Mina Protocol (MINA) ?

9 Feb 2024

Mina Protocol and Mina Token: Revolutionizing Blockchain with zk-SNARKs

Mina is a layer-1 blockchain with a 22KB blockchain & zero knowledge smart contracts (“zkApps”) written in TypeScript.

Mina Protocol is an innovative blockchain platform that leverages advanced cryptographic techniques to address some of the limitations of traditional blockchain designs. By using recursive zk-SNARKs, Mina Protocol ensures constant-time correctness-verification of a historical ledger, thereby providing a solution to the scalability issues that have plagued other cryptocurrencies.

Mina Protocol replaces the traditional blockchain with an easily verifiable proof, significantly reducing the computational resources required for verification. This is achieved through the use of recursive zk-SNARKs, which allows the network to generate proofs-of-correctness for transactions and share them across the network. As a result, users are given the state along with a zk-SNARK, which cryptographically guarantees the state's accuracy.
This protocol's design ensures that regardless of the number of transactions the network has processed, users can fully verify the current state with just a small zk-SNARK. This makes the Mina Protocol incredibly lightweight and accessible, even to users on resource-constrained devices like smartphones.

Network Roles in Mina Protocol
Mina Protocol's network is composed of three main roles: Verifiers, Block Producers, and Snarkers.
1.Verifiers: Verifiers achieve full-node security by downloading a zk-SNARK and verifying the consensus information and a Merkle root to a recent ledger state. They can request Merkle paths to relevant parts of the state to ensure the information they care about is accurate.

2.Block Producers: Similar to miners in other protocols, block producers select which transactions to include in the next block. They are incentivized by block rewards and network fees. For every transaction they add to a block, they must generate a zk-SNARK for an equivalent number of previously added transactions.

3.Snarkers: Snarkers are specialized network participants who produce zk-SNARKs that verify transactions. They are compensated by posting fees for doing so. This forms a marketplace where participants compete to produce the most cost-efficient zk-SNARK proofs.

Mina Token
The Mina token is the native cryptocurrency of the Mina Protocol. It is used to incentivize the various roles within the network. Block producers receive Mina tokens as rewards for producing blocks and processing transactions. Snarkers, on the other hand, earn Mina tokens by creating zk-SNARKs and posting them on the network.

Censorship Resistance
Mina Protocol's design ensures censorship resistance. Any transaction can be included in a block and then SNARKed. This would require collusion among all Snarkers or all block producers to prevent a transaction from being included and SNARKed, which is highly unlikely due to the decentralized nature of the network and the low computation cost of SNARKing a transaction.

Mina Protocol represents a significant advancement in blockchain technology. By using recursive zk-SNARKs, it provides a scalable, lightweight, and secure solution for transaction verification. With its unique network roles and the Mina token, it offers a robust and efficient ecosystem for decentralized transactions, paving the way for the future of blockchain technology.


Write & Read to Earn with BULB

Learn More

Enjoy this blog? Subscribe to Hurakans


No comments yet.
Most relevant comments are displayed, so some may have been filtered out.