What is the Mina Protocol (MINA)?

Mina is a layer-1 blockchain protocol that primarily leverages zero-knowledge proofs (ZKPs) and uses MINA as its native currency. Unlike blockchains that accumulate data over time and become hundreds of gigabytes, the Mina blockchain remains constant at 22 kb size using ZKP, making it the world's lightest blockchain. Such a small size helps Mina participants swiftly sync and verify the network's current consensus state.

O(1) Labs started developing the Mina protocol in 2017 and launched its mainnet in 2021. In addition to being used as a mode of payment, Mina has a Smart contract layer and owns multiple dApps called zkApps.

All the network activities, incentive programs, and payments on the Mina protocol require MINA tokens. Users can stake MINA tokens to participate in the Mina protocol's PoS consensus mechanism, Ouroboros Samisika.

MINA is an inflationary currency with no capped supply. Each MINA is further divisible up to 9 decimal places, called nanominas. The initial distribution of MINA included 805,385,694 tokens.

How Does Mina (MINA) Work?

Since its launch, Mina has aimed to be the tiniest blockchain. It employs zk-SNARKS, aka Zero-Knowledge Succinct Non-Interactive Argument of Knowledge to achieve this. This cryptography technology allows a party to prove that they own information without disclosing it. The zk-SNARK technique compresses data into succinct (concise) proofs, reducing network participants' computational power and storage requirements. It makes verifying the protocol's current consensus state possible using only one 22KB zero-knowledge proof. Thus, anyone can operate a full Mina node on low-resource devices like smartphones without worrying about high storage requirements, maintaining high-level decentralization in the network.

The Mina protocol combines its zk-SNARKs with the Ouroboros Samisika consensus to scale the ecosystem further. It is a PoS (Proof-of-stake) consensus with properties like no minimum staking requirement and no slashing (penalty on PoS nodes for dishonesty). The Ouroboros Samisika in Mina Protocol includes three types of network nodes- Validators, Archives and Light Clients. The validator nodes produce blocks and are called Block Producers (BP). On the other hand, Archive nodes store the entire history of the blockchain, and Light client nodes use the zero-knowledge proofs to synchronize with the network.

Apart from them, Snark workers also exist in the Minta network's Ouroboros Samisika. These Snark workers generate succinct SNARK proofs of transactions to keep the blockchain size constant. This approach allows Mina participants to validate and verify the blockchain's entire history without saving the entire chain.

Mina's Ouroboros Samisika also involves a VRF (Verifiable Random Function), a cryptographically secure function that selects random data with unbiased accuracy and maintains randomness in the selection process of validators.

How to Buy Mina Protocol (MINA) in India?

There are many platforms where you can invest and Buy Mina (MINA) in India.

One such platform is Flitpay. To buy MINA in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy MINA and execute the purchase.

You can instantly convert your INR to MINA and MINA to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying Mina (MINA)?

MINA can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the MINA till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is Mina (MINA)?

MINA is the native currency of the Mina blockchain protocol, known for tightly integrating zero-knowledge proofs (ZKP). Unlike many cryptocurrencies, MINA's supply is uncapped, meaning it follows an inflationary model. Its versatile utility includes functioning as a digital currency and fueling the Proof of Stake (PoS) consensus mechanism within the Mina protocol.

What is the Mina (MINA) price in India?

Check out the current INR price of MINA crypto in India on Flitpay.

Which is the best crypto app in India to buy MINA?

Flitpay is the best cryptocurrency app in India to buy MINA, buy bitcoin, or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of Mina (MINA)?

The benefits of Mina (MINA) lie in its revolutionary approach of leveraging zero-knowledge proofs (ZKP) and maintaining a constant 22 kb size. Mina ensures unparalleled scalability and decentralization with its Ouroboros Samisika PoS consensus, benefitting its users with minimal resource requirements and an unbiased validator selection process.

Is it safe to invest in Mina Protocol (MINA) in India?

Yes, investing and trading MINA is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying MINA crypto. It offers real-time prices and advanced investing features.