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The Mina Protocol (MINA) operates as a smart contract compatible proof-of-stake (PoS) blockchain and cryptocurrency. The protocol is unique in that it limits block capacity to only 22 kilobytes in size. This ingenuitive approach helped the platform earn the title of “the world’s lightest blockchain” by developers.

What Problems Does Mina Protocol (MINA) Solve?

The Mina Protocol (MINA) integrates various cutting-edge cryptocurrency technologies to alleviate multiple problems in the market. Primarily, the platform helps to combat centralization. Mining Centralization has long been an issue for early blockchain. In the future, these issues will affect nearly every network. The very nature of blockchain technology is to blame for this centralization. As blockchains grow, miners need to keep a copy of the valid transaction history.

The Mina Protocol (MINA) - Homepage

The Mina Protocol (MINA) – Homepage

Early blockchains like Bitcoin already have an extensive history that can take a day just to download during your node setup. Sadly, this situation could eventually lead to scenarios where only a select few miners possess the technical resources to securely store such large amounts of data. The Mina Protocol (MINA) eliminates these concerns by placing an on-chain data restriction on the network.

Financial Restrictions

Another problem that the Mina Protocol (MINA) helps to eliminate is financial barriers. The platform has no minimum stake to become a block producer and no lock-up period. This strategy enables anyone to participate in the network regardless of their wallet balance.

The Use of Oracles

Oracles are off-chain sensors that communicate data to and from the blockchain. These sensors can be set to monitor anything from the weather to stock prices. As such, they enable blockchains to better integrate into traditional markets in a powerful way. However, since they are off-chain and usually centralized, they create a weak point in the network.

Notably, the Mina Protocol doesn’t require the use of centralized data oracle like other cryptocurrency blockchains. Instead, it relies on snapshots of data relevant to the decentralized application from multiple websites. This approach provides a more decentralized alternative to oracles.

Benefits of Mina Protocol (MINA)

There are a lot of benefits gained when you utilize the Mina Protocol. For one, the platform provides developers with a streamlined way to execute Dapp functionality. The Mina Protocol was built from the ground up with the goal to curtail computational requirements in order to run Dapps more efficiently.

How Does Mina Protocol (MINA) Work

The Mina Protocol leverages a set of hybrid Zero-Knowledge proofs, a unique node structure, and technical architecture to accomplish its goals of keeping the blockchain open and accessible to the masses. Zero-Knowledge proofs are a technology that enables a user to prove they have certain information or are a particular person without revealing any of the actual data to the other party.

Zero-Knowledge (zk)

For example, imagine that you have the location of a secret island, but to get to this paradise you need the assistance of a helicopter pilot. You seek out someone with the skills and you ask for their assistance. You notify them that you will compensate them when you arrive at the location. Now, the problem arises of how to get the pilot to agree to the trip without knowing the exact location.

You could show the pilot the location of the island, but that would be enough information for the pilot to go there without you and claim it for themselves. Instead, you show certain parts of the map to let him know that you have a map that is accurate. After he verifies that you are in the know, the pilot agrees to your terms.

Now apply that same concept to cryptocurrencies. Instead of an island, you have a wallet and instead of a map, you have the blockchain. By verifying enough random data on the network, the other users can ascertain with great accuracy that you are capable of accessing a particular wallet.

Zero-Knowledge Proofs in the Mina Protocol

Zero-Knowledge (zk) proofs were introduced by MIT professor and Algorand founder Silvio Micali. The concept works by providing a snapshot of a timeframe on the blockchain. The Mina Protocol introduces a mechanism called Recursive Zero-Knowledge Proof to the equation. Recursive Zero-Knowledge Proofs streamline data transmission even further. Instead of turning every transaction and block into a 22-kilobyte snapshot, the network makes an overview snapshot of multiple transactions. Since all of these snapshots are now in one 22-kilobyte snapshot, the blockchain remains light.

