personal data secure. They allow information to be verified without revealing it. Zk-SNARKs, which stands for "Zero-Knowledge Succinct Non-Interactive Argument of Knowledge," enable proof of information possession without revealing the information itself, facilitating privacy without interaction between prover and verifier.
Mina consensus mechanism
Mina Protocol employs the Ouroboros Samasika proof-of-stake consensus mechanism, tailored for succinct decentralized networks. It provides bootstrapping from a genesis block, enhancing the network's efficiency. The protocol's succinct blockchain involves verification and update functions, with a parallel scan state optimizing transaction processing speeds.
Major Mina Protocol participants
Mina Protocol's decentralized network involves distinct roles: verifiers, block producers, and snarkers.
Verifiers
Verifiers engage with zk-SNARKS to certify consensus information. Any Mina protocol user can act as a verifier, provided their devices can handle the lightweight 22KB chain.
Block producers
Block producers, either stakers or miners, bundle transactions into blocks while ensuring SNARKing obligations are met. They receive rewards and transaction fees and can delegate coins to block producers.
Snarkers
Snarkers, or provers, generate zk-SNARKs for verifying transactions. They operate in a competitive economy, where block producers select cost-effective SNARKs to maximize profits.
Lifecycle of a Mina transaction
The lifecycle of a Mina transaction begins with verifier execution, followed by snarkers generating proofs. A block producer selects profitable transactions, purchases SNARKs, adds blocks to the blockchain, and updates the zk-SNARK for validation.
MINA token
MINA is the native currency of the Mina blockchain, essential for staking and block production. It serves as the exclusive currency for the Snarketplace, facilitating transactions between block producers and SNARK producers.
CoinList token sale
In April 2021, Mina Foundation's token sale on CoinList raised $18.7 million in a mere four hours, with high demand exceeding the available supply.
Mina Protocol utility
Mina Protocol offers several utilities:
- End-to-end data privacy: Enables secure operations without disclosing personal information.
- Permissionless web oracles: Integrates public data sources into decentralized applications without requiring permission.
- Managing web identifiers: Allows anonymous access to sites without creating accounts or sharing personal data.
Polygon x Mina Protocol
On September 9, 2021, Polygon announced its integration with Mina Protocol, aiming to build a bridge for developers to leverage privacy and verifiability using Mina's zk-SNARK-based protocol. This collaboration aligns with shared goals of a decentralized ecosystem empowering user data privacy.
Public roadmap
Mina Protocol unveiled its public roadmap on April 6, 2023, outlining a multi-year vision for a user-owned, decentralized web with zero-knowledge programmability. The roadmap includes tracks such as Trust Minimization, ZK-Programmability, Settlement Layer Performance, Recursive Rollups, and Road to DAOification, aimed at establishing Mina as a leading layer 1 blockchain.