Mina Protocol introduces Mainnet to boost data security & internet privacy

Mina Protocol introduces Mainnet to boost data security & internet privacy

Mina Protocol- a Proof-of-Stake blockchain that maintains a size of 22 KB even as it scales, has reportedly introduced its Mainnet. Developed by San Francisco-based O(1) Labs, Mina is a privacy-focused blockchain that uses the zero-knowledge-proof solution, and also claims to be the “world’s largest blockchain” present at a fixed size of 22 KB.

As compared to other networks, Mina sustains its “lightweight” status by eliminating elapsed blocks, but yet being able to maintain its transaction records through the adoption of the novel- “zk-SNARKS” technology.

According to a statement by Evan Shaprio, CEO of O(1) Labs, developers can now use Mina to design decentralized SNARK-led applications, known as Snapps, which will offer new possibilities for data security and internet privacy.

Sharpio further added that the zk-SNARK is a solution that permits users to prove that they know something without letting out any confidential information during the process.

Seemingly, with the ability to privately interact with any website, Mina permits developers to utilize real-world data in decision-making and computing without compromising on confidentiality. The first to benefit from this novel solution is the decentralized lending protocol Teller, which will allow its users to prove that their credit score exceeds 700 without sharing the real credit score data or other personal identification details.

According to a press release by Mina, the technology can simply connect to a credit score reporting website, furnish proof on user’s local machine, and then share the proof with requesting party. The Mina Protocol will never put the Teller’s users personal information at risk.  

As per recent news, Mina has also announced an alliance with CoinList, which will hold nearly 5 million MINA token sales commencing April 14, 2021. Notably, till date, the blockchain gas raised close to USD 29.4 million through different fundraising rounds, with leading investors like Three Arrows Capital, Naval Ravikant, Coinbase Ventures, Polychain, and Paradigm, among various others.

Source Credit: https://chainbulletin.com/lightweight-blockchain-network-mina-launches-mainnet/