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Three Arrows-Backed 'Lightweight' Blockchain Mina Launches Mainnet

Backed by a cadre of heavy-hitting investors, Mina announced its mainnet launch Tuesday.

Mar 23, 2021 at 1:30 p.m. UTC
Updated Sep 14, 2021 at 12:30 p.m. UTC

The mainnet for a blockchain that discards its own blocks is now live.

Mina, a proof-of-stake protocol designed by O(1) Labs, announced the launch of its mainnet Tuesday, according to a release shared with CoinDesk.

Self-titled as a “lightweight,” Mina has a fixed blockchain size of 22 kilobytes, which it maintains by discarding blocks as they elapse. Usually blockchains retain every block mined. Its unorthodox design employs a technology called “zk-SNARKS,” most widely known for its use by Zcash, to preserve its transaction record without saving every block.

Through its SNARK-powered applications – or “Snapps” – Mina aims to “bring new possibilities for internet privacy and data security,” said O(1) Labs CEO Evan Shaprio in a statement. 

Mina boasts a long list of notable backers, including Three Arrows Capital, for whom the “lightweight” protocol is one of only four base-layer blockchain investments listed on its website, a group that also includes Bitcoin, Ethereum and Polkadot. 

Mina’s backers also include Polychain, Paradigm, Coinbase Ventures, Naval Ravikant and Bixin Ventures. 

Concurrent with its mainnet launch, Mina announced its partnership with CoinList for its upcoming token sale.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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