Mina Protocol launches privacy-focused blockchain built on zk-SNARKs

The Mina Protocol project launched a privacy-focused blockchain based on zero-knowledge proofs.

#MinaMainnet is here 🎉 We are excited to announce the official launch of Mina’s mainnet today!

After three years of testing, and thousands of nodes synced, we are proud to release Mina –– the world’s lightest blockchain. Read the full story: https://t.co/LGo4509XB6 pic.twitter.com/bPRsH1OXMu

— Mina Protocol (@MinaProtocol) March 23, 2021

The Mina ecosystem now enables developers to run decentralized applications, known as Snapps. They are based on zk-SNARKs, which provide user privacy and the ability to prove data ownership without disclosure.

The first Mina-based app will be the lending protocol Teller Finance. Its users will not have to disclose data about their actual credit rating to third parties — it will be enough to prove that it exceeds the required threshold.

“Mina can simply connect to a site with credit rating data, generate a proof on the user’s local device (for example, proving that the threshold is exceeded in the context of the credit rating), and then provide the proof to the requesting party,” the project representatives said.

Mina also struck a partnership with CoinList, through which developers intend to raise $18.75 million via a token sale. A total of 75 million tokens will be available at $0.25 each.

In total, the project has raised $29.4 million across multiple funding rounds. Investors include Coinbase Ventures, Paradigm, Three Arrows Capital, Polychain, Naval Ravikant (CEO of AngelList), and others.

The Mina Protocol blockchain has been under development since June 2017. Previously the project was known as Coda Protocol.

Earlier in October last year, Mina Protocol attracted $10.9 million from prominent Asian investors.

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