The MINA protocol attempts to solve the problem of blockchain trilemma.
There are three conditions which the hypothetical perfect blockchain needs to function at an optimum level. These are:
- Security. Transactions on the blockchain need to be secure and private and the chain has to be able to operate as expected.
- Scalability. This means that, as the blockchain gets bigger, it is able to handle the increased volume of transactions without slowing down too much.
- Decentralisation. The blockchain should not be overly reliant on one user.
Blockchains can usually satisfy two conditions but are unable to have the third. For example, Bitcoin is secure and decentralised but has issues with scalability (it is nearly 450 gigabytes). But MINA is staying small – at just 22 kilobytes. It is able to function without getting too large by using Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or zk-SNARKs.
MINA has the conveniently-named MINA cryptocurrency. The coin is used to pay users on the system for carrying out certain activities, like block production or making zk-SNARKs.
MINA price history showed balanced results in 2022:
- MINA first came onto the open market in the summer of 2022 and, on 1 June that year, it was worth an all-time high of $9.91;
- however, it fell to below the dollar the following month;
- then it recovered from that low, hitting a periodic high of $6.57 on 11 November;
- the rest of the year saw more of a decline take place and it closed 2021 at $3.55;
- MINA was able to reach above $3 in March 2022 and April;
- though, market turmoil sent it crashing down and it reached a record low of $0.505 on 13 October;
- while there was a small recovery, MINA fell to below $0.50 in November;
- and then while there was something of a fightback, it went downhill again in December to close the year at $0.4339, with an annual loss of more than 85%;
- 2023 started with yet another all-time low of $0.4214 on 1 January;
- however, on 11 January 2023 it was worth about $0.5175.
With 802,663,797 MINA in circulation out of a total supply of 824,104,972, the coin had a market cap of about $415m, making it the 75th largest crypto by that measurement.
When speaking about any predictions for 2023, we have to remember that price forecasts,
especially for something as potentially volatile as cryptocurrency, often end up being wrong.
Here are some MINA price predictions that were made as of 11 January 2023:
CoinCodex had a rather mixed short-term MINA price prediction for 2023: the coin could fall to trade at $0.491844 by 16 January and then recover to trade at $0.598367 on 11 February.
DigitalCoinPrice had more or less positive predictions: MINA could reach $1.02 this year before moving up to $1.82 in 2025 and in 2030 it could trade at $5.38.
CoinsKid had a neutral MINA crypto price prediction: the coin could close the year at $0.7167 and in 2025 it could reach $1.15 and close it at $1.34.
WalletInvestor had a rather downbeat MINA price forecast: it could drop to a mere $0.04019 in 12 months’ time.
We have to pay attention to the fact that cryptocurrency markets remain extremely volatile, making it difficult to predict accurately what a coin’s price will be in a few hours, and even harder to come up with a long-term target price. So, the only advice in this situation would be to always do your own research and look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any trading decision.