Mina

Mina Protocol is an open-source layer-1 blockchain launched in March 2021 by ​​O(1) Labs. Mina uses recursive Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs) and advanced cryptography in its architecture, which allows the blockchain to maintain a consistent size of 22 kB regardless of the number of transactions carried out. As a result, the nodes across the blockchain are required to store only a small part of the blockchain instead of the entire database. Mina’s proof-of-stake consensus mechanism, combined with the underlying architecture, reduces the resources required to process and validate transactions, reducing the barrier to entry in order to become a validator. The platform’s native token, MINA, can be used to transact and participate in the blockchain.

Mina also enables the easy programmability and implementation of zero-knowledge smart contracts (zkApps), which provide a range of benefits such as preserving user privacy, the ability to execute unlimited off-chain computations at a flat fee, and connecting Web2 websites to Web3. The blockchain also enables zkApps to be accessed by other chains and devices such as a smartphone.

Key customers and partnerships

Mina partnered with Celestia to integrate Celestia's modular Data Availability layer with Mina Protocol to improve the functionality and performance of zkApps built on Mina. This integration offers a programmable component within Mina's existing developer toolkit to enable higher throughput.

Funding and financials

In March 2022, Mina raised USD 92 million in an initial coin offering co-led by FTX Ventures and Three Arrows Capital. The company aimed to use fresh funds to attract developers to the Mina blockchain.