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MINA, or the Mina protocol, is a layer one blockchain that promises to be lightweight, private, and easy to verify. Programmers on the Mina blockchain can create decentralized applications and smart contracts that protect user privacy. MINA is used to open new accounts and make payments for transactions. MINA holders can also stake directly on the network to perform computations and verify transactions
When the discovery of scalability is sacrificed in the name of decentralization for Bitcoin and other cryptocurrencies, Mina is born. People use decentralized payment networks to send and receive payments using these cryptocurrencies. People discover that confirming and downloading the transaction history for various cryptocurrencies takes days on a standard laptop. These coins have the capacity to store hundreds of gigabytes of data, and the blockchains grow over time.
What is the definition of zk-SNARK?
In addition to operating as a PoS blockchain network, the Mina Protocol employs "Proof of Validity" to reduce file size and the amount of computational power required by nodes to participate in network consensus. Succinct Zero-Knowledge Non-interactive Argument of Knowledge (zk-SNARK). Zk-SNARKs are simply snapshots of blockchain metadata, rather than the entire dataset for each transaction.
As the blockchain grows larger, these zk-SNARK "snapshots" or blockchain summaries demonstrate its validity based on metadata rather than the entire blockchain history. These snapshots enable data validation without requiring access to the entire blockchain history. Running nodes may be more accessible to a broader demographic due to the reduced data size processing requirements of this structure, which can support a more democratic and decentralized network.
How does Mina function?
The Mina Protocol requires two specialized network nodes to function properly:
Block producers choose which transactions to include in the next block and are rewarded for doing so. In that regard, they are similar to other blockchain's "miners" or "validators."
Snark workers use computing resources to generate transaction proofs and compress network traffic. Snark employees are paid in MINA for these proofs, which are then bid on by block producers.
MINA Token Development
When the discovery of scalability is sacrificed in the name of decentralization for Bitcoin and other cryptocurrencies, Mina is born. People use decentralized payment networks to send and receive payments using these cryptocurrencies. People discover that confirming and downloading the transaction history for various cryptocurrencies takes days on a standard laptop. These coins have the capacity to store hundreds of gigabytes of data, and the blockchains grow over time.
What is the definition of zk-SNARK?
In addition to operating as a PoS blockchain network, the Mina Protocol employs "Proof of Validity" to reduce file size and the amount of computational power required by nodes to participate in network consensus. Succinct Zero-Knowledge Non-interactive Argument of Knowledge (zk-SNARK). Zk-SNARKs are simply snapshots of blockchain metadata, rather than the entire dataset for each transaction.
As the blockchain grows larger, these zk-SNARK "snapshots" or blockchain summaries demonstrate its validity based on metadata rather than the entire blockchain history. These snapshots enable data validation without requiring access to the entire blockchain history. Running nodes may be more accessible to a broader demographic due to the reduced data size processing requirements of this structure, which can support a more democratic and decentralized network.
How does Mina function?
The Mina Protocol requires two specialized network nodes to function properly:
Block producers choose which transactions to include in the next block and are rewarded for doing so. In that regard, they are similar to other blockchain's "miners" or "validators."
Snark workers use computing resources to generate transaction proofs and compress network traffic. Snark employees are paid in MINA for these proofs, which are then bid on by block producers.
MINA Token Development
