Zero knowledge proof-based blockchain network Mina goes live

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Mina Protocol, a privacy-oriented blockchain community primarily based on zero-knowledge-proof expertise, has gone dwell.

The event means Mina’s mainnet has been launched and it now lets builders construct decentralized purposes, often known as Snapps, on this case.

Snapps, or SNARK-powered purposes, deploy recursive zero-knowledge (zk)-SNARK expertise to allow person privateness, knowledge possession, and verifiability.

Put merely, zk-SNARKs allow customers to show that they know one thing with out divulging any non-public info.

The primary utility to combine with Mina is the decentralized lending protocol Teller Finance. With the transfer, Teller’s customers will not must share their precise credit score rating or their social safety quantity with a requesting celebration. As an alternative, they are going to simply have the ability to show that their credit score rating is above the required variety of 700.

“Mina can merely hook up with a credit score rating reporting web site, produce a proof on the person’s native machine (e.g., passing the credit score threshold), after which share that proof with the requesting celebration,” stated Mina.

Like Teller, there are “many different thrilling purposes within the works” for integration, Evan Shapiro of the Mina Basis informed The Block.

“We at present even have a joint RFP [request for proposal] with the Ethereum Basis to allow recursive SNARK purposes on the Ethereum blockchain,” he stated.

Mina claims to have created the world’s lightest blockchain, retaining a measurement of twenty-two KB even because it scales. The zk-SNARKs expertise permits Mina to construct “very small proofs” of the entire blockchain.

In a separate improvement, Mina at present additionally introduced its partnership with CoinList for a token sale. Mina is trying to elevate $18.75 million by way of the sale, Shapiro informed The Block. There are 5 million tokens accessible within the sale at a $0.25 per token value.

Mina has previously raised a complete of $29.4 million in numerous rounds. Its buyers embody Coinbase Ventures, Paradigm, Three Arrows Capital, Polychain, Naval Ravikant, and several other others.

Mina Protocol was previously often known as Coda Protocol and had been below improvement since June 2017 by O(1) Labs.

© 2021 The Block Crypto, Inc. All Rights Reserved. This text is offered for informational functions solely. It’s not provided or meant for use as authorized, tax, funding, monetary, or different recommendation.

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