Mina is a layer-1 protocol with a succinct blockchain. The current blockchains like Bitcoin and Ethereum store hundreds of gigabytes of data, and their blockchains will only increase in size over time. With Mina, the blockchain always stays the same size - about 22kb (the size of a few tweets), regardless of the growth in usage. This enables users to quickly sync and verify the network, which helps to increase network decentralization and reduce the vulnerability to a 51% attack on the network.
MINA is the native utility token of the protocol and has the following use cases:
Staking: Users may run nodes and stake their MINA tokens to help secure the network in return for staking rewards (paid in MINA tokens). Alternatively, users may indirectly stake their tokens by delegating to a third-party staking service. Note that there is a latency period of 2 to 4 weeks before any new delegated staking comes into effect.
Network transaction fees: Users will pay for network transaction fees (in MINA tokens) for each interaction with Snapps (dApps) on the Mina Network.
Block production: Block producers are validators that achieve consensus and provide security to the blockchain. They earn block rewards in return for staking MINA tokens and producing new blocks on the blockchain.
Mina consists of the following major components working in conjunction:
Ouroboros Samasika: A modified ouroboros proof-of-stake consensus mechanism that maximizes inclusivity in consensus. On Mina, all participants act as full nodes. Anyone can take part in consensus, and help to secure the network.
SNARK workers: Snark workers are integral to the Mina network's health because these nodes are responsible for snarking, or producing SNARK proofs, of transactions in the network. By producing these proofs, snark workers help maintain the succinctness of the Mina blockchain.
As at August 10th, 2021, the total token supply is 845,109,533, and the circulating supply of MINA is 191,598,454 (about 22.67% of the total token supply).
Learn more about the token distribution of MINA here.
A Layer-1 Protocol with a Light and Succinct Blockchain.
Aug 10th, 2021