Mina Protocol, a privacy-focused blockchain network based on zero-knowledge technology, has gone live.

The development means that Mina’s mainnet has been launched and now allows developers to build decentralized apps, called Snapps, in this case.

Snapps, or SNARK-based applications, deploy recursive Zero-Knowledge (zk) -SNARK technology to enable user privacy, data ownership, and auditability.

Simply put, zk-SNARKs allow users to prove they know something without disclosing any private information.

The first app to integrate with Mina is the Teller Finance decentralized lending protocol. With the move, Teller users won’t have to share their actual credit score or Social Security number with an applicant. Instead, they will be able to simply prove that their credit score is above the required number of 700.

“Mina can simply log into a credit score report website, produce proof on the user’s local machine (eg exceed the credit threshold), then share that proof with the requesting party,” said Mina said.

Like Teller, there are “many other exciting applications in the works” for integration, Evan Shapiro of the Mina Foundation told The Block.

“Currently we also have a joint call for tenders [request for proposal] with the Ethereum Foundation to enable recursive SNARK applications on the Ethereum blockchain, ”he said.

Mina claims to have created the lightest blockchain in the world, maintaining a size of 22KB even as it scales. Zk-SNARKs technology allows Mina to build “very small evidence” of the entire blockchain.

In a separate development, Mina also today announced its partnership with CoinList for a token sale. Mina is looking to raise $ 18.75 million through the sale, Shapiro told The Block. There are 75 million tokens available for sale at a price of $ 0.25 per token.

Mina has already raised a total of $ 29.4 million in various rounds. Its investors include Coinbase Ventures, Paradigm, Three Arrows Capital, Polychain, Naval Ravikant, and several others.

The Mina protocol was previously known as the Coda protocol and was under development since June 2017 by O (1) Labs.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.



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