Mina -Lightest blockchain using Zero knowledge

Tuesday, December 26, 2023 10:52 AM UTC

Mina is building the privacy and security layer for web3 with zero-knowledge proofs. It is the world's lightest blockchain, powered by the participants. Using zero-knowledge proofs, Mina is creating the infrastructure for the secure, democratic future we all deserve.

Consensus mechanism-

Mina uses a Proof-of-Stake consensus mechanism called Ouroboros Samasika, a modified version of IOHK designed for Cardano. It requires far less computing power than Bitcoin's POW protocol.

In Ouroboros Samasika, time is split into slots. A large number of slots form an epoch. Each epoch has 7140 slots. A block can be produced in each slot. As of the mainnet launch, each slot in Mina lasts 3 minutes, meaning each epoch is around 14 days. It uses a Verifiable random function to determine opportunities to produce a block. This random function uses a private key and can be verified with a public key. This improves security.

Zapps-

A Mina protocol is the lightest blockchain and it uses zero-knowledge technology and fixed blockchain which is 22 kilobytes.

Zapps are smart contracts using zero-knowledge proof. Zero-knowledge proof is a method or process where one person (the prover) can prove to another party (the verifier) that something is true without revealing any information apart from the fact that this specific statement is true.

In Mina, there are three types of nodes

Snark workers- These nodes are responsible for snarking, or producing SNARKS proof, of transactions in the networks.

Validators nodes- they produce blocks and are also known as block producers.

Archive- It helps to store the entire blockchain in an uncompressed manner.

MINAUSD prices jumped more than 100% from the previous week's low of $0.670.It hit a high of $1.377 and is currently trading around $1.119. The pair holds above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $1.60, any indicative breach above will take the pair to $2/$2.34. On the lower side, immediate support is $0.98, and any violation below targets $0.80/$0.675.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $0.95 with SL around $0.67 for TP of $2.30.