Mina Protocol was created by computer scientists Evan Shapiro and Izaak Meckler. Evan and Izaak have been close friends since high school
In a sentence, the Mina Protocol is a smart contract compatible proof of stake cryptocurrency blockchain that is designed to have a constant blockchain size of 22kb
💱Mina Protocol Technology💱
Mina Protocol uses something called zero knowledge proofs. Zero knowledge proofs make it possible to prove something without needing to provide any information to support that proof
Mina Protocol takes this idea to the next level by using something called recursive zero knowledge proofs
Instead of turning every transaction and block into a 22kb snapshot, each additional transaction and block becomes a part of the same 22kb snapshot
⛓Mina Protocol Architecture⛓
Verifiers on Mina are like nodes on Bitcoin. Verifiers add security to the Mina blockchain by holding that 22kb zero knowledge proof
Block producers on Mina are like miners on Bitcoin. They stake MINA to create blocks containing transactions and earn MINA tokens from transaction fees and block rewards
Snarkers on Mina are the ones tasked with taking snapshots of all the transactions taking place on the blockchain. They do not need to stake any MINA to do this
💰MINA Tokenomics💰
Mina has an initial supply of 1 billion tokens with no maximum supply. Mina’s annual inflation rate is 12% and this will drop to 7% after 2 years. This inflation schedule can be modified by community vote
When you combine Mina’s vesting schedule with its base inflation, Mina’s effective annual inflation rate is somewhere in the neighborhood of 300 percent
📈MINA Price Analysis📈
As basic economics dictates, if supply is greater than demand than prices will fall. This seems to be the case with Mina as it has been in deep red over the last week
This poor price action might be due to the rest of the crypto market. Once the markets get back on track however, I think that Mina could see some impressive price action
👨💻Mina Protocol Scalability Issues👨💻
In an interview with Decrypt earlier this year, Mina Protocol founder Evan Shapiro was pressed about how many transactions per second Mina’s blockchain can handle. The answer was just 22 TPS
I’m not a cryptographer by any means, but as far as I understand this sluggish speed has to do with how those zero knowledge proof snapshots are created. Each zk proof can take up to 30 seconds to make