Architecture

The technical architecture of the Mina Protocol is somewhat similar in function to Bitcoin. When a user makes a transaction, it goes into a pool of pending transactions. This pool allows block producers to decide on what transactions to include based on how high their transaction fee is.

This structure keeps the blockchain light, but it also has some technical downsides. Mainly, the network has similar performance to Bitcoin in terms of speed with MINA capable of only 22 transactions per second (tps). Notably, it takes 15-confirmations for transaction finality to be achieved on the network.

There are three key participants on the Mina blockchain that work in tandem. Specifically, the network employs verifiers, block producers, and snarkers. Each of these users plays a vital role in keeping the network safe, valid, and light.

Verifiers

Anyone can become a verifier on the Mina Protocol. The primary purpose of these nodes is to hold the 22-kilobyte zero-knowledge proofs. As such, they play a crucial role in keeping the network secure and valid.

Block Producers

The second node operating on the Mina Protocol is called block producers. These users are responsible for storing the current state of the blockchain. They also send snapshots of the blockchain state to verifiers. Block Producers’ main responsibility is to create blocks containing transactions. For their efforts, they earn Mina tokens from transaction fees and block rewards.

Block Producer rewards are based on how much Mina they stake relative to other block producers. Regular MINA holders may also delegate their tokens to block producers to gain access to rewards. Uniquely, there are no minimum staking requirements or lock-up periods to become a block producer. In this way, Mina provides a more democratic strategy to the market.

Mina Protocol - zk-snarks

Mina Protocol – zk-snarks

Snarkers

The goal of Snarkers is to take snapshots of all the transactions. They capture the state of the entire blockchain as a lightweight snapshot and send that around versus the chain itself. In the Mina Protocol, Snarkers earn rewards paid by block producers using a cut of their block rewards. Snarkers are able to provide snapshots of transactions in parallel which improves the network efficiency greatly.

Archive Node

The final piece of the puzzle is Archive Nodes. This node is tasked with storing the entirety of the Mina Protocol’s blockchain history. They are a vital component of the network’s security features because they enable developers to reference archival node data seamlessly. Interestingly, this node data is stored on the Google Cloud.

Mina Foundation

The Mina Foundation is a non-profit organization tasked with expanding the Mina Protocol’s ecosystem and user base. This organization is based in the Cayman Islands and was incorporated in February 2021.

Consensus

The Mina Protocol integrates an advanced proof of stake (PoS) mechanism. According to company documentation, this system is a modification of Cardano’s Ouroboros mechanism. The main benefit of this style of consensus is that it enables the network to host unlimited block producers.

MINA

MINA is the main utility and governance token for the network. Users can send value globally utilizing this token. You can stake MINA and secure passive rewards on the network. Notably, the token was launched with an initial supply of 1 billion tokens and no maximum supply. The system is designed to allow an annual inflation rate of 12%. Keenly, this will drop to 7% after two years.

History of Protocol Mina (MINA)

The Mina Protocol entered the market in 2017 and was launched from San Francisco, California. O(1) Labs is the development team behind the project. Originally, the network was called the Coda Protocol. The concept is the creation of two lifelong friends and computer scientists, Evan Shapiro and Izaac Meckler.

The Mina Protocol has had an excellent launch. The network was able to secure venture capital from Multicoin Capital, Polychain Capital, and Coinbase Ventures. In September 2020, the company was hit with a lawsuit regarding the similarity of its name to the Coda Blockchain. After the suit, the project was rebranded to the Mina Protocol.

In February 2021, the Mina Foundation and the Ethereum Foundation formed a strategic partnership. The goal of the project is to integrate Mina’s technology into Ethereum. Interestingly, Vitalik Buterin, Ethereum’s founder, is a long-time fan of the use of Zero-Knowledge Proofs (zk). Notably, the Mina mainnet went live this year after three years of Beta testing.

How to Buy Mina Protocol (MINA)

Kraken – This is the best option for all countries.

