Bitcoin, which became popular a few years ago, has led to the transformation of the sphere of financial resources management. Thanks to this cryptocurrency and Blockchain technology, people were able to regain the ability to manage their own assets and control their movement. That is why today more and more people support the technology of distributed registry.
Despite a number of advantages provided by Blockchain technology and virtual currency Bitcoin to the society, this sphere still has some disadvantages, including:
However, due to the lack of flexibility of the Bitcoin network, it is extremely difficult to correct the above shortcomings in this network. That is why alternative types of Blockchain appear on the market, which seek to correct certain shortcomings of Bitcoin by introducing new options. At the same time, each of these distributed registries donates a certain feature of Bitcoin to improve a specific function.
To correct this situation and eliminate the shortcomings of the distributed Bitcoin registry will allow a new network called Mixin Network, which will enable the use of Blockchain of various cryptocurrencies, without sacrificing anything.
The main goal of the developers when creating the Mixin Network was to provide assistance to Litecoin, Ethereum, Ripple and other Blockchain-based networks in order to increase their transaction volume, increase transaction processing speed, and reduce transaction costs while maintaining the maximum level of security and user privacy.
The operation of this network is based on the core of Mixin Kernel. This core is a Blockchain With a high level of performance, the only task of which is to check the assets of the concluded smart contract. Despite the fact that the core Mixin Kernel checks each asset, it alone can not generate any assets. Assets come exclusively from Mixin domains. Assets can be represented in the form of Blockchain from Bitcoin, Ethereum, Ripple, as well as a number of other virtual currencies.
The core, like the Mixin Network, is distinguished by such qualities:
Network security is ensured by the BFT consensus algorithm, which in turn relies on PoS. Subject to detection of fraud on the part of the node, all its funds are returned to the production pool. Security, as well as trust, is enhanced through the enforcement of TEE.
In addition, the Mixin Network has a special mixing light node, which has a simplified payment verification process-SPV, which saves all unspent outputs in order to simplify the balance request procedure.
Instant execution of operations is provided by aBFT, which allows the network to perform more than 1 trillion operations with a confirmation time of less than 1 second. Unlike the usual Blockchain, there are no blocks in the Mixin network, which allows processing operations at a very high speed.
The high capacity of the network involves the support of more than 12 varieties of cryptocurrencies with the ability to input and output more than 49.5 thousand coins in one operation. These conditions were achieved without smart contracts. However, together with the connection of smart contracts, these indicators will be increased several times.
The UTXO model is used in conjunction with the CryptoNote algorithm to ensure confidentiality in the processing of operations, to avoid the reuse of addresses.
With the aim of improving the comfort level of customers with developers was also created:
The only token used within the framework of the platform will be XIN. It can be used to pay for calls, Deposit, and create decentralized applications.
To become a full node of the network, the participant will need to purchase 10 thousand XIN to ensure trust.
Free peer-to-peer network of digital assets Mixing Network, capable of combining not only several virtual currencies, but also their main advantages, has great prospects. It will eliminate all the shortcomings of the Bitcoin network, provide full security of assets and user privacy, which is the dream of all members of the cryptocurrency community. That is why Mixing Network deserves special attention.
