Mina Protocol

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Coda Protocol is the first cryptocurrency protocol that uses blockchain of constant size.

Description

Project developers are trying to solve the following problems of existing cryptocurrencies:

  • The ever-increasing volume of blockchain leads to a decrease in the number of full nodes and centralization. Thousands of transactions per second will generate terabytes of historical data per week;
  • Blockchain may face the problem of the Red Queen hypothesis (the volume of the blockchain will grow faster than the ability to test it);
  • Users of light clients delegate the security of their own transactions to third-party nodes;
  • To solve these problems in the draft of the Coda technology zk-SNARK is used (the proof with zero disclosure);
  • All previous transaction history is iteratively converted into a certificate, which confirms that all previous calculations were performed correctly.

Thus, the entire blockchain can be packed in a package smaller than 1KB. The processing speed is 10 MS, these calculations can be carried out and checked on any device, including a smartphone. Currently, PoW is used as a test consensus, but the developers are planning to switch to PoS.

Protocol

The first version of the Protocol will only work as a currency and will not support smart contracts. However, in the future, developers do not exclude the possibility of adding this functionality.

Coda Protocol is one of the most interesting upcoming projects with great potential. There is no confidence about the sale, but users need to subscribe to all social networks and mailing lists and closely follow the news of the project.

Advantages

  • A unique and simple idea that solves many of the current problems of modern blockchain
  • The openness of the developers
  • Presence of top-level funds in the project

Disadvantages

  • Developers unwillingness to patent ideas can lead to a large number of forks based on technology and use the idea as offchain solutions for existing cryptocurrencies
  • No metrics
  • Legal risks associated with the use of anonymous cryptocurrencies.

See Also on BitcoinWiki