MINA: Participant-Powered Token Offering Gateway Between Cryptos And Real World
Andy Hecht | Mar 03, 2022 05:52
This post was written exclusively for Investing.com
- Lightest Blockchain In The World
- One Of Top 100 Cryptocurrencies
- MINA: Around For Less Than A Year
- Unlimited Total Supply
- Only Invest What You Can Afford To Lose
As of Feb. 28, a total of 17,911 cryptocurrencies populated the asset class. The growth of new tokens coming to the market has been nothing short of incredible. At the end of 2020, less than half that number—8,153—were floating around in cyberspace. New tokens come to market whether crypto values move up or down each day.
The magnetic impact of Bitcoin’s rise from five cents in 2010 to a high of nearly $70,000 per token in mid-November 2021 caused a speculative frenzy that supports emerging tokens. Speculators have been willing to throw money at many of the new entrants, hoping that one will turn out to offer staggering, Bitcoin-like returns.
While some of the more than 17,900 tokens are likely scams that will fade into the dust heap of the asset class, some bring new functionality and offer upside potential. Mina (MINA) is a novel crypto, offering “true decentralization, scale and security.”
MINA has climbed to the top-tier of the cryptocurrency hierarchy, cracking the top-100, as the value is higher than 99.5% of the other asset class members.
h2 Lightest Blockchain In The World/h2MINA’s website describes the protocol as:
“building a gateway between the real world and crypto – and the infrastructure for the secure, democratic future we all deserve.”
MINA’s developers created what they call the “lightest blockchain, powered by participants.”
The size of the entire MINA blockchain is the size of “a couple of tweets.” MINA uses advanced cryptography and recursive zk-SNARKs to deliver decentralization at scale. A zk-SNARK is an acronym that stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” It is cryptographic proof that allows one party to prove it possesses certain information without revealing that information.
h2 One Of Top 100 Cryptocurrencies/h2On Mar. 3, MINA was the 87th leading cryptocurrency. At $2.077 per token, MINA had a market cap of just over $816.50 million.
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MINA was worth more than 99.5% of the cryptocurrencies in the asset class.
The MINA network operates via a proof-of-stake consensus that is energy efficient and becomes more secure and resilient as it grows.
h2 MINA: Around For Less Than A Year/h2In June 2017, O(1) Labs initiated an open-source project to design a layer-one protocol that delivers on blockchain’s original promise, true decentralization, scale, and security. MINA began trading in late May 2021.
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On May 31, MINA began trading at $4.938 per token, with the total 24-hour volume at the $20.80-million level. The crypto peaked at $6.2008 on Sept. 14, with 24-hour volume growing to $367.06 million.
MINA made a slightly lower high on Nov. 11, at $6.1163, the day after Bitcoin and Ethereum reached their respective highs. The 24-hour volume for MINA reached a record around that time.
Since Nov. 11, MINA, like many other cryptocurrencies, has made lower highs and lower lows. The most recent low came on Feb. 24 at $1.8547 per token.
h2 Unlimited Total Supply/h2On Mar. 1, 391,397,894.84 MINA tokens made up the circulating supply. The current total supply is 824,104,972 tokens.
MINA is an inflationary currency with no supply cap. Its designers decided to incentivize a high level of staking participation in the early years of the protocol, increasing the decentralization level. The inflation schedule is as follows:
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The MINA community can change the inflation schedule depending on market conditions.
h2 Only Invest What You Can Afford To Lose/h2With more than 17,900 cryptocurrencies to choose from, investors and speculators have many choices. MINA is a cryptocurrency that has achieved critical mass with a market cap of more than $850 million.
When selecting the components of a crypto portfolio, market participants need to understand the vast majority of cryptos will wind up as dust collectors in cyberspace. Moreover, the entire asset class faces regulatory, custody, and security issues that will contribute to price volatility and determine the future.
Only invest capital in cryptocurrencies that you are willing to lose because the potential for substantial rewards comes with significant risks.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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