The Mina Protocol (MINA) – A Well Planned Solution for Tomorrows Blockchain Woes

You have to hand it to the developers behind the Mina Protocol. They are thinking farther ahead than most projects in the market. The concept of a super light blockchain that provides a truly decentralized experience for users will always be welcomed in the market. For this reason, the Mina Protocol is positioned excellently.

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Investing In Axie Infinity (AXS) – Everything You Need to Know

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Axie Infinity (AXS) is a play-to-earn cryptocurrency ecosystem and gaming network. The platform enables users to earn AXS by playing various games within the Axie Infinity Universe and through user-generated content initiatives. Players can earn rewards by collecting, trading, battling, raising, and mating digital assets called Axies.

Notably, Axie Infinity is extremely popular at this time. The network ranks #1 in terms of daily, weekly, and active users. Notably, Axie Infinity registers 250,000 daily active players. Impressively, the game has generated over 13,000 ETH in revenue. Additionally, the network serves a vital role in providing a fun and educational way to introduce the world to blockchain technology.

Axie Infinity (AXS) - Twitter

Axie Infinity (AXS) – Twitter

What Problems Does Axie Infinity (AXS) Attempt to Fix?

The technical structure of Axie Infinity enables the platform to alleviate many concerns faced by gamers and NFT collectors alike. The network provides users with a viable way to unlock value from the game sphere. In the traditional gaming market, users invest both time and money into digital assets, yet they never really own these items. Axie Infinity shifts the paradigm and puts real ownership back where it belongs – in the hands of gamers.

Benefits of Axie Infinity (AXS)

There are lots of benefits users gain when they participate in the Axie Infinity ecosystem. For one, the blockchain-based trading and battling game is very entertaining. You can spend hours exploring, battling, and collecting valuable NFTs (non-fungible tokens). These tokens range in value based on their scarcity and usability in the game.

Expandable

Another major advantage of the Axie Infinity universe is its open-source nature. The developers behind the concept encourage other community members to create tools to better the overall user experience. In this way, the platform takes a forward-looking stance.

Re-circulating Fee

One of the biggest benefits Axie Infinity users gain is profits. Notably, 95% of its revenue goes back to the players. Specifically, Axie takes a 4.25% fee for buying and selling Axie NFTs. Users also pay a small fee when they breed their Axies.

Axie Stats - Homepage

Axie Stats – Homepage

Passive Rewards

The ROI potential of Axie Infinity has caused the network to operate as a jobs platform for some regions of the world. Users are earning sustainable rewards through gameplay. The Covid-19 pandemic helped drive this income-seeking sector of the market to new heights. Today, there are full-time gamers earning steady ROIs on the network.

How Does Axie Infinity (AXS) Work

Axie Infinity is a Pokémon-inspired universe that combines some popular aspects from games like Cryptokitties and more. Users breed their Axies to develop particular skills and admirable traits. They can then take their specially Axies and complete quests to earn energy.

Axies

Axies are the digital creatures that roam the universe. They can breed and pass down their unique traits. Notably, each Axie can only breed up to seven times before they go sterile. This strategy ensures that there are never too many similar versions of these digital assets in existance.

Battles

Users can battle each other to earn rewards as well. You can breed, raise, and then compete in PVP battles to win leaderboard prizes. These prizes can range from collectible NFTs, prizes, and tokens. The more battle you win, the more valuable your Axie becomes in the ecosystem. Top the leaderboard and your champion Axie will hold value above the competition.

Breeding Axies

One of the core components of the platform is the breeding aspect. This feature is similar to Cryptokitties in that each Axie has a DNA code that holds their individual traits. Users can breed and sell their Axies on the marketplace to secure rewards easily.

Axies - Homepage 2

Axies – Homepage

Collect

Collectors gain a lot of advantages using Axie Infinity. The self-sterilizing features of the market help to improve scarcity. This improved scarcity allows traders to speculate on super-rare Axies. Also, you can easily cash out your Axies using popular DEXs like Uniswap.

