How Do Transactions Work On Mina?
Mina aims to transform the current blockchain landscape, in which most platforms need third-party verifiers like miners/stakers and light clients to verify transactions.
Mina provides a new method by involving a number of players, each of whom is responsible for a certain role on the decentralized network.
Verifiers, block producers, and snarkers are the three major roles.
How Transactions Actually Work
Dubbed “the world’s lightest blockchain protocol”, has left lots of internet users wondering how transactions actually work.
Let’s take a deeper look at how a transaction progresses before it becomes a permanent record on the Mina blockchain.
- The procedure begins with a user initiating a trade, which is then sent to the mempool, a pool of valid but unconfirmed trades.
- Snarkers then take control by creating proofs, or SNARKS. The next step is to choose a block producer (BP) who will bundle transactions into a block. It’s worth noting that a BP searches the mempool for profitable transactions.
- The BP then selects a SNARK based on the consensus mechanism’s rules.A block manufacturer looks through the bids for the SNARK with the lowest price. In addition, the SNARKS order book for newly added transactions has been updated.
- The SNARKS must then be included into a block, which must then be added to the chain and the network updated. To keep the protocol’s size consistent, snarked transactions are removed from the chain.
- The protocol’s zk-SNARKS are then upgraded by the block producer.
- Finally, the new block is permanently added to the chain.
The usage of zk-SNARKS allows the state of the Mina protocol to be verified without disclosing the contents of the blockchain, resulting in a censorship-resistant platform.
Furthermore, zk-SNARKS play an important role in keeping a network with a consistent size, which allows for scalability, security, and decentralization.
The inclusion of several important participants, such as snarkers, block producers, and verifiers, aids in the smooth operation of various protocol functions.