Mina peaked during the high of the bull run in the middle of 2021; however, the bearish momentum has been brutal for the cryptocurrency ever since. The bulls started to pick up once again in November but the cryptocurrency ended up in strong market corrections. After being bearish for much of December, the cryptocurrency has begun showing signs of reversing its current downtrend. At the time of writing, the cryptocurrency stands at a price level of $4.04. the price has increased by around 15% during the past twenty-four hours while the daily trading volume has surged upwards by nearly 140%. Currently, Mina stands at a market rank of #82.
Mina to become the first layer 1 blockchain with ZK
Mina is dubbed as the lightest blockchain in the world. The size of the blockchain is fixed at 22 KB and the development team states the size will remain constant despite its growth. It is a minimal succinct blockchain designed to decrease the computational requirements for decentralized applications so that they can run and operate more efficiently.
The offerings of the network do not end there. The team is working arduously on transforming the blockchain in order to expand its offerings. Privacy has become an integral issue in the blockchain space and in the modern world, in general. As the world become increasingly digitized people are placing increased value on protecting their digital identities which is why Mina is also working on enabling Zero-Knowledge Proofs in order to offer privacy to its users.
Towards the end of December, Mina successfully held its workshop and bootcamp and is regarded to be nearing becoming the first layer 1 blockchain equipped with zero-knowledge proof smart contracts.
Future outlook
If Mina is able to achieve the milestone of becoming the first layer 1 blockchain with zero-knowledge smart contracts, the value of the network will skyrocket definitely. It will also result in a boost in the growing community of the network – increasing its adoption by many folds. The community of the network is also growing steadily and currently comprises of more than 200k members.
The current developments and the future plans of the network hint towards a bullish outlook for the cryptocurrency. According to the estimates of Digital Coin Price, Mina is expected to be operating at a price level of $6.45 in a year’s time while the five-year projection places it at $10.85.
