Mina Protocol (MINA), a blockchain network that claims to be the world’s lightest, has surged by 88% in the past 24 hours, reaching a new all-time high of $0.77121. The coin has also gained 109% in the past week, outperforming most of the major altcoins.
What is Behind This Rally?
Mina Protocol is a project that aims to reduce the computational requirements of running decentralized applications (dApps) by using a novel approach called zero-knowledge proofs.
The Protocol uses zero-knowledge proofs to compress the entire blockchain into a tiny snapshot that can be easily verified by any device. This snapshot, called a zk-SNARK, is only about 22 KB in size, regardless of the amount of transactions or data on the network. This makes Mina Protocol extremely scalable, fast, and efficient.
It also allows users to create and run their own verifiable dApps that can interact with any website or online service. These dApps, called Snapps, can leverage the power of zero-knowledge proofs to provide privacy, security, and interoperability for users.
Mina has been growing its ecosystem and community since its launch in May 2021. The project has attracted over 100,000 members across various platforms, including Discord, Telegram, Twitter, and Reddit. The project has also partnered with several organizations and crypto platforms, such as CoinList, Binance, BitMax, OKEx, Kraken, and Coinbase Custody.
The Protocol has also been riding the wave of the zk-rollup hype, which is a technology that many believe will reshape the future of the blockchain industry. This reduces congestion and fees on the main chain while increasing throughput and security.
It is one of the pioneers of zk-rollups, along with other projects such as Polygon, ZKSwap, Loopring, and StarkWare. As more users and developers embrace this technology, Mina Protocol stands to benefit from its first-mover advantage and its unique value proposition.
MINA is currently eyeing the resistance level at $1, which could trigger further growth if breached. The coin has a market capitalization of $1.3 billion and a circulating supply of 1.7 billion tokens, according to data provided by CoinMarketCap.
