A SNARKy Examination of Mina Protocol — the World’s “Lightest” Blockchain
Mina Protocol aims to solve a list of problems that have plagued the cryptocurrency industry since the beginning. Their end game is to create a “privacy-preserving gateway between the real world and crypto.”
Data security, network congestion, transaction costs, ease of use, and ease of integration into traditional services have all played a role in limiting progress in cryptocurrencies and fintech in general. But is Mina Protocol up to the task of solving them all?
First, let’s take a 20,000-foot overview of how the protocol works.
Disclaimer: This article is not a promotional piece or an attack on Mina Protocol or the technology behind it. I’m merely a non-math-savvy nerd poking around the fringes to understand better what makes this ship seaworthy. The writer of this article has no stake in Mina Protocol at this time.
Table of Contents
- A Tl;Dr Of Mina Protocol’s Value Proposition
- The Magic Sauce: Zero-Knowledge Proofs
- A Key Benefit — More Access For Builders
- About that constant blockchain size
- Decentralization, Chain State Validation, and the Mysterious “Archive Node.”
- Slow Transaction Speeds
- The Incentives
- MINA tokenomics
- Mina Protocol Economics
- Mina Transaction Lifecycle
- Supply Schedule
- The Mainnet Launch and Community Building
A Tl;Dr Of Mina Protocol’s Value Proposition
Mina Protocol’s lightweight Proof-of-Stake (PoS) protocol commands a blockchain the size of “a few tweets” without sacrificing network security. The project aims to improve upon security when compared to protocols with more cumbersome blockchains.
Sector: Smart Contract Platforms