1/Market: After Binance is crazy about ZK technology and ZKsyc currency issuance expectations (its Twitter, [∎∎∎], hints at the details announced on the 15th), the ZK sector has attracted market attention, and mina is one of the currencies most held by institutions. As an existing leader, it has risen by more than 60% from the recent low; here is a brief introduction to the advantages and challenges, which can be summed up in four words: more, faster, better, and cheaper.
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2/Introduction: Mina is known as the lightest public chain in the world. It uses ZK-Snark technology in block generation and verification. It can also catch up with the hot spots of privacy and ZK. All blocks add up to only 22kB (now theoretically compressed to 11kB) is equivalent to the size of several tweets. Compared with Ethereum node data of more than 220GB, only very little data is needed to verify the entire block, that is, the verification of the block status is extremely fast.
3/Project mechanism: light public chain ≠ light node
Generally, the amount of transaction data stored by nodes will increase over time, and its entry threshold will increase and the degree of decentralization will decrease. If a project builds a dapp on a certain public chain, the full nodes it runs will synchronize a large amount of data. of data, operating costs increase and are time-consuming. If light nodes in the traditional sense are used: that is, synchronizing the most recent part of the data, security leaks will occur.
Mina uses ZK-Snark technology. One of the biggest features of recursive zero-knowledge proofs is that the completeness of the data is not lost when the amount of data is certain. It is different from the traditional concept of light nodes. A vivid example is that the data in the previous public chain Verification is like pulling a live elephant directly, zk-SNARKs directly verifies blocks through photos of the elephant.
5/Narrative Space: More Fast, More Economical
Therefore, Mina also highlights the narrative logic of a public chain: four words, more, faster, better, and more economical, which is different from the "light node" in the traditional sense.
→Fast: light chain, high throughput. Because the blockchain is kept at a constant size, always around 22KB. The verification data is compressed to reduce the amount of data required to verify transactions, making the entire protocol lightweight and capable of high-speed network response.
→ Save: Eliminate redundant steps. Under the premise that using zk technology is more secure, Mina does not require complex and cumbersome protocols and node confirmations like other public chains.
→Good: Decentralized, with complete nodes. The nodes verified by Mina block are all full nodes, but they have the advantages of light nodes. The node operation threshold is greatly reduced, maintaining the decentralization and security of the network.
→Many: Third-party dapps (non-Mina public chain applications) can access Mina’s network, and some special functions such as privacy protection data verification, effective proof of large-scale calculations, and secure login functions can be easily integrated.
6/Token Economy
The current total market value is around 1B$, the crowdfunding price is 0.25$, and the circulation exceeds 80%. The tokens are mainly used for:
①Block validator rewards: The inflation rate is decreasing year by year, and will drop from 10% to 7% in the next few years. Compared with the 3-4% annual inflation rate of other public chains, the selling pressure on the miners is still greater, but In order to encourage staking and diversify the distribution of rewards, differentiated staking plans are provided.
②The generation process of snark proofs will also require Mina tokens. Block producers and SNARK producers use tokens to buy and sell SNARK proofs and serve as circulation tokens in the ecosystem.
7/Development and Financing
According to Messari, $MINA is one of the most heavily held digital assets by institutions. The latest financing came from, in March 2022, FTX and Three Arrows Capital led the investment of 92 million U.S. dollars, which can be regarded as a precise step. According to the team’s announcement, the EVM cross-chain bridge based on MINA zk technology has entered the audit stage and is expected to be launched in Q4. .
Therefore, Mina's novel concept has great originality. However, it is difficult to achieve sustained improvement in its valuation based on the recent zk hot time. In the future, we need to pay attention to whether it can launch 1-3 core traffic projects and improve the public chain. playability and TVL. In addition, most of the node data is stored in Google cloud, and its security also needs to be questioned.
