Crypto Strategist Mike Jenkins Unveils The Explosive Potential of The World’s Lightest Blockchain
In the recent video, the popular crypto KOL Mike Jenkins discloses with his subscribers the best reasons for the massive potential growth of Mina Protocol (MINA).
Mina Protocol Overview
Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage.
“In brief, the Mina Protocol is a smart contract compatible proof of stake cryptocurrency blockchain that is designed to have a constant blockchain size of 22kb”.
According to the trader, Mina Protocol uses zero knowledge proofs consensus.
“Zero knowledge proofs make it possible to prove something without needing to provide any information to support that proof”.
Interestingly, Mina Protocol takes this idea to the next level by using something called recursive zero knowledge proofs Instead of turning every transaction and block into a 22kb snapshot, each additional transaction and block becomes a part of the same 22kb snapshot.
Another important point worth mentioning is that block producers on Mina are like miners on Bitcoin. They stake MINA to create blocks containing transactions and earn MINA tokens from transaction fees and block rewards.
Tokenomics
Mina has an initial supply of 1 billion tokens with no maximum supply. Mina’s annual inflation rate is 12% and this will drop to 7% after 2 years. This inflation schedule can be modified by community vote.
“When you combine Mina’s vesting schedule with its base inflation, Mina’s effective annual inflation rate is somewhere in the neighborhood of 300%”.
MINA Price Analysis
As basic economics dictates, if supply is greater than demand than prices will fall. This seems to be the case with Mina as it has been in deep red over the last week.
This poor price action might be due to the rest of the crypto market.
“Once the markets get back on track however, I think that Mina could see some impressive price action”, the analyst says.
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