MINA list Binance

Announcement from Binance.com

Binance will checklist Mina (MINA) and Raydium (RAY) in the Innovation Zone and will open trading for MINA/BTC, MINA/BNB, MINA/BUSD, MINA/USDT, RAY/BNB, RAY/BUSD and RAY/USDT trading pairs at 2021-08-10 06:00 AM (UTC).

• Users can now begin depositing MINA and RAY in preparation for trading
• Withdrawals for MINA and RAY will open at 2021-08-11 06:00 AM (UTC)

Note: The withdrawal open time is an estimated time for customers’ reference. Users can view the precise standing of withdrawals on the withdrawal web page.

MINA and RAY Listing Fee: 0 BNB.

What is Mina (MINA)?

Mina is a layer-1 blockchain protocol constructed to curtail computational necessities in order to run dApps extra effectively. The dimension of the Mina blockchain is designed to stay fixed at 22kb, no matter progress in utilization. MINA is the native utility token of the platform and is used for community transactions, staking rewards, and block manufacturing.

What is Raydium (RAY)?

Raydium is an automatic market maker (AMM) constructed on the Solana blockchain. The challenge leverages the central order e book of the Serum Decentralized Exchange (DEX) to allow quick trades, shared liquidity, yield incomes alternatives and new challenge launches. RAY is the native utility token of the platform and is used for liquidity mining incentives, staking, eligibility for brand new challenge launches, and participation in future governance.

Reminder:
The Innovation Zone is a devoted trading zone the place customers are in a position to trade new, progressive tokens which are more likely to have greater volatility and pose the next danger than different tokens.

Before having the ability to trade in the Innovation Zone, all customers are required to go to the net model of the Innovation Zone trading web page to rigorously learn the Binance Terms of Use and full a questionnaire as a part of the Initial Disclaimer. Please observe that there won’t be any trading restrictions on trading pairs in the Innovation Zone.

MINA and Ray are comparatively new tokens that pose the next than regular danger, and as such will probably be topic to excessive price volatility. Please be sure that you train adequate danger administration, have completed your personal analysis in regards to MINA’s fundamentals, and totally perceive the challenge earlier than opting to trade the token.

Details:

Risk warning: Cryptocurrency trading is topic to excessive market danger. Please make your trades cautiously. Binance will make finest efforts to decide on high-quality cash however won’t be chargeable for your trading losses.

Thanks to your assist!

Binance Team

2021-08-10

Find us on

Binance reserves the proper in its sole discretion to amend or change or cancel this announcement at any time and for any causes with out prior discover.

https://www.binance.com/en/support/announcement/1109860f79f14ebaabe7086b863a90a2

Show coin info

During the whole time of Mina Protocol monitoring, 27 events were added:

 14 exchange events
 10 AMA sessions
 1 general event
 1 event related to testing of new functions
 1 update

February 2022

February 28, 2022

February 17, 2022

February 15, 2022

December 2021

December 20, 2021

November 2, 2021

October 8, 2021

September 3, 2021

September 1, 2021

August 17, 2021

August 13, 2021

August 10, 2021

July 2, 2021

June 25, 2021

June 10, 2021

June 9, 2021

June 3, 2021

June 2, 2021

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. Furthermore, it remains balanced in terms of security and decentralization. The project was rebranded from Coda Protocol to Mina in October 2020.

To learn more about this project, check out our deep dive of Mina Protocol.

The Mina network has a size of only 22 KB, which is miniscule when compared to Bitcoin’s 300 GB blockchain.

What Is Mina Protocol’s Main Objective?

Mina is working on achieving an efficient distributed payment system that enables users to natively verify the platform right from the genesis block. Its technical whitepaper calls this a “succinct blockchain.”

The protocol uses Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs), a cryptographic proof that enables someone to authenticate information without revealing said information. However, enabling a user to trace the platform back to its genesis block can be impractical in a large network. As such, Mina incrementally computes SNARKS that concentrate only on the last few blocks — meaning that end-users check that zk-SNARK-compressed proof, instead of a block’s entire transaction history.

At the heart of Mina protocol is MINA, its native currency, which functions as a utility coin and medium of exchange.

How Does Mina Protocol Function?

Mina is similar to Bitcoin, apart from how it handles transactions, but also employs the account model used in Ethereum.

In this respect, the difference between Bitcoin and Ethereum is that the state of the Bitcoin blockchain contains a list of unspent coins, while Ethereum’s state is made up of account balances.

Mina, on the other hand, uses a prover (or snarker, if you will), an equivalent of a miner, to ensure each block commits to the state.

Mina employs the Ouroboros Samasika, a type of PoS mechanism specially designed for succinct decentralized networks since it provides bootstrapping from a genesis block.

Succinct blockchains contain two major functions: verify and update. Verification touches on consensus, blockchain summary and blocks, while the update function interacts with consensus and chain summary.

Apart from the above implementations, the project uses a parallel scan state to optimize transaction processing speed, which works by grouping unproven blocks and assigning the process to parallel provers.

Major Mina Protocol Participants

Mina is all about revolutionizing the current blockchain landscape where most platforms have verifiers such as miners/stakers and light clients who act as third parties when verifying transactions.

Mina takes a different approach by having multiple participants, each handling a specific function on the decentralized network.

The three major roles include verifiers, block producers and snarkers.

• Verifiers
• Verifiers interact with zk-SNARKS that deal with certifying the consensus information. Each Mina protocol user is considered a verifier, provided that their devices can handle a 22 KB chain and withstand a few milliseconds of processing time.

Block Producers

Block producers take the form of stakers or miners and earn block rewards and transaction fee payments. Interestingly, the protocol doesn’t slash incentives that go to block producers. This category of participants allows Mina users to delegate their coins to them.

Apart from bundling transactions into blocks, block producers also have to SNARK an equivalent number of previously committed trades as failure to do so during block production would lead to incomplete blocks and other nodes rejecting their validity.

If a block producer wants to incorporate 10 transactions on the chain, they must also SNARK trades from the front of the queue. However, they have the option to produce the SNARK or use those generated by a special group of participants called snarkers.

‍## Snarkers

Snarkers, also known as provers, produce zk-SNARKs used in verifying transactions.

Block producers pay snarkers from the overall transaction fees they receive for adding new blocks. However, to qualify for the fees, they have to post bids. Note that a snarker’s zk-SNARK needs to be used in a block while the block producer who uses it is responsible for incentivizing the snarker.

This creates a business economy where multiple snarkers can post bids tied to the same transaction. Block producers, on the other hand, are in for the profits and will choose the bid with the lowest fees. Consequently, snarkers are challenged to produce low-cost SNARKS.

How Transactions Happen On Mina

The process starts with a user initiating a transaction, after which the trade goes to the mempool, a pool of valid but unconfirmed transactions.

Next, snarkers take over by making proofs or SNARKS. The process follows with the selection of a block producer (BP) to bundle transactions into a block. Note that a BP sifts through the mempool for profitable transactions.

Then, the BP chooses a SNARK according to the rules in the consensus mechanism.

Note that a block producer scans through the bids for the lowest-priced SNARK. In addition, recently added transactions have an updated SNARKS order book.

Next, it’s time to incorporate the SNARKS in a block, then add the block to the chain and update the network. Snarked transactions are removed from the chain to help keep the size of the protocol constant.

Then, the block producer upgrades the protocol’s zk-SNARKS.

Finally, the new block becomes immutably part of the chain.