SAN FRANCISCO, Feb. 2, 2021 /PRNewswire-PRWeb/ — Gauntlet, a monetary modeling platform for decentralized finance, launched its research report on Mina, the world’s lightest blockchain. The report explains that Mina’s use of recursive zk-SNARKs reduces chain measurement to a relentless 22kb, dramatically enhancing scalability from legacy blockchains. The query Gauntlet’s evaluation got down to reply was, “does this technological enchancment have safety tradeoffs?”
Gauntlet’s assault simulation discovered that Mina Protocol improves scalability, and the expense required to launch a profitable 51% assault can be prohibitive:
“Mina protocol is definitely typically dearer than regular PoS assaults. The primary situation the place it’s cheaper requires the attacker to face up to an 80% drop in token value whereas nonetheless having the ability to execute a worthwhile assault. With frequent assaults like a double spend, it’s probably that it is a prohibitive requirement for performing the assault profitably.”
Evan Shapiro, CEO and Co-Founding father of O(1) Labs, the workforce behind Mina, shared, “By deploying recursive zk-SNARKs to make sure Mina all the time stays a relentless measurement of simply 22kb (the dimensions of some tweets), now we have made Mina extra accessible and mobile-friendly than most different layer-one protocols. Gauntlet’s report exhibits that not solely have we improved scalability from legacy blockchains, however Mina can be extremely attack-resistant, and launching an assault can be cost-prohibitive.”
For Sybil resistance, Mina makes use of the Ouroboros Samasika proof-of-stake (PoS) consensus algorithm. This algorithm improves upon the Ouroboros household of algorithms, which have been among the many first provably-secure PoS programs.
One criticism of the Ouroboros household of protocols considerations the methodology for choosing validators. Validators are chosen forward of the epoch through which they validate, versus different protocols the place the stake should be maintained all through validation. This opens the protocol to a possible assault when:
1. A (attacking) validator accumulates a big stake
2. They’re chosen to validate many occasions within the upcoming epoch
3. Earlier than this epoch, they promote the stake, permitting them to create a fork within the protocol with out having publicity to the MINA token.
For this assault to achieve success, amongst different limitations, there must be an unrealistic quantity of liquidity within the protocol token or the attacker loses an excessive amount of cash exiting their place. Gauntlet’s assault simulation discovered that, below quite a lot of situations and assumptions, it’s unlikely that Mina and Ouroboros Samasika introduce threat above and past different PoS protocols. Extra information and element within the report: https://gauntlet.network/reports/mina
For media inquiries, please contact Kili Wall at (310) 260-7901 or Kili(at)MelrosePR(dot)com.
Mina is the world’s lightest blockchain, powered by individuals. Reasonably than apply brute computing pressure, Mina makes use of superior cryptography and recursive zk-SNARKs to design a complete blockchain that’s and all the time might be about 22kb, the dimensions of a pair tweets, ushering in a brand new period of blockchain accessibility. With its strong decentralized community and open-programmable foreign money, Mina is powering a extra environment friendly and honest Internet 3.0 so anybody can take part, construct, alternate and thrive. Mina is a undertaking of O(1) Labs, a pacesetter in verifiable computation.
Kili Wall, Melrose PR, 310-260-7901, firstname.lastname@example.org