The Mina Protocol aims to provide a small blockchain that is always 22 kB in size, regardless of the volume of transactions that are submitted to the network.
The Mina blockchain is the lightest in the world and is run entirely by its users. Mina ushers in a new age of blockchain accessibility by employing strong encryption and recursive zk-SNARKs to generate a whole blockchain that is around 22kb in size, or the equivalent of a few tweets, as opposed to requiring sheer computational force. With its distinctive privacy features and capacity to connect to any website, Mina is building a private bridge between the physical world and cryptocurrencies—and the secure, democratic future we all deserve. Mina is managed by the Mina Foundation, a public benefit company with headquarters in the US.
In order to enable and power Snapps—decentralized applications powered by SNARK—Mina was created as a general-purpose protocol.
What kind of apps are Snapps? Apps of all kinds. The protocol is reliable and flexible.
A brief summary of Snapps is as follows: Snapps are dApps driven by zk-SNARK with two significant enhancements: Privacy and Scalability. Snapps assures that calculations are successfully completed while validating the integrity of the data without actually giving the data itself, allowing bandwidth- and processor-intensive computations to be done off-chain.
Mina is focusing on three use cases that will facilitate the creation of a secure conduit between the physical world and cryptocurrency:
End-to-end Data Privacy: From the Internet to the Blockchain
Users don’t need to reveal their personal information to access essential on-chain services. Instead, they use Mina to access their online information and show that they meet service provider requirements. A weak trustworthy enclave is not necessary. There are no data vulnerabilities from beginning to end.
All bitcoin services are now only available on the blockchain, apart from the web. Because there is presently no way to harness the online presence of billions of people without disclosing their personal information and jeopardizing their privacy for all time, it follows that despite its development and interest, DeFi can only utilise idle crypto assets. Therefore, even while DeFi is supporting the financialization of the on-chain world, its current design severely limits its usage and prevents it from realizing its promise to encourage financial services innovation and provide everyone across the world free access.
A Snapp creates a confirmation regarding the information on the source page and connects to it. Evidence does not include the data itself; it only exposes the fact (e.g., the user’s credit score is higher than a specific threshold). After sharing the verified proof with the Mina network, the Snapp transmits it to the counterparty via an encrypted transaction.
Competitors gather real user data primarily on the great majority of chains. Counterparties on Mina get proofs as opposed to data. Additionally, chains that promote privacy features demand that users share their data with a trusted enclave, which is known to have vulnerabilities and potentially leak data in the event of a failure. When utilizing Mina, users are never required to share their data with anyone or any organization. Instead, in order to provide a proof, only the user’s local PC has access to their data.
Web Oracles with No Permissions
By utilizing private, verifiable, real-world data from any website, developers may create decentralized apps using Mina’s Snapps. They can enter data that is readily accessible online. By revealing only the essential proof, they may also get access to, use, and safeguard sensitive data. There is no demand for particular website connectors or trustworthy Oracles.
The user would be able to send money to a friend in this way, and a smart contract would be triggered, sending bitcoin to the recipient’s address. Alternately, a smart contract is activated to establish an NFT if a Tweet obtains a particular number of likes.
A few, like Chainlink, provide counterparties access to sensitive user information. Such details are kept private by Mina. Mina allows users to browse any public HTTPS site without the need for a contract, whereas Chainlink additionally requires the source websites to be “turned on”.
Single Personal Online Login
Users can access any internet website or service anonymously — without creating an account or providing personal information. Instead, they use Mina to safely log in. They cannot be blocked by a centralized service provider. Developers from all chains may incorporate this private, secure alternative into their businesses.
Using their email, users establish Snapp-based login profiles on Mina. The Snapp demonstrates to the website that the user is the owner of the underlying email — without ever disclosing the real address. Using Snapps on top of accounts allows for confidential cross-app interoperability and private data.
MetaMask operates within the cryptocurrency ecosystem. Mina is a freelancer who works on the internet. Apple provides users with a centralized login, yet it is neither private nor immune to censorship. Mina’s solution is untrustworthy, secret, and resistant to censorship.
Mina, the native cryptocurrency of the Mina Protocol, is used to enable transaction processing and distribute fees among users. As blockchain technology has grown in popularity, the quantity of transactions maintained on most platforms has skyrocketed.
Mina Protocol is an excellent investment since it is one of the most sophisticated blockchains with solid fundamentals. Mina price forecasts indicate that MINA will be an extremely rewarding long-term investment.