Smooth Love Potion (SLP)

Smooth Love Potion (SLP) is an additional crypto used to buy land, farm, or breed Axies in Lunacia. Notably, you must farm love potions to breed Axies. You can also trade this token on a variety of popular DEXs and CEXs such as Uniswap and Binance.

Staking

You don’t have to be a gaming master to secure rewards in the Axie Infinity network. Anyone can claim rewards by staking their AXS tokens. Staking provides a consistent payout and is far less labor-intensive than trading for new users. As such, most new users prefer staking over trading their crypto. Best of all, you retain ownership over your digital assets when you stake.

Axie Infinity Shards (AXS)

AXS is the primary utility and governance token of the network. This ERC-20 governance token can be earned through a variety of tasks. You can earn AXS when you play games or participate in content creation campaigns. AXS is traded on multiple exchanges including SushiSwap and Uniswap.

Community Governance

Axie Infinity incorporates a decentralized governance mechanism. This feature enables AXS token holders to vote on upgrades and more. This system also controls the release of funding from the Community Treasury. In this way, Axie Infinity is partially owned and operated by its users.

History of Axie Infinity (AXS)

Axie Infinity entered the market in 2018. The firm is registered as a for-profit company out of Vietnam. Since its launch, Axie Infinity has seen impressive adoption. The platform features a massive gaming community and an equally large social media presence.

Where to Axie Infinity (AXS)

Binance – Best for Australia, Canada, Singapore, UK, and most of the world. USA residents are prohibited from buying AXS.  Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

Gate.io – Best exchange for USA residents.

Axie Infinity – Bringing Transparency to NFT Gaming

Axie Infinity is a perfect example of how NFT gaming can benefit all parties. Developers see more interactions and profits. At the same time, users gain higher ROI potential with less risk. For these reasons, it’s safe to assume Axie Infinity will remain a pioneering force in the market fr the foreseeable future.

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Fx Analysis

Digital Securities Weekly Market Wrap

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Digital securities remain one of the most promising, yet overlooked, blockchain based sectors.  This past week saw various developments which should continue building upon a strong foundation for the future.

INX Token Listing + Fee Structures

Fresh off the completion of its acquisition of OpenFinance, INX Ltd. is expected to officially list its digital securities on securities trading platform, securities.inx.co.  In doing so, INX Ltd. will become the first company to list a digital security registered through the Securities and Exchange Commission (SEC).

This anticipated listing is only the most recent example of successes by INX Ltd. as the company also went public in mid-2021.

In a further attempt to entice users to its newly launched securities trading platform, beyond the listing of its own digital securities, INX Ltd. has announced that it will be slashing trading fees.

Old Trading Fee New Trading Fee
2.5% 0.2%

Shy Datika, CEO of INX Ltd., commented on each of these developments, stating,

“This listing of our registered digital security, trading on the blockchain, makes history. Blockchain securities are the future, and INX is leading the way. In my opinion, digital security trading fees have been at ridiculously lofty levels in this space. For digital securities to gain true acceptance, they have to be accessible to all, with low fees.”

Yield Funds on Offer by Securitize

Within the digital securities sector, there is perhaps no company busier than Securitize.  Multiple successful funding rounds have given the company the flexibility needed to attain various designations and licensure, while developing a broad suite of services.  This suite is now set to expand further with the company’s announcement that it will be launching multiple yield funds – a feat made possible through co-operation of its various subsidiaries which boast various licensures such as a SEC registered broker/dealer.

These funds, which will be based on Bitcoin and USDC, will boast a 0.5% management fee and be restricted to family offices, institutional and accredited investors.

Carlos Domingo, CEO of Securitize, elaborated on the purpose/benefit behind such funds, stating,

“Securitize’s Bitcoin and USD Coin funds are intended to provide investors with direct exposure to cryptocurrencies, with higher yields and lower fees than other funds currently available on the market. We believe that digital asset securities, also referred to as security tokens, are a fundamentally better way to facilitate and record investments.”

