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What Is Mina?

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Nov 21, 2022
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4 min read
what-is-mina

This blog post will cover:

  • About Mina (MINA)
  • Where did Mina (MINA) come from?
  • What are the advantages of Mina (MINA)?
  • What are the disadvantages of Mina (MINA)?
  • How to buy Mina (MINA)?

About Mina (MINA)

Mina Protocol is a light blockchain built that way to let decentralized applications run faster and more effectively. Mina considers itself as the lightest blockchain ever created. Despite its size, it stays balanced when we are talking about safety and decentralization. However, the first project’s name was Coda Protocol, and it was renamed to Mina in 2020. 

Mina aims to create an effective decentralized payment system that gives people a chance to naturally confirm the platform from the genesis block. This technology’s name is a “succinct blockchain”, as it’s written in Mina's whitepaper. 

MINA is an official token of the project. You may find it on SimpleSwap, too. 

Where did Mina (MINA) come from?

The Mina project was born in 2017, and since then it has grown a big loyal community. The network was released in 2021, right after a few testnets were made. Also, Mina became the 1st concept leveraging recursive zero knowledge proofs in order to launch the lightest, most available blockchain.

The main goal of the project is to build a decentralized network and make an open programmable crypto so that everybody could join the ecosystem. 

What are the advantages of Mina (MINA)?

  • Network size
    
    The Mina weighs 22 KB only, which is a really small size compared to Bitcoin’s 300 GB.
  • Many team members and contributors
    
    According to the website, there are over 60 members who are connected to Mina. 
  • Transparency
    
    Mina is created to let anybody contribute to the network that’s why we can consider it transparent and open.
  • Security
    
    Mina enables an uncapped quantity of block producers through the PoS. Thanks to the decentralized type of Mina, it becomes more secure as it increases. 

What are the disadvantages of Mina (MINA)?

  • Competition risks
    
    The ideas of which Mina was made are not patented which causes the creation of many forks.  
  • Speed
    
    Mina can’t work with many transactions at once. The speed is just 22 TPS, which is still better than Bitcoin, but slightly worse than Solana of 3,000 TPS or Ripple of 1,500 TPS. 

How to buy Mina (MINA)?

Want to buy MINA? Visit the SimpleSwap homepage. Follow this instruction to buy MINA:

  • Let’s assume, you plan to exchange BTC for MINA. Select the crypto you wish to exchange (BTC) in the 1st drop-down list. Insert the number you want to swap.
  • Choose MINA in the 2nd drop-down list. You will see the estimated amount that you’ll receive after the swap.
  • Click the Exchange button.
  • Enter the Recipient's Address. MINA will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the BTC deposit address. You have to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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