Several blockchain-powered projects, with respective native tokens, have entered the cryptoverse. ETH, which is the native token of Ethereum, leads all other altcoins. Ethereum also provides blockchain services to many NFTs and DApps, which is one of the reasons why it ranks second after Bitcoin.
However, there is one blockchain that claims to be the “lightest” blockchain in the world: Mina Protocol. The Mina network claims to have a mechanism that does not allow the size of the blockchain to be increased. Let’s explore in detail.
How is the Mina blockchain different from others?
The network, like Ethereum, provides smart contracts and decentralized application services. Mina, however, is said to be lighter than Bitcoin and Ethereum. The network says that every new block produced in the network is followed by a “zk-SNARK”, which stands for Zero-Knowledge Succinct Non-interactive Argument of Knowledge. In this arrangement, nodes can only store SNARKs, allowing less load on the chain.
The Mina blockchain points out that it has a fixed size of almost 22 KB unlike other networks which increase in size over time.
The network has decentralized applications in the form of zkApps. Here, the data belongs to the user, unlike a centralized configuration. Mina also claims security from the 51% attack, a situation in which majority network token holders can manipulate it.
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MINA Crypto Price Trajectory
MINA then serves as the native token of the Mina blockchain. The MINA price trajectory resembles that of other comparable tokens, including ETH and SOL. 2022 has not been a rewarding year for tokens tied to blockchain networks.
At the time of writing, the MINA token is trading close to USD 0.8, with a price decline of 10% in the last 24 hours. Bitcoin and Ether, two of the biggest cryptoassets, are also trading in the red. This could be one of the reasons for a sharp drop in MINA and the wider cryptoverse.
MINA’s market cap is over US$450 million, making it a top 100 asset. Notably, ETH ranks second in the list and other blockchain network tokens like SOL and ADA are in the top ten.
MINA has lost enough value this year. It started 2022 with a price near US$3.5 and jumped to over US$4 in the first week of January. However, in the following weeks, MINA continuously lost value. A limited rally was seen between mid-March and early April, but even that could not last.
Data provided by CoinMarketCap.com
At the end of the line
Mina provides blockchain services to developers, promising a fixed-size chain to keep it lightweight. MINA is the native token of the project and this year it has had a run comparable to other tokens like ETH. Starting the year with a value of almost US$4, MINA is now trading below US$1 – a dip that should remind enthusiasts of the risks that prevail in cryptos.
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