Buy Mina Protocol (MINA)
What is Mina Protocol?
Mina Protocol is a lightweight, decentralized, and scalable blockchain platform that employs zero-knowledge cryptography (zk-SNARKs) to maintain a constant-sized blockchain. It enables efficient and secure transaction verification without necessitating full nodes to store the entire blockchain history.
How does Mina Protocol work?
Mina Protocol operates using several key technologies and mechanisms:
- Zero-Knowledge Proofs (zk-SNARKs): It uses these proofs to compress the entire blockchain history into a small, easily verifiable cryptographic proof, maintaining a constant size of approximately 22 kilobytes.
- Consensus Mechanism: Mina utilises a Proof-of-Stake (PoS) system known as Ouroboros Samasika, which facilitates secure and efficient block production without long-term history checks.
- Roles: The network includes Verifiers, Block Producers, and Snarkers, with each playing a distinct role in transaction verification and blockchain maintenance.
- zkApps: Mina supports zkApps, Turing-complete zero-knowledge applications written in TypeScript, allowing for private, off-chain computation without gas fees.
What are the potential use cases for Mina Protocol?
Mina Protocol offers several potential use cases:
- Private Gateway: It allows the building of a private gateway between the real world and crypto, safeguarding sensitive personal data.
- Decentralized Finance (DeFi): Mina facilitates private access to on-chain services, supporting applications like trustless e-commerce and peer-to-peer transactions.
- Secure Voting: It can be used to establish fully verifiable and private voting systems.
- Stablecoins and Tokens: The protocol supports peer-to-peer transactions involving stablecoins and tokens, even on smartphones.
- Decentralized Applications (DApps): Developers can build DApps that maintain data-level privacy, ensuring that only relevant proofs are shared.
What is the history of Mina Protocol?
Mina Protocol, initially known as Coda Protocol, was founded by Evan Shapiro and Izaak Meckler in 2017. It was developed to address challenges associated with traditional blockchains that required centralized trust positions. Notable milestones in Mina's history include:
- Rebranding from Coda to Mina in 2020 due to a trademark issue.
- The launch of its mainnet in March 2021 after extensive development.
- A significant funding round in 2022, raising $92 million to support its expansion as a zero-knowledge platform.
- Technologically, Mina employs zk-SNARKs for comprehensive yet scalable blockchain maintenance, offering a fixed-size blockchain and efficient transaction validation via recursive proofs.
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The data points in this table are sourced as follows: ASX200 from Google’s ASX200 index price, Gold from ABC Bullion’s website (abc bullion.com.au), and BTC from CoinGecko (coingecko.com.au). All data is recorded at 10 am AEST on the first day of each calendar month.
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Frequently Asked Questions (FAQs)
What is the current price of Mina Protocol (MINA)?
The Mina Protocol price is $1.0079 AUD, representing a -0.7% from the day prior.
Where is the best place to buy Mina Protocol (MINA) in Australia?
The best place to buy Mina Protocol (MINA) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Mina Protocol (MINA) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Mina Protocol (MINA)?
The trading volume of Mina Protocol (MINA) is $71.4M AUD in the last 24hrs, representing a -0.7% from the day prior.
How can I buy Mina Protocol (MINA)?
Mina Protocol (MINA) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Mina Protocol (MINA)?
The current market cap of Mina Protocol (MINA) is $1.2B AUD.
Can I convert Mina Protocol (MINA) to cash?
Yes - With Coinstash you can convert your Mina Protocol (MINA) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Mina Protocol (MINA) are there?
The current circulating supply of Mina Protocol (MINA) is 1.2B.
Is Coinstash a safe place to buy Mina Protocol (MINA) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Mina Protocol (MINA) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.