Mixin progress and vision
It is the 10th anniversary of Bitcoin white paper release. No bitcoin, no blockchain.
Any blockchain topics will include perspectives on Bitcoin.
Mixin team have the below viewpoints on Bitcoin:
Bitcoin is still one of the most important asset in blockchain world
Bitcoin still has the strongest R&D abilities in blockchain world
Bitcoin's success was based on Satoshi's design concept: only use mature and reliable technical components to form new solutions through combination.
Mixin team always care and support bitcoin. Mixin donate 5 BTC to http://hardcore.fund to support BTC core developer.
After 10 years, we need to look at the challenges faced by Bitcoin as a peer-to-peer electronic cash transfer system.
Slow confirmation. Consumers and merchants are not using the current Bitcoin technology for payment due to the 10-minute block design
Money flow is easy to track
Limited system trading capacity
High system transaction costs
There are two ideas in the direction of improvement:
Ignore Bitcoin and develop a new public blockchain to provide faster confirmation and enhanced privacy protection for users. Ethereum, Zcash, Monero, Cardano, Eos, these blockchains have great innovative technology, however they cannot be applied on Bitcoin and they cannot interact with each other.
Based on Bitcoin, use new technology to speed up confirmation, lower transaction fees and provide better protection. Examples are lightning network and liquid.
Mixin team chose to develop Mixin network based on two reasons
There will be more and more cryptocurrencies. After the invention of Bitcoin, there are many unoriginal blockchain inventions. Most of them disappeared during the bear market, while some outstanding assets withstood the tests and stayed. Mixin team believes this trend will repeat periodically.
Crypto asset holders will increased a lot. In the future, bitcoin will be considered as an finance asset by legal fund.
Based on the two reasons, user's and merchants both need a lightning fast and free network service similar to the cash transaction experience to use crypto assets.
We believe the demand for lighting network service for all blockchain asset will be great.
Bitcoin's lightning network and blockstream's liquid maybe good enough for bitcoin. But similar solution is still missing on other blockchain.
How did mixin managed to support all blockchain asset?
mixin network= kernel + domain + domain extension
Mixin kernel just verify transaction of asset.
Specific asset belongs to domain include etherum, doge coin, or EOS. An asset id is created to represent each kind of asset in mixin kernel.
Smart contract running in domain extension. Other special feature of each block chain are supported by extension too.
Mixin kernel, similar to EOS bp nodes network, is a small distributed working group build by high performance and high speed server.
Based on bitcoin's utxo data structure, mixin kernel broadcast transactions within 7-50 nodes and confirm transaction through DAG+BFT+POS. 2/3 XIN token holders can confirm a transaction.
How to become node?
Just pledge at 10000 XIN token. No delegation, no voting. Pretty straightforward and fire.
What mixin network can offer to node?
Full node can get award from bonus pool preserved by mixin network.
The withdraw fee of mixin network will be rewarded to full nodes. For instance, 0.01 EOS withdraw fee will become income of nodes.
Is there any punishment if node is not honest?
Node will be isolated without any notification when first fake transaction is found. Node will be removed automatically and 10000 token will be thrown in bonus pool.
User can setup verification node to validate mixin kernel. They will get bonus based on amount of XIN token.
Mixin kernel is quite safe already. But a extra protection is setup based on hardware signature. Full node must run on intel CPU. Intel CPU will generate signature for key action, and all other node need to validate signature. This solution help to found hacked or fake node.
The technical content maybe too hard to understand. In other words, mixin network work like a company limited. More shares, more power, more responsibility
Mixin kernel works like a board of director. Limited seat can make quick decision. Seat is kept for stakeholder. Decision is made by votes. Money are shared based on stocks.
Mixin also introduce robotic SEC. Unqualified seat will be removed and lost money.
Now I will introduce what we have done.
Currently the assets on the Mixin Network have reached 874 BTC, 829 ETH, 1 million USDT, and 1.27 million EOS. The cumulated managed assets exceed 50 million USD.
Total over one hundred million transactions.
Peak TPS of mixin network is 168.
There are many blockchain projects have build their transaction system on mixin network. Include Press.one
Community of developer:
There are already over 1000 mixin messenger robots.
There are already over 1000 mixin messenger robot.
Some of them sell fruits, token, and casino. Some of them has made profit.
There are two developers who already have built their own cryptocurrency wallet based on mixin network. They are fox.one and coinview.
Test net:
Mixin Network test net has been released. TPS is over 10000.
More blockchains will be supported in the future.
The main net will be online on Feb 2019
Mixin team also build two applications based on mixin network.
Mixin messenger, a cryptocurrency wallet and end to end secure messaging app. You can think it as more of a secure telegram plus a cryptocurrency wallet.
Assets are protected by user's phone number and pin code. No need to backup complicated private key which is more risky for the modern user. All asset supported by mixin network can be hold by and transfered, include all ERC20 token.
Mixin massenge is a highly secure messaging app. Even server can not decrypt a message because app encrypt message by user's phone.
By integrating chat and super wide token support wallet, mixin messenger become a powerful tools for cryptocurrency users.
Protecting user's asset and privacy are always the top priority in mixin messenger. So messenger will never show third party advertisement and actively recommend group to user.
Owner really control the chat group in mixin messenger, because one of the members but only owner can invite new member. Nobody can search the group, too.
Android client of mixin messenger and iOS client of mixin messenger are all available on github.
Mixin team invented ocean.one, a distributed exchanger running on mixin.network. The killer feature of distributed exchanger are secure and transparent. All asset are controlled by user's wallet and every order is visible on mixin network.
And ocean.one's performance is beyond our expectation. It is so powerful.
Ocean.one support many main stream currency and its code is ready on github. Half hour is enough to setup an exchanger.
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One of our engineers created mixcoin.one, this is exchange that you can list any token in your wallet. Absolutely free, fast and permission-less.
