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How to buy Mina protocol (MINA) • Benzinga Crypto


Want to jump straight to the answer? You can buy MINA on Kraken and Gate.io.

Mina Protocol seeks to use more advanced cryptography instead of intense computing power to run its network. Mina claims to be “the lightest blockchain in the world”, occupying a meager 22 kilobytes, compared to Bitcoin’s blockchain, which is currently over 350 gigabytes in size. The Mina team says its small size allows users to quickly sync with the network and easily validate blocks, even with limited processing power. This feat is achieved through the use of succinct non-interactive zero-knowledge knowledge arguments (zk-SNARK). The native network token is MINA.

Investors clearly see the potential of MINA, as the currency has currently risen by over 300% in the past 90 days.

What is MINA?

Mina Protocol is an ultralight blockchain that introduces several key changes compared to its competitors. The Mina blockchain maintains a static size, even when new blocks are added. This aspect is very different from other blockchains, which increase in size each time a new block is committed to the chain. Mina does this by using cryptographic evidence that maintains a consistent size, less than playing a second of audio from an MP3 file, meaning almost any device can validate the evidence. With an unlimited number of validators, any device can easily access and participate in the network as a node operator.

The Mina protocol uses a Proof of Stake (PoS) model in which users leverage nodes to validate transactions. Holding the MINA token increases your chances of completing a block and getting a reward.

Brief history of MINA

The Mina protocol was designed in 2017 by O (1) Labs, which sought to create a network faithful to the original principles of blockchain: security, scalability and decentralization. Using cryptography and zk-SNARKS, the MINA team has created a blockchain that integrates PoS mechanisms, smart contracts and decentralized applications (Dapps).

The Mina network offers smart contracts, which are immutable agreements that are validated by the blockchain. These contracts run as planned every time, without interference from third parties or governments. By chaining together many smart contracts, developers are able to create Ddaps on the network. On the Mina network, these Dapps are called snapps. Just like a computer can run software, Mina Protocol can run snapps.

The Mina protocol is overseen by the Mina Foundation, which supports the platform.

The MINA token

The MINA token serves 2 main purposes on the Mina blockchain: reducing compute requirements for developers and securing the network through PoS mechanisms. Since the network uses an Ouroboros PoS model, node operators can provide MINA to increase their chances of being selected as a validator for a block. Therefore, MINA provides a financial incentive to operate the network.

How to buy MINA

Do you think MINA is a good investment? If so, here’s some good news: MINA is among the Top 100 Cryptocurrencies by Market Cap, which means it’s available on many major exchanges.

  1. Open a Kraken account.

    The first step in purchasing MINA is to open an account on a reputable cryptocurrency exchange. This process usually only involves setting up an email and password. In many cases, exchanges allow users to enable additional security factors, such as 2-factor authentication (2FA) for added security. MINA is offered on Kraken, and if the project becomes more popular, you can expect it to be listed on more exchanges.

    Kraken allows many transactions such as buying, selling, trading, futures, margin trading, and market orders. Kraken puts a lot of effort into providing top notch security to its users. All Kraken accounts offer 2FA, which means that a login attempt must be approved on an additional device other than the device making the login attempt. Kraken follows U.S. Know Your Customer (KYC) standards, which require a customer’s personal information before signing up to trade assets. The exchange holds 95% of its cryptocurrency deposits in physically protected and geographically distributed cold storage wallets. Kraken has never experienced a security breach since its debut in 2013.

    In fact, Kraken was founded as an alternative to another exchange that suffered 2 security holes, so security has been at the forefront of Kraken design from the very beginning. It undergoes regular penetration testing and has a bug reward system to encourage reporting potential exploits before they become a problem. Kraken also undergoes third-party proof of reserves audits to ensure it has all the cryptocurrency it needs if each investor were to withdraw all of their cryptocurrency at once.

  2. Buy a cryptocurrency wallet (optional).

    Wallets are extremely important for securing your cryptocurrency, as well as being able to send cryptocurrency to other places in the ecosystem. Leaving cryptocurrency on an exchange can be risky; wallets offer a better level of security.

  3. Make your purchase.

    On the Kraken Exchange, search for MINA. When you have located the currency, follow the steps to buy the cryptocurrency directly or exchange another cryptocurrency for it. You can then store the cryptocurrency on Kraken, or you can send the currency to another wallet which is a software or hardware wallet.

Best crypto wallets for MINA tokens