What is the virtual currency MINA (Mina Protocol)? Thorough commentary on future prospects, forecasts, and future prospects!

Mina Protocol (MINA) is a blockchain project that aims to build the lightest blockchain.

By introducing a technology called zk-SNARK, we will reduce the size of the blockchain and enable users to use DApps more efficiently.

This article describes the features of Mina Protocol (MINA), price movements, and future forecasts .

If you are interested in Mina Protocol (MINA) or are considering purchasing it, please refer to this article.

Summary of this article

  • Minap Potocol (MINA) is a project that aims to reduce the weight of the blockchain and operate the blockchain efficiently.
  • Utilizing the technology called zk-SNARK, it is possible to significantly reduce the block compared to the conventional blockchain.
  • Since the listing in June 2021, prices have risen due to the listing of exchanges and the expansion of the system community.
  • In the future, it is expected to rise due to the expansion of systems and services and listing on exchanges.

table of contents

  1. What is the virtual currency Mina Protocol (MINA)?
  2. Features of Mina Protocol (MINA)
    1. Launched with the aim of building a concise blockchain
    2. Boasts the lightest blockchain
    3. Incorporating zk-SNARK into the network
    4. There are three types of roles in network operation
    5. Aiming for easy and inexpensive integration of digital currency and stablecoin
  3. Current price trends of Mina Protocol (MINA)
  4. Mina Protocol (MINA) price changes so far
    1. Prices have fallen sharply since listing
    2. July is stagnant with a decline
    3. Prices have risen significantly since August
  5. Future outlook and forecast of Mina Protocol (MINA)
    1. Price increases due to system updates and service expansion
    2. Prices rise due to community expansion
    3. Prices rise due to listing on exchanges
  6. How to purchase Mina Protocol (MINA)
    1. Open an account on a domestic exchange and purchase a Mina Protocol (MINA) trading pair
    2. Send Mina Protocol (MINA) trading pairs to overseas exchanges
    3. Purchase Mina Protocol (MINA) at exchanges
  7. Summary of virtual currency Mina Protocol (MINA)

What is the virtual currency Mina Protocol (MINA)?

Virtual currency nameMina Protocol (MINA)
symbolMINA
Price (November 2021)About 5 USD
ExchangesBinance
Official sitehttps://minaprotocol.com/

As of November 2, 2021

Mina Protocol is a blockchain project launched by O (1) Labs in 2017 .

We are building our own system aiming for a minimally concise blockchain.

By building our own system, we have realized a lightweight blockchain that can maintain a constant size of only 22kB regardless of the number of transactions on the network.

By reducing the blockchain size to a certain level, anyone can operate the node and protect the network without the need for advanced computer hardware.

Mina Protocol (MINA) is only available on overseas exchanges, so when purchasing, purchase a Mina Protocol (MINA) trading pair at a domestic exchange and send it to an overseas exchange to purchase.

Features of Mina Protocol (MINA)

What are the characteristics of the Mina Protocol (MINA)?

Here, we will explain the features of Mina Protocol (MINA) projects and systems.

Launched with the aim of building a concise blockchain

The Mina Protocol (MINA) is a minimal “simple blockchain” built to reduce computational requirements to run DApps more efficiently .

Founded in 2017 by O (1) Labs with the goal of optimizing blockchain decentralization and scalability.

Originally known as Coda Protocol, the name was changed to Mina due to a trademark dispute with R3 because the name is similar to the Corda blockchain provided by R3.

Boasts the lightest blockchain

Ethereum and Bitcoin blockchains have limited block capacity, and as transaction usage increases, block generation will take longer.

As a result, there was a scalability problem in which the original blockchain performance could not be demonstrated.

The Mina Protocol (MINA) has achieved a significant reduction in block size by using block compression technology.

As a result, the Mina Protocol (MINA) has the potential to replace Bitcoin and Ethereum, and is sometimes referred to as the lightest blockchain in the world.

With the lightest and most efficient service available, anyone can connect, synchronize and validate chains almost instantly.

Incorporating zk-SNARK into the network

Why can the Mina Protocol (MINA) compress blocks?

zk-SNARK is a computing concept first developed by MIT professor and founder of Algorithm , Silvio Micali, to allow users to ensure that certain data exists without exposing it to each other. To
 
In this case, it is possible to verify the state of the entire blockchain, which means that it is not necessary to verify the transaction for each block created on the network.

The Mina Protocol (MINA) claims that the combination of zk-SNARK and the proof of stake consensus mechanism will significantly reduce the resources required to process and record transactions. 

There are three types of roles in network operation

 Mina rotocol (MINA) requires three roles to support the seamless operation of participants’ networks.

Its role is as follows:Participants in the Mina Protocol

  • Verifiers
  • Block Producers
  • SNARKER

Verifiers

Verifiers are responsible for downloading zs-SNARK for full node security .

Mina Protocol (MINA) users are considered Verifiers if their device can handle a 22 KB chain and can withstand a few milliseconds of processing time.

Block Producers

Block Producers represent roles in other blockchain protocols called stackers, miners, and so on.

The block producer validates (SNARK) all transactions added to the block and receives a reward.

Mina Protocol (MINA) users can also delegate to a block producer when staking instead of staking themselves.

SNARKER ( Sunaka)

SNARKER (Sunaka ) is, has a role to create a zk-SNARK necessary to verify the transaction.

They post their SNARKS fees, call for bids, and block producers bid for SNARK.

When block producers bid on SNARK, they pay for the transaction fees they earn.

Many of SNARKER (Sunaka ) since has posted a fee, has become a mechanism for price competition takes place in order to choose the one block producer is high usually the most cost-effective.

