Key points to remember
- The scalability of the Mina protocol does not compromise security, according to a report.
- The blockchain uses zero-knowledge evidence and a unique proof-of-stake consensus algorithm.
- Gauntlet Network assessed whether Mina’s high scalability increases the risk of an attack by 51%.
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The Mina blockchain is resistant to 51% of attacks, according to Gauntlet Network. The research firm’s analysis focused on the use of zk-SNARK technology by the blockchain.
Analysis: Scalable and secure Mina
The Mina blockchain is scalable and secure, a new report found.
Gauntlet Network, a financial modeling platform for crypto and DeFi, has released the analysis of the protocol, specifically examining its use of zk-SNARK technology.
The company concluded that a profitable 51% attack on the protocol would be difficult to execute because any bad actor would lose more money than they earn due to the token’s declining value. A 51% attack is an attack on a blockchain network in which a group or individual can take over more than half of the mining hash rate.
Although more commonly associated with proof of work chains, a 51% attack is also possible with a proof of stake consensus algorithm. Gauntlet research said:
âThe Mina protocol is actually often more expensive than normal PoS attacks. The main condition where it is cheaper requires the attacker to resist an 80% drop in the price of the token while still being able to execute a profitable attack.
The Mina protocol uses zk-SNARKs, also known as “zero-knowledge non-interactive short knowledge argument”, or zero-knowledge proofs. They use secret cryptographic keys that allow one party to show that they have “knowledge” of a certain value to another party without revealing the value.
Evan Shapiro, CEO and co-founder of the Mina O (1) Labs team, told Crypto Briefing that research shows that “Mina is as resistant to attacks as other PoS blockchains without requiring lengthy blockages,” thanks to its use of zk -SNARKs and consensus algorithm.
Ethereum co-founder Vitalik Buterin helped make zk-SNARKS famous in the blockchain community, but various other chains have embraced the technology. The Mina blockchain uses zk-SNARKS to improve scalability, as they help reduce the chain size to just 22KB. Other blockchains are significantly larger: Bitcoin is over 324GB, according to Blockchain.com.
Shapiro said data-heavy blockchains like Bitcoin and Ethereum compromise security because the resources required to download a significant amount of data place a limit on the miners who can participate. In turn, this limits decentralization. He also said that Mina hopes to be successful by being more accessible:
âOur goal is for Mina to be scalable, secure, and highly accessible to block producers so developers can easily use Mina to create verifiable dapps. ”
Using zk-SNARKS, Mina can maintain a manageable size of just 22KB. It is small enough to run on mobile devices.
Scalability and security are often discussed interchangeably about blockchains, as well as decentralization. Many believe that the perfect blockchain requires all three elements, although it can be difficult to achieve them with the same degree of success.
Mina uses the Ouroboros Samasika proof-of-stake consensus mechanism, similar to the Ouroboros family of algorithms. However, it improves on older Ouroboros algorithms, as validators are selected before an epoch, rather than maintaining a stake for an extended period. This prevents an attacker from withdrawing his stake and using his position to split the chain.
âMina improves the Ouroboros family by allowing the property to be concise, while preventing attacking attempts from long chain forks,â Shapiro said.
The Mina blockchain is the lightest in the world. It is one of a growing number of chains taking advantage of advanced cryptographic technologies such as zk-SNARKS to create what has been dubbed “Web3”, a decentralized iteration of the Internet, where blockchains like Mina act as the layer. settlement for the exchange of value between decentralized applications.
Its launch on the mainline “is just around the corner,” Shapiro confirmed.
Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies.
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