Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Mina Protocol, and is trustworthy!
You can find our top 3 exchanges for buying Mina Protocol here, alternatively you can also check our comparison of the best cryptocurrency exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Mina Protocol
And of course, the final step is to find Mina Protocol on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Mina Protocol (MINA)
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How to Sell Mina Protocol
- Sign into the exchange
- Find where you stored your Mina Protocol, either on a hardware wallet or on the exchange.
- Transfer your Mina Protocol to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Mina Protocol.
Considerations when looking to buy Mina Protocol.
Mina Protocol is a minimalist "succinct" blockchain that reduces computational requirements to make DApps run more efficiently. Mina is the world's lightest and most popular blockchain. Its size was designed to be stable despite growing usage. It is also balanced in terms security and decentralization. In October 2020, the project was rebranded as Coda Protocol to Mina.
Mina's network is only 22KB in size, which is tiny compared to Bitcoin’s 300 GB blockchain.
Mina is currently working to create a distributed payment system that allows users to verify the platform natively from the genesis block. This is a "succinct" blockchain, according to the technical whitepaper.
Zero-Knowledge Success Non-Interactive Arguments of Knowledge (zkSNARKs) are used in the protocol. These cryptographic proofs allow someone to authenticate information and not reveal it. In a large network, however, it can be difficult to allow a user to trace back the platform to its genesis blocks. Mina computes incrementally SNARKS by focusing only on the most recent blocks. This means that end-users can check that zk SNARK-compressed proof instead of the block's entire transaction history.
MINA, Mina protocol's native currency, is at the core of Mina protocol. It functions as both a utility coin, and as an exchange medium.
Mina is very similar to Bitcoin in that it processes transactions the same way as Bitcoin. However, Mina also uses the Ethereum account model.
This is the main difference between Bitcoin (and Ethereum): Ethereum's state contains a list containing unspent coins, while Bitcoin's state contains account balances.
Mina uses a prover (or even snarker), which is an equivalent to a miner to make sure that each block makes a commitment to the state.
Mina uses the Ouroboros Samasika PoS mechanism, which is a type of PoS system specifically designed for succinct and decentralized networks. It provides bootstrapping starting from a genesis block.
Two major functions are found in succinct blockchains: verify and update. The update function works with consensus and the chain summary, while verification touches on consensus, blocks and blockchain summary.
The parallel scan state is used to maximize transaction processing speed. It works by grouping unproven block and assigning it to parallel provers.