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Mina Protocol (MINA) Rallies by 10%, Here's Why

Thu, 10/27/2022 - 10:21
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Arman Shirinyan
MINA protocol successfully rallies by 10% amid active development of ecosystem
Mina Protocol (MINA) Rallies by 10%, Here's Why
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During the cryptocurrency market recovery, projects that usually move under the radar get more attention from investors as their returns put them high on the list of most profitable assets in the market. One of today's leaders is the Mina Protocol and its underlying cryptocurrency, MINA.

Incentivizing ecosystem growth

According to the most recent posts on social media, Mina is actively attracting new developers to the network by providing generous grants for supporting the ecosystem. In Mina Foundation's most recent tweet, the award of over 75,000 MINA tokens and $30,000 USDC to 57 grantees has been announced.

Despite the drop in popularity of ZK blockchain after the end of the bullrun, the development of scaling solutions still remains a relevant topic as the surge in network load on certain cryptocurrencies may lead to serious problems.

What's Mina Protocol?

Mina Protocol positions itself as a "succinct blockchain" built to curtail computational requirements for running decentralized applications more efficiently. Compared to other blockchains, Mina remains one of the lightest blockchains.

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The way Mina achieves it lies under its core function: remain constant despite growth in usage. The blockchain remains balanced in terms of security and decentralization.

The protocol utilizes Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, which is one of the ways of approving transactions on the blockchain. However, this mechanism creates certain problems, as it might be impractical on a large network. That is why protocols such as Mina incrementally compute SNARKS, avoiding the check of the block's entire history and only processing on the last few blocks.

At press time, MINA is trading at $0.6 with a 7.4% price increase in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.