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.
- 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.
- 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.
- 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
Best Hardware Wallet: Ledger
Hardware wallets store cryptocurrencies offline. The user’s private keys, which are used to authorize transactions, are stored on the Ledger device. This process keeps the keys offline and safe from hackers who might access the keys from an online location.
Best Software Wallet: ZenGo
ZenGo is a mobile application that offers a non-custodial wallet to store private keys. In addition to being a wallet, ZenGo allows users to purchase cryptocurrencies within the app.
Current crypto prices
The total cryptocurrency market cap stands at around $ 2,000 billion, as the cryptocurrency as a whole continues to grow in size. ETH and altcoins continue to deprive Bitcoin of market dominance. The transition from ETH to PoS appears to imply a bright future for decentralized finance (DeFi) and a long-term continued growth schedule, but the rise of notable competitors to ETH shows that there may be room for a new system, such as MINA, to gain market share.
Is MINA a good investment?
MINA claims to have fulfilled the 3 fundamental requirements of a large blockchain network by providing enhanced security, true decentralization and scalability. The extreme scalability of the Mina protocol places it in a unique position to gain traction at a time when Bitcoin (BTC) and Ethereum (ETH) are plagued with scalability issues.
Benzinga has developed a specific methodology for classifying cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.
SoFi creates crypto products to help you buy, sell, and store your bitcoin and cryptocurrency. You can instantly buy Bitcoin, Ethereum, Cardano, Solana, Chainlink, Uniswap, and other DeFi tokens. For a limited time, get a $ 10 BTC bonus when you make your first transaction of $ 10 or more!