Aiming for easy and inexpensive integration of digital currency and stablecoin

Mina Protocol (MINA) as future plans, digital currency and be much easier and cheaper to integrate stable coin for developers and, consistent data without disclosing how data dApps is what We are also planning to build a system that converts the sex into a new application “Snapps” that can be verified .

When the Mina Protocol (MINA) is scaled up, the following use cases are expected.Mina Protocol (MINA) use cases

  • Build a mechanism to qualify for a loan without disclosing the balance history by credit score and salary proof
  • Deepfake photo, video and audio protection
  • Anonymous voting system that anyone can check the results
  • Verification of untrusted identities on a single platform
  • Eliminating barriers to entry for gatekeepers, builders, entrepreneurs and customers

Purchasing Mina Protocol (MINA) is a procedure of purchasing a Mina Protocol (MINA) trading pair at a domestic exchange, sending money to an overseas exchange, and purchasing at an overseas exchange.

Current price trends of Mina Protocol (MINA)

What is the current price of the Mina protocol (MINA)?

Let’s take a look at the latest October price trends.

The Mina Protocol (MINA) in October was around $ 4.5 , a little higher than before August .

This high price movement was influenced by the growing popularity of NFTs, and it is thought that MINA, which provides a protocol to solve blockchain problems, also attracted attention.

In addition, there is an update of the Mina Protocol (MINA) mainnet on October 26th, and as a result, prices tend to rise.

Mina Protocol (MINA) price changes so far

How has the price of Mina Protocol (MINA) changed so far?

I will explain the price transition of Mina Protocol (MINA) with points.Mina Protocol (MINA) price changes so far

  • Prices have fallen sharply since listing
  • July-August is stagnant with a decline
  • Prices have risen significantly since September

Prices have fallen sharply since listing

Mina Protocol (MINA) started listing on Kraken and OKEx at the $ 9 level, but it has fallen by about 80% immediately after listing .

This is thought to be due to the fact that investors who purchased the Mina Protocol (MINA) at the ICO gave up their currency after listing.

The Mina Protocol (MINA) will be stagnant for some time after the decline.

July is stagnant with a decline

The stagnation has continued for some time and has been stagnant in the form of a slight decline throughout July .

After that, it will be on a slight upward trend from the end of July to August.

Prices have risen significantly since August

Prices have risen significantly since August.

This rise is thought to be due to the opening of the Mina Protocol (MINA) community site at the end of July and the listing on Binance on August 10.

The upward movement since August has increased significantly, rising by about 300% from August to September.

Future outlook and forecast of Mina Protocol (MINA)

What kind of price movement will the Mina Protocol (MINA) have in the future?

The future outlook and forecast of Mina Protocol (MINA) are summarized as follows.Future outlook and forecast of Mina Protocol (MINA)

  • Price increases due to system updates and service expansion
  • Prices rise due to community expansion
  • Prices rise due to listing on overseas and domestic exchanges

Price increases due to system updates and service expansion

System updates and service enhancements are expected to have a positive impact on the Mina Protocol (MINA) .

Actually, one of the factors behind the upward trend in October 2021 is the update of the main net, but the update of the system and services is a proof that the development of the project is progressing.

As a result, reliability and future potential increase, and prices tend to rise.

The Mina Protocol (MINA) is scheduled to be upgraded in 2022 to expand to mobile and web and create opportunities for incentives on the chain .

It is believed that the update will raise further market expectations and may raise prices.

Prices rise due to community expansion

Expanding the community can also affect prices.

It is thought that one of the factors behind the large price increase in August 2021 was the opening of the community site .

Expanding the community, such as establishing a community site, will increase the number of Mina Protocol (MINA) fans.

As fans actively purchase and use virtual currencies, prices will rise.

The community is expected to continue expanding, and prices are expected to rise as it expands.

Prices rise due to listing on overseas and domestic exchanges

Prices are expected to rise due to listing on overseas and domestic exchanges.

Listing on an exchange means that the exchange has examined and listed the virtual currency .

In addition, increasing the number of listed exchanges will increase purchasing opportunities and increase the number of purchasers, which is one of the factors behind the increase.

It is expected that the price will rise further by listing on domestic and overseas exchanges in the future.

How to purchase Mina Protocol (MINA)

How can I buy the Mina Protocol (MINA)? You can buy at Binance.

Summary of virtual currency Mina Protocol (MINA)

This time, I explained about Mina Protocol (MINA).

Mina Protocol (MINA) is a cryptocurrency that uses its own technology to develop new blockchains that can solve the problems of traditional blockchains.

Please refer to the contents of this article about Mina Protocol (MINA) as follows.Summary of virtual currency Mina Protocol (MINA)

  • Mina Protocol (MINA) is a project that aims to realize the lightest blockchain to replace the existing blockchain and allow anyone to use dApps easily and efficiently.
  • A technology called zk-SNARK is applied to the blockchain, and it is possible to significantly reduce the block compared to the conventional blockchain.
  • Since the listing in June 2021, prices have risen due to the listing on the exchange and the expansion of the system update community.
  • In the future, it is expected to rise due to the expansion of systems and services and listing on exchanges.

Mina Protocol (MINA) is a project that is expected to expand in the future, with various systems and services scheduled to be expanded in 2022.

It will be a cryptocurrency project that will be more and more noteworthy in the future.

Mina Protocol (MINA) is not available on domestic exchanges, so when purchasing, please purchase a Mina Protocol (MINA) trading pair at the domestic exchange and send it to an overseas exchange to purchase.

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