Highlights

• Zero-knowledge proof gives a way to start doing things that keeps privacy
• Crypto has reached a point now where it feels like it’s getting usability within the crypto native ecosystem

About Mina

Mina is a minor crypto protocol that is the world’s first to have a “very light blockchain.” It was developed to lower the processing power required to run decentralized apps (DApps) considerably more cheaply and effectively. Mina is regarded as the world’s lightest blockchain because it is optimized to destroy it.
Virtual currencies on the market are all based on blockchain technology, which is used to create them.
Decentralization and scalability were also important considerations when developing the protocol, which was designed to achieve both goals simultaneously. Using zero-knowledge proofs, however, it is possible to compress the blockchain into a constant size. As a result, no matter how much the blockchain’s usage grows, the blockchain’s size will always remain constant at 22kb.

Evan Shapiro On Scaling Blockchain

Scaling blockchain for mass adoption seems to be a big deal for the crypto industry.  This was why Token 2049 organized a panel to discuss the scalability of the blockchain space.  The panelists were hosted in London.  The video gives a full recap of the discussion.

 

 

Mina protocol also tweeted on its official Twitter to intimate its community on the scalability of the blockchain.

What does it take to scale blockchains towards mass adoption?

Hear what Mina Foundation CEO, @evanashapiro, and others have to say in the full replay of the @token2049 panel below! 👇https://t.co/092sAFNivV

— Mina Protocol (@MinaProtocol) October 22, 2021

This is one of the questions asked by the Moderator, and this was how Evan Shapiro answered.

Moderator: What does mainstream adoption mean for the Crypto space?

Evan Shapiro: (thinks deeply) Yes, Ummm…We usually think about this because Crypto has reached a point now where it feels like it’s getting usability within the crypto native ecosystem. Still, it has a long way to go before it’s something that the regular person is using, and one thing we think about a lot is what tools remain to get built to make that possible. So, particularly from the Zero-knowledge proofing angle, there are things like an identity that you don’t want to put your social security number on chain. Still, you want to identify yourself with some applications or put things like your financial history or social media data. Things like zero-knowledge proof give a way to start doing things that keeps privacy. Where we are now, we are missing a lot of those primitives still, so that’s something that we think a lot about and I think will be a key to getting it mainstream level.

You can get more details by watching the video.

What Lies Ahead For Mina?

The following are what makes Mina unique and it is on this basis we can expect the scalability of the Blockchain space.

• Instead of using massive chains like those used by first-generation blockchains such as Bitcoin or Ethereum, Mina employs a chain that is, and always will be 22 kb in size, allowing participants to sync the whole chain in seconds.
• Mina is also the first production system to implement a recursive zk-SNARK without the need for a trusted setup, which is a significant achievement that has benefited the whole blockchain ecosystem.
• Because of the implementation of this mathematical proof, the cryptocurrency Mina is able to scale while maintaining the highest levels of resiliency, privacy, and security without losing its decentralized nature.

With a 24-hour trading volume of  $103,526,958,177, the current Mina price is $4.77. A live market capitalization of  $2,598,033,664,295  puts the current CoinMarketCap ranking at #86.