Mina Protocol is a smart contract-compatible, proof-of-stake cryptocurrency blockchain that aims to build the privacy and security layer for Web3. To deliver true decentralization at scale, Mina Protocol uses recursive zero-knowledge technology.
Major cryptocurrencies are massive in size, with Bitcoin crossing over 400 gigabytes. The founders of Mina Protocol predict that currencies like Bitcoin will soon amass to a size that is unable to record all transaction histories. The Mina Protocol blockchain is built to solve this critical issue. It remains at the same size, around 22kb, irrespective of the growth in its usage. With its small, fixed size, Mina Protocol enables quick and direct access from smartphones and other blockchains.
Mina Protocol also hosts zkApps which are smart contracts built on zero-knowledge technology. This allows users to have control over their data by sharing proofs rather than the data itself.
Verifiers act like nodes on the Mina Protocol and hold the zero-knowledge proof. Since the proof is so lightweight, all Mina Protocol users can act as verifiers. Mina’s proof-of-stake mechanism is Ouroboros Samasika, a modification of Cardano’s system, but requires much less computing power.