Mina Protocol is a "succinct blockchain" designed to reduce processing needs so that DApps can function more effectively. Mina has been dubbed the world's lightest blockchain since its size is intended to remain constant regardless of usage increase. Additionally, it maintains a balance between security and decentralization. In October 2020, the project's name was changed from Coda Protocol to Mina.
Check out our in-depth analysis of Mina Protocol to understand more about this undertaking.
The size of the Mina network is merely 22 KB, which is little compared to Bitcoin's 300 GB blockchain.
Mina is aiming on a distributed payment mechanism that enables users to validate the platform natively from the genesis block onward. According to its technical whitepaper, this is a "brief blockchain."
The protocol employs Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs), a cryptographic proof that allows information to be authenticated without exposing its contents. In a big network, it may be difficult to allow a user to track the platform to its genesis block. As a result, Mina progressively computes SNARKS that focus only on the most recent few blocks, meaning that end-users examine the zk-SNARK-compressed evidence rather than the whole transaction history of a block.
MINA, the native currency of the Mina protocol, serves as both a utility coin and a means of trade.
Mina is comparable to Bitcoin with the exception of its transaction processing, but it also incorporates the account concept utilized by Ethereum.
In this regard, Bitcoin and Ethereum vary in that the Bitcoin blockchain maintains a list of unspent currencies, whereas Ethereum's blockchain contains account balances.
Mina, on the other hand, employs a prover (or snarker, if you prefer), an equivalent of a miner, to guarantee that each block commits to the state.
Mina utilizes the Ouroboros Samasika, a PoS technique intended specifically for compact decentralized networks since it offers bootstrapping from a genesis block.
Verify and update are the two primary functionalities of brief blockchains. Verification interacts with consensus, the blockchain summary, and blocks, whereas update interacts with consensus and the chain summary.
The project also employs a parallel scan state to enhance transaction processing time, which works by grouping untested blocks and delegating the task to parallel provers.
Mina aims to revolutionize the current blockchain ecosystem, where the majority of platforms use verifiers such as miners/stakers and light clients to validate transactions as third parties.
Mina adopts an alternative method by utilizing several users, each of whom is responsible for a certain role on the decentralized network.
There are three primary roles: verifiers, block makers, and snarkers.
Verifiers interact with zk-SNARKs that certify consensus information. Each user of the Mina protocol is a verifier if their devices can process a 22 KB chain and survive a few milliseconds of processing time.
Block producers, also known as stakers or miners, are compensated with block rewards and transaction fees. Notably, the protocol does not reduce incentives for block manufacturers. Users can delegate their coins to this group of Mina participants.
In addition to grouping transactions into blocks, block producers must additionally SNARK an equal number of previously committed deals; failing to do so would result in incomplete blocks and other nodes rejecting their validity.
If a block producer want to add 10 transactions to the blockchain, they must SNARK the first 10 deals in the queue. However, users have the choice of generating their own SNARK or using those made by snarkers, a select set of individuals.
## Snarkers
Snarkers, also known as provers, generate zk-SNARKs for use in transaction verification.
Block producers compensate snarkers with a portion of the total transaction fees they get for introducing new blocks. To qualify for the fees, though, they must submit bids. Note that a snarker's zk-SNARK must be utilized in a block, and the block producer who uses it must incentivize the snarker.
This generates an economic system in which different snarkers can submit bids for the same transaction. Block producers, on the other hand, are profit-driven and will select the offer with the lowest fees. Consequently, snarkers are required to manufacture SNARKS at a minimal cost.
A user initiates a transaction, which is then added to the mempool, a collection of legitimate but unconfirmed trades.
Next, snarkers assume control by constructing proofs or SNARKS. Selecting a block producer (BP) to collect transactions into a block is the next step. A BP searches the mempool for lucrative transactions.
Then, the BP selects a SNARK according to the consensus mechanism's criteria.
Note that a block producer examines the bids for the SNARK with the lowest price. In addition, the SNARKS order book for newly added transactions has been updated.
The next step is to include SNARKS in a block, add the block to the chain, and then update the network. To maintain the protocol's constant size, snarled transactions are eliminated from the chain.
The block producer then updates the zk-SNARKS of the protocol.
The new block is then permanently added to the chain.
The usage of zk-SNARKS enables the verification of the status of the Mina protocol without revealing the blockchain's contents, hence providing a censorship-resistant platform.
In addition, zk-SNARKS help significantly to maintaining a stable network size, which enables scalability, security, and decentralization.
The participation of numerous crucial actors, such as snarkers, block producers, and verifiers, facilitates the streamlining of many protocol operations.
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