Mina (MINA), a minimalistic blockchain protocol used for optimizing computational requirements, offers new standards of security and decentralization for dApps’ users and developers.
What is MINA?
Mina (MINA) is the innovative blockchain protocol described as the lightest blockchain in the dApps segment. Its main objective is achieving the efficient distribution of the payment system that provides additional opportunities to users via innovative cryptographic solutions. While the Mina protocol is similar to that of Bitcoin, it handles transactions in a different manner. Moreover, Mina applies the account system used in Ethereum. Mina relies on a prover in order to ensure that all blocks commit to the state. The relevant roles played by the protocol include verifying blocks and using snarkers. A SNARK is chosen according to the consensus mechanism applied. The upgrades are provided in the form of zk-SNARKS.
Mina’s current price equals $2.32 with the circulating supply of 459.1 million tokens. Its current market capitalization is $1.065 billion, making it the 80th largest cryptocurrency at the moment. MINA does not have a maximum supply, and its market supply is regularly adjusted according to the impact of all relevant economic and technological factors involved. The application of proof-of-stake solutions and zero knowledge proofs makes MINA unique as compared with other protocols and consensus mechanisms. MINA reached the highest price of $8.1 at the beginning of June of 2021 after MINA entered all major exchanges. MINA demonstrates the close correlation with the dynamics of the overall crypto market, especially that of Ethereum. All major crypto exchanges, such as Binance, ByBit, OKX, etc. support MINA, confirming its high adoption by the crypto community.
Investing in MINA: Pros and Cons
MINA tends to restore its market positions along with the consistent transition towards Ethereum 2.0. The long-term demand for its tokens will depend on the following factors: the dynamics of the overall crypto market; dApps innovations; relevance and application of zero knowledge proofs; etc. Overall, there is a high likelihood of MINA’s further appreciation in the following months. Technical analysis may be relevant for determining the major support and resistance levels that will determine the optimal points of market entry. They will allow comprehending the most likely market scenario that may be successfully used for profit-generation.
MINA has a strong support level at the price of $1.60 reached about a month ago. However, the current correction trend can be reversed in case MINA/USD successfully exceeds a number of critical resistance levels. The first one is the price of $2.85 that was historically important for correcting MINA’s price. The second one is the price of $3.60 that was the major obstacle for the long-term reversal of MINA’s price and capitalization trend. Potential buying decisions can be made after MINA’s price exceeds the first critical level of $2.85. The evaluation of Ethereum’s price change and market conditions is also important for supporting long-term investments in MINA.
Source: https://crypto.news/mina-mina-expanding-computational-requirements-for-dapps/