Mina Protocol

Mina Protocol, formerly known as Coda Protocol, was founded in 2017 by Evan Shapiro and Izaak Meckler at O(1) Labs. The project aimed to create a minimal, succinct blockchain that leverages cryptographic computing to ensure efficient and secure transactions. It was initially known as Coda Protocol but was renamed to Mina in September 2020 due to a trademark dispute with R3 over the similarity to its Corda blockchain.

In October 2020, Mina Protocol raised $10.9 million in a funding round co-led by Hong Kong-based Bixin Ventures and Singapore-based Three Arrows Capital. The mainnet launch was initially planned for Q4 2020 but was delayed to early 2021 to avoid launching near the holiday season.

On March 23, 2021, Mina launched on mainnet and announced its partnership with CoinList for its token sale. The launch aimed to empower users through its lightweight blockchain, providing direct, permissionless access to cryptocurrency and introducing Snapps (SNARK-powered applications) for enhanced internet privacy and data security.

In March 2022, the Mina Ecosystem raised $92 million to attract world-class developers through grants. This financing was led by FTX Venture and Three Arrows Capital, with the help of several other prominent investors. The funds were intended to support the development of Mina as a leading zero-knowledge platform within Web3.

Throughout its history, Mina Protocol has focused on creating a decentralized, scalable, and secure blockchain that leverages zero-knowledge proofs to ensure privacy and efficiency. Its unique proof system, known as Pickles, creates recursive proofs, and its consensus protocol, Ouroboros Samasika, ensures secure and scalable block production.

Mina Protocol (MINA) operates as a smart contract compatible proof-of-stake (PoS) blockchain and cryptocurrency. It leverages a set of hybrid Zero-Knowledge proofs, a unique node structure, and technical architecture to keep the blockchain open and accessible to the masses. Zero-Knowledge proofs are a technology that enables a user to prove they have certain information or are a particular person without revealing any of the actual data to the other party.

Zero-Knowledge (zk) proofs were introduced by MIT professor and Algorand founder Silvio Micali. The concept works by providing a snapshot of a timeframe on the blockchain. Imagine you have the location of a secret island but need a helicopter pilot's assistance to get there. You want to prove you have the location without revealing it. You show the pilot parts of the map to verify your knowledge, and the pilot agrees to help. Similarly, in cryptocurrencies, users verify random data on the network to prove they can access a particular wallet without revealing the actual data.

Mina Protocol introduces Recursive Zero-Knowledge Proofs, which streamline data transmission further. Instead of turning every transaction and block into a 22-kilobyte snapshot, the network makes an overview snapshot of multiple transactions. This keeps the blockchain light, earning it the title of "the world's lightest blockchain."

Mina is designed to deliver true decentralization, scale, and security. It replaces the blockchain with an easily verifiable, consistent-sized cryptographic proof. Participants fully verify the network and transactions using recursive zero knowledge proofs (or zk-SNARKs). Nodes store the small proof instead of the entire chain, making it accessible even as it scales to many users and accumulates years of transaction data.

zk-SNARKs capture the state of the entire blockchain as a lightweight snapshot and send that around instead of the chain itself. Each new block takes a snapshot of itself with the previous state of the blockchain as the background. This snapshot always remains the same size, even though it can contain proof of an infinite amount of information.

Mina's modified Ouroboros proof-of-stake protocol maximizes inclusivity in consensus. All participants act as full nodes, and anyone can take part in consensus, secure the blockchain, and hold Mina accountable.

Mina offers web app users unprecedented privacy, scalability, and verifiability through zkApps (zero knowledge applications). zkApps are modular, allowing users to prove anything in one application and reuse it in another. They are also Turing complete, offering enhanced privacy, off-chain computation, and composable proofs, all written in a TypeScript-based library.

Mina is an inclusive open source project, uniting people around the world with a passion for decentralized technology. The community is actively contributing to the protocol and building decentralized apps that use SNARKs to verify off-chain data with full verifiability, privacy, and scaling.

Mina Protocol (MINA) has several strengths that make it a unique and promising blockchain solution:

1. Scalability: Mina Protocol is designed to be highly scalable, allowing for a high throughput of transactions per second without increasing the size of the blockchain. This is achieved by using recursive zk-SNARKs to compress the blockchain data, making it possible to verify transactions efficiently even on low-resource devices.

2. Decentralization: By keeping the blockchain at a constant size, Mina enables a broader range of users to participate in network verification, increasing decentralization and reducing reliance on central intermediaries. This allows for equal participation and greater distribution of nodes, enhancing the overall security and resilience of the network.

3. Security: Mina prioritizes security through the use of zero-knowledge proofs, which ensure the privacy and integrity of transactions while maintaining the ability to validate and verify the blockchain’s history. The decentralized nature of the network, with multiple validators and participants, ensures the resilience and fault tolerance of the system.

4. Accessibility: The lightweight design of Mina makes it accessible to a wide range of users, including those with low-resource devices such as smartphones. This allows for greater inclusivity and participation in the network, making it more democratic and decentralized.

5. Privacy: Mina’s use of zero-knowledge proofs ensures that sensitive data remains confidential while still being verifiable, providing a high level of privacy for users.

6. Ease of Use: Mina’s succinct blockchain and zk-SNARK technology make it easy for users to verify transactions and participate in the network without needing to store or process large amounts of data, reducing the barrier to entry for new users.

Overall, Mina Protocol offers a unique combination of scalability, decentralization, security, accessibility, and privacy, making it an attractive solution for those seeking a more efficient and inclusive blockchain ecosystem.

Mina Protocol (MINA) is subject to several risks, including:

1. Volatility Risk and Liquidity Risk: MINA's value can fluctuate significantly, and liquidity issues may make it difficult to buy or sell the token.

2. Short History Risk: MINA has a relatively short history, which can make it difficult to assess its long-term performance and stability.

3. Demand Risk: If demand for MINA decreases, its value may drop.

4. Forking Risk: Changes to the Mina Protocol or the creation of forks can impact the token's value and functionality.

5. Code Defects: Technical issues or bugs in the protocol's code can compromise its security and functionality.

6. Regulatory Risk: Changes in regulatory environments, such as the classification of MINA as a security, can affect its use and value.

7. Electronic Trading Risk: Technical issues or security breaches in electronic trading platforms can impact MINA's trading and value.

8. Cyber Security Risk: Hacking or other cyber security threats can compromise the integrity of the Mina Protocol and the value of MINA.

9. Competitive Risk: The Layer-1 space is highly competitive, and MINA's success depends on its adoption by developers and projects.

10. Lack of Disclosure: The MINA community and founders are not obligated to disclose material information, which can make it difficult for investors to make informed decisions.

11. Legal and Regulatory Risks: Changes in laws or regulations can affect the use, transfer, exchange, or value of MINA, and such changes may be sudden and without notice.

Here is the team behind Mina Protocol (MINA):

• Kurt Hemecker: CEO of Mina Foundation, previously served as COO.
• Evan Shapiro: Founder, Chairman of the Board, and Advisor to Mina Foundation, previously served as CEO.
• Joon Kim: General Counsel (GC) of Mina Foundation.
• Sherry Lin: Interim Head of Marketing & Community at Mina Foundation.
• Brian McKenna: VP of Marketing and VP of Community.
• Thomas Kevers: Head of Product.
• Christine Y: Head of Delivery.
• James Strudwick: Team member.
• Mollie Fehlig: Team member.
• Claire Arthurs Kart: Team member.

Twitter profiles:

• Evan Shapiro: https://twitter.com/evanashapiro?lang=en.