Coinbase, one of the largest crypto exchanges, lists Mina Protocol (MINA), the world’s smallest blockchain known as the minimal scale, ‘Blockchain for short and succinctly’. With the news that the listing is coming, the altcoin price has increased by about 20%.
Coinbase listing was good for the altcoin project
As we have mentioned in the news of Kriptokoin.com, at the end of March, the crypto money exchange Coinbase announced that the Mina Protocol (MINA) deposit and withdrawal transactions were launched. However, there were some glitches. Now solving technical problems, Coinbase announced on its Twitter account that it will add the altcoin project to its lists tomorrow.
Listing news is one of the news especially followed in the crypto money market. Because being listed by well-known crypto exchanges creates an element of prestige for altcoin projects and their prices are reflected positively. We saw an example of this in Mina Protocol (MINA). With the news of the altcoin being listed on Coinbase, its price rose by about 20%.
What is Mina Protocol and what does it aim for?
Minimally, “concise Blockchain” Mina Protocol reduces computational requirements to run decentralized applications (DApp) more efficiently. Mina Protocol stands out as the smallest Blockchain structure in the world, as it is designed to keep the size constant even though its usage is increasing. It also works in a balanced way in terms of security and decentralization. Formerly called Coda Protocol, the project was rebranded as Mina Protocol in October 2020. The Mina network has an extremely small size of only 22 KB compared to Bitcoin’s 300 GB Blockchain structure.
Mina Protocol is working to create an efficient distributed payment system that allows users to authenticate the platform directly through the genesis block. The whitepaper includes the phrase “Blockchain in short.” Protocol; Zero-Knowledge Succinct uses a cryptographic proof system called Non-Interactive Arguments of Knowledge (zk-SNARK), which enables authentication without revealing any data. However, enabling the user to monitor the platform back to the genesis block process may be impractical in large-scale networks. That’s why Mina is calculating SNARKs incrementally, focusing only on the last few blocks. So end users check the proof data compressed with zk-SNARK instead of the entire transaction history.
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