Mina reached to its all-time high of $6.48 two months ago in September; however, the cryptocurrency has been spiraling downwards ever since. Towards the end of October, the cryptocurrency pushed upwards but the bullish momentum could now be sustained and the cryptocurrency has stayed relatively stable near the $4 mark. At the time of writing, the token stands at a price level of $5.45. the price has observed a steep uptrend with a positive change of 25% during the past twenty-four hours. The daily trading volume also surged by nearly 900%. Mina token stands at the rank of $86 in the crypto market with a capitalization of $1.4 billion.
What makes Mina special?
Mina is the lightest blockchain to be ever made. The blockchain can fit into a floppy disk and is designed to stay at a constant size of 22kb. The network employs advanced cryptography to enable privacy-focused solutions for the blockchain market while also focusing on scalability and efficiency.
Mina’s specialty lies in its ability to do efficient recursive verification which can have some interesting privacy applications in the real world. The network’s technology enables users to produce a proof on their machine and send it to mina for verification. The data never leaves user’s machine and Mina’s snark can do the verification in a completely private and secure manner.
Mina is being integrated into Ethereum. The network will utilize Ethereum’s smart contracts and the team is ensuring a highly efficient bridge between both the networks. Mina is a Layer 1 chain; however, the tight bridge between the network to Ethereum has sparked a debate about the network’s future as a Layer 2 solution for Ethereum. According to the CEO of Mina Foundation Evan Shapiro, the lines between layer 1 and layer 2 solutions will get blurred in the coming years and this will give birth to a new kind of network – one Mina will be on the forefront of. The future for the network is planned to continue providing its recursive verification technology to Ethereum as well as being a general layer 2 solutions.
The future outlook for the network is bullish because of the core offering of Mina as well as the developments currently going on in the platform. According to the estimates of Digital Coin Price, the cryptocurrency is expected to be operating at a price level of $8.5 in a year’s time while the five-year projection places it at $19.46.