Mina Protocol: A Super Lightweight Blockchain Based on zk-SNARKs

Blockchain technology, as a revolutionary distributed ledger technology, has shown great potential in various fields such as finance, social networking, and the Internet of Things. However, with the growth of usage, Blockchain faces challenges in scalability. Taking Bitcoin and Ethereum as examples, their Blockchain sizes have exceeded 400 GB and 600 GB respectively, making it difficult for average users to participate in the network, forcing them to rely on centralized service providers, which undermines the decentralized spirit and security of Blockchain.

To address this issue, the Mina Protocol was born. It is a "lightweight" Blockchain based on zk-SNARKs technology, aimed at providing an efficient, secure, and privacy-preserving decentralized application environment.

The biggest feature of the Mina Protocol is that it maintains the size of the Blockchain at approximately 22 KB through recursive zk-SNARKs, regardless of the number of transactions or users in the network. This means that even mobile devices with relatively weak computing power can synchronize and validate the Mina network. In contrast, Bitcoin and Ethereum require high-performance GPUs and large storage capacities to support node setup and mining. Mina shifts node mining to more widespread mobile devices, greatly enhancing the ease of node deployment and the decentralization of the network.

Mina uses the Ouroboros Samasika Proof of Stake (PoS) consensus algorithm, which is an improvement over traditional PoS. It allows an unlimited number of validators to participate, and nodes can freely join and leave, lowering the threshold for running a node. Furthermore, Mina's nodes only need to rely on simple rules to determine the validity of the chain, without needing external information for guidance.

In addition to achieving lightweight Blockchain, the Mina Protocol also offers an innovative zkApps platform. zkApps are smart contracts based on zk-SNARKs that enable data privacy protection, cross-chain interoperability, and real-time network connectivity. Users can prove their information without disclosing personal data, and they can also access data and services from other blockchains on Mina, and even obtain real-time internet information.

The development team of Mina Protocol, O(1) Labs, was founded in 2017 by Evan Shapiro and Izaak Meckler, bringing together world-class cryptographers, engineers, and entrepreneurs. Core members include CEO Evan Shapiro, CTO Izaak Meckler, COO Emre Tekisalp, CFO Brad Cohn, and Chief Marketing Officer Claire Kart, all of whom have extensive industry experience and academic backgrounds.

Since its establishment, Mina Protocol has completed four rounds of financing, raising a total of approximately $48.15 million. Investors include well-known institutions such as DFG, Polychain Capital, Coinbase Ventures, and Three Arrows Capital, demonstrating the project's potential and recognition in the industry.

Mina Protocol, as an innovative Blockchain project, has advantages such as efficiency, security, privacy, and interoperability. It achieves constant Blockchain size and improved verification speed through zk-SNARKs technology while ensuring the security of the network and the privacy protection of user data. In addition, its interoperability across chains and networks provides users with broader application scenarios.

Currently, the block height of Mina Protocol has reached 294908, with 178 supernodes, a circulating token supply of 981,582,723, a total transaction count of 221,479, and an average transaction fee of $0.014. These data reflect the activity and utility of the Mina Protocol network.