Mina Protocol (MINA)

Privacy and Security

Mina Protocol builds a private gateway between the real world and crypto. It allows users to access online data and prove they meet service requirements without sharing sensitive personal information.

Scalability and Accessibility

It uses zero-knowledge proofs to keep the blockchain very small and easy to verify. This makes it possible for anyone to run a node, even on devices like smartphones or web apps.

Decentralized Applications (zkApps)

Mina supports zkApps, which are apps powered by zero-knowledge proofs. These apps can be used for private, secure, and scalable services like social media, gaming, finance, and legal counseling.

Democratic Infrastructure

The protocol aims to create a secure and democratic blockchain network where users can participate fairly through staking and consensus without relying on trusted third parties.

Pros

• Mina Protocol uses very small blockchain size (about 22KB), making it easy for anyone to run a node even on a smartphone.
• It uses zk-SNARKs technology, which allows fast and secure transaction verification without needing to download the whole blockchain.
• Low computing power and energy needed compared to many other blockchains.
• Designed to be scalable and accessible, helping more people join the network.
• Backed by well-known investors and has a growing community.

Cons

• Currently, Mina Protocol does not support smart contracts, limiting some decentralized app functions.
• Token unlocking is slow, with all tokens unlocking only after several years.
• The project is still early-stage, so some features and ecosystem developments are ongoing.
• Open-source nature means forks of the technology could appear in the future.
• Proof generation and validation can take time on regular hardware, though improvements are in progress.

Founders

Mina Protocol was founded by Evan Shapiro and Izaak Meckler. They started the project in 2017 through their company O(1) Labs. Evan Shapiro is the CEO and Co-founder, while Izaak Meckler is also a co-founder and key team member.

Team Background

The founders are cryptography experts who aimed to create a lightweight, scalable, and decentralized blockchain. Their work focuses on using zero-knowledge proofs to keep the blockchain small and efficient.

Seed and Early Investors

Mina Protocol was initially funded by O(1) Labs with a $3.5 million seed round in 2018. Early investors include serial entrepreneur Naval Ravikant, who is known for supporting innovative crypto projects.

Series A and Strategic Investors

In April 2019, Mina raised $15 million in a Series A round with backing from top-tier investors such as Polychain Capital, Paradigm, Coinbase Ventures, General Catalyst, Accomplice, and Metastable.

Later Strategic Rounds

O(1) Labs secured additional funding rounds, including a $10.9 million strategic investment led by Asian partners like Bixin Ventures and Three Arrows Capital, focusing on expanding Mina’s presence in Asia.

Institutional Support

Finoa, a regulated digital asset custodian, partners with Mina Protocol to provide custody services for institutional investors interested in the Mina ecosystem.

Notable Individual Investors

Besides Naval Ravikant, other prominent figures include Fred Ehrsam (Coinbase co-founder), Andrew Keys (ConsenSys Capital), and Charlie Noyes (Paradigm).

These investors collectively support Mina Protocol’s goal of creating a lightweight, scalable blockchain using zero-knowledge proofs.

Halal Status

Yes, Mina Protocol is considered halal. It has been screened by Islamic finance experts and found to comply with Shariah principles, meaning it operates ethically and transparently without involving prohibited activities.

Reason

The project’s purpose, operation, and financial structure meet the criteria for Shariah compliance, making Mina Protocol a permissible digital asset in Islamic finance.