Lightweight Blockchain Network Mina Launches Mainnet
- Decentralized lending protocol Teller will be the first to use Mina’s ability to interact privately with any website.
- Mina Protocol also announced a partnership with CoinList, which will hold a 5 million MINA token sale starting on 14 April.
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The Proof-of-Stake (PoS) Mina Protocol, a blockchain that retains a size of 22 KB even as it scales, has officially launched its mainnet, Mina said in a press release shared with The Chain Bulletin on 23 March.
Designed by O(1) Labs, Mina is a privacy-focused blockchain that utilizes the zero-knowledge-proof technology, and also claims to be the “world’s lightest blockchain” with a fixed size of 22 kilobytes. Unlike other networks, Mina maintains its “lightweight” status by discarding elapsed blocks, but is still able to keep its transaction records through the use of the “zk-SNARKS” technology.
Developers will now be able to use Mina to build decentralized SNARK-powered applications, called Snapps, that will “bring new possibilities for internet privacy and data security” Evan Shaprio, the CEO of O(1) Labs said. In short, zk-SNARK is a technology that allows users to prove they know something, without revealing any private information in the process.
With its ability to interact privately with any website, Mina allows developers to use real world data into computing and decision-making without compromising privacy. The first to benefit from this ability is decentralized lending protocol Teller, which will now allow its users to “prove that their credit score is above 700” without sharing their actual credit score or other personally identifiable information (PII) with a requesting party. Mina said in the press release:
“Mina can simply connect to a credit score reporting website, produce a proof on the user’s local machine (e.g., passing the credit threshold), and then share that proof with the requesting party. Powered by Mina, Teller’s users would never put their PII at risk.”
The Mina Protocol has also announced a partnership with CoinList, which will hold a 5 million MINA token sale starting on 14 April. The blockchain has so far raised a total of $29.4 million through various fundraising rounds, with investors including Coinbase Ventures, Paradigm, Three Arrows Capital, Polychain, Naval Ravikant and others.
- The private MINA token sale was co-led by FTX Ventures and Three Arrows Capital, and saw participation from new and existing backers.
- Most of the raised capital will be used in grants, meant to attract “world-class” developers and accelerate the adoption of the network.
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- The crypto payments infrastructure provider will use the funding to accelerate its international expansion, hire new talent, and add more payment methods.
- Founded less than 3 years ago, the company has already processed more than $2 billion in transactions, and has build a user base of over 7 million.
- The new platform is expected to reduce cost transportation and customs declaration costs by 30%, while integrating a lot of new smart features.
- OneConnect will ensure that logistics data cannot be traced, reducing risks of third-party intrusions.