While Bitcoin and Ethereum experienced some price drops this week, Mina has been doing exceptionally well. MINA’s price rose over 20% today finally breaking through the $5 level. Let’s take a closer look at Mina and see what all the hype is about
What Is Mina?
Mina is dubbed the “succinct blockchain.” Its blockchain is so short it can fit in a few tweets.
The way Mina is able to run on such a short blockchain, is with the use of zk-SNAKS, which are essentially “certificates” that a computation was done correctly. No matter how complex the computation is, the SNAKS will always be easy and simple to check.
Since updating a blockchain is just a computation, instead of doing the computation yourself, users can simply check the SNAKS to make sure the computation was done correctly by someone else.
In recent news, Mina Foundation’s CEO Evan Shapiro, gave an interview yesterday at the 2021 Digital Currency Summit. By the looks of it, we can only assume the interview went well because Mina’s price increased over 25% the next day.
It seems more and more cryptocurrencies are seeing astronomical price gains when the team announces an upcoming appearance or a keynote at an interview. For example, we’ve seen IoTeX pump over 90% shortly after their attendance at the DeFi Live event.
In other news, on November 10th, Mina has announced their partnership with ZK Hack – a 7 week virtual event featuring weekly workshops and advanced puzzle solving competitions.
According to the official ZK Hack event page,
“In this event, we will be announcing the winner of our sixth puzzle competition followed by a 2 hour workshop hosted by Mina”
The workshop is aimed at teaching developers how to use SnarkyJS, a Typescript framework for writing zero knowledge programs that can run in the browser with no trusted setup.
Mina Price & Tokenomics
Mina is an inflationary cryptocurrency with no supply cap. The total supply at this time is 824 million, with a circulating supply of 290 million. That leaves 600 million tokens that are still locked from the “Initial Distribution”, when 1 billion tokens were locked up for 8 years.
With a market cap of $1.46 billion, Mina is the 86th largest cryptocurrency on the market. With a trading volume of $565 million there’s definitely some excitement relating to Mina.
The biggest driver for Mina at this point would be an influx of applications using Mina’s platform, that could easily double the overall market cap of the project. This is not trading or investment advice, always do your own research before purchasing any cryptocurrency.
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Originally published on The VR Soldier