Securitize expects these funds to be particularly appealing due to their regulated nature.  In a time when companies like Binance, BlockFi, etc., are feeling the heat from the SEC and other regulating bodies, offering exposure to digital assets through a more traditional approach seems like a logical move.

Coinbase Pro Lists ‘POLY’

For years Coinbase has remained the standard by which digital asset exchanges are compared, holding true to this day.  As a result, when the platform announces the listing of a new asset, associated markets typically respond favourably due to the increased liquidity and attention afforded to them.  This was most recently on display as Coinbase Pro announced support for Polymath’s native token ‘POLY’ – a company specializing in solutions for the digital securities sector.

Coinbase provides investors with the following description for ‘POLY ‘.

Polymath Network (POLY) is an Ethereum token that aims to facilitate digital securities trading on the Polymath platform. By creating a compliance-focused standard (ST-20) to issue and manage security tokens, Polymath seeks to tokenize and support the trading of traditional and new classes of assets.”

While POLY is currently now available on Coinbase Pro, access through the main Coinbase platform is expected to launch soon.

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Fx Analysis

The Week Ahead in FX (July 26 – 30): USD Braces for FOMC, GDP & Core PCE Index

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It’s gonna be a busy one for the dollar!

Uncle Sam is gearing up for the FOMC statement, advanced GDP release, and core PCE price index.

Don’t forget to review which factors drove forex market price action last week, too!

Major Economic Events:

Australian quarterly CPI (July 28, 1:30 am GMT) – A slightly faster pickup in price pressures is eyed, with the headline CPI slated to advance from 0.5% to 0.6% and the trimmed mean CPI to climb from 0.3% to 0.5% in Q2 2021.

However, this might not do much to lift the Aussie’s spirits, as the economy’s performance is bogged down by another set of lockdowns to curb the spread of the Delta variant.

Canadian CPI (July 28, 12:30 pm GMT) – The Great White North will also be printing its inflation figures midweek, possibly showing mixed results.

The headline reading is projected to have dipped from 0.5% to 0.4% while the common CPI likely ticked higher from 1.8% to 1.9%.

The trimmed CPI probably stayed unchanged at 2.7% while the median CPI might have climbed from 2.4% to 2.5%.

FOMC statement (July 28, 6:00 pm GMT) – No actual interest rate changes are expected from the U.S. central bank, with Fed head Powell still likely to downplay the pickup in inflation.

Still, the pressure is mounting for policymakers to start tapering their asset purchase program since the U.S. economy has been recovering already. Any indication that the Fed is closer to scaling back their stimulus efforts could be bullish for the dollar.

U.S. advanced GDP (July 29, 12:30 pm GMT) – Stronger growth figures are eyed for the previous quarter, with the U.S. economy likely growing by 8.5% in Q2.

Keep in mind that more businesses have reopened in the past few months, likely spurring stronger investment and consumer activity.

An even higher than expected read could reinforce Fed tightening hopes while a downside surprise could cast doubts on seeing tapering moves anytime soon.

U.S. core PCE price index (July 30, 12:30 pm GMT) – Another slight pickup in inflation is eyed, as the reading probably increased from 0.5% to 0.6% for June.

Note that this is the Fed’s preferred inflation measure, so it’s kind of a big deal!

Forex Setup of the Week: AUD/USD

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

If you’re feeling dollar bullish this week, then this setup could be worth keeping on your radar!

AUD/USD is moving below a descending trend line that seems to be holding as resistance again. Price is moving sideways, suggesting that traders are holding out for catalysts.

A break below the current consolidation above the .7360 area could confirm that the downtrend is resuming, possibly taking AUD/USD to the bearish targets marked by the Fibonacci extension tool.

The 50% level might hold as strong support near the swing low and .7300 major psychological handle. Even stronger bearish momentum could take the pair down to the full extension at .7200.

Technical indicators support the idea of a selloff, as the 100 SMA is safely below the 200 SMA while Stochastic is heading south.

I’d still keep an eye out for all the top-tier economic events in the U.S. and Australia to see if this pair could go further down!

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