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 continuing 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 could be prohibitive:
“Mina protocol is definitely usually costlier than regular PoS assaults. The principle situation the place it’s cheaper requires the attacker to resist an 80% drop in token worth whereas nonetheless with the ability to execute a worthwhile assault. With widespread assaults like a double spend, it’s probably that this can be a prohibitive requirement for performing the assault profitably.”
Evan Shapiro, CEO and Co-Founding father of O(1) Labs, the staff behind Mina, shared, “By deploying recursive zk-SNARKs to make sure Mina at all times stays a continuing measurement of simply 22kb (the scale of some tweets), we now have made Mina extra accessible and mobile-friendly than most different layer-one protocols. Gauntlet’s report reveals that not solely have we improved scalability from legacy blockchains, however Mina can also be extremely attack-resistant, and launching an assault could 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 had been among the many first provably-secure PoS programs.
One criticism of the Ouroboros household of protocols issues the methodology for choosing validators. Validators are chosen forward of the epoch during 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 instances 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 a wide range of eventualities and assumptions, it’s unlikely that Mina and Ouroboros Samasika introduce threat above and past different PoS protocols. Extra data 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 members. Somewhat than apply brute computing pressure, Mina makes use of superior cryptography and recursive zk-SNARKs to design a whole blockchain that’s and at all times can be about 22kb, the scale 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 truthful Internet 3.0 so anybody can take part, construct, trade and thrive. Mina is a undertaking of O(1) Labs, a frontrunner in verifiable computation.
Kili Wall, Melrose PR, 310-260-7901, firstname.lastname@example.org