MIXIN NETWORK

MIXIN NETWORK | Ecency

Introduction

The growth of Bitcoin began a new era for management of financial resources Bitcoin is a digital asset developed in 2009 by someone under the pseudonym Satoshi Nakamoto. This digital asset is like gold, but is only available in the digital world. The concept might sound like eGold, even though it's actually a lot different.

Bitcoin as a digital asset has the following features:

Instant transfer in peer to peer.
Transfer anywhere with a very small transfer fee.
Transactions are irreversible, meaning that once transferred cannot be canceled, bitcoin is given to someone else, the transaction cannot be canceled unless the person is willing to send the bitcoin again.
Bitcoin transactions are pseudonymous, meaning that all transactions that have been carried out at the same time the Bitcoin balance owned by someone can be seen, but we do not know who owns the Bitcoin address if the owner does not notify him.
Bitcoin is not controlled by any institution or government, meaning that bitcoin that uses the Blockchain database is not controlled by a party, but is very open to the public, making it impossible for someone to fake transactions on the Blockchain.
The amount is limited because of the supply of Bitcoin there will only be 21 million Bitcoin in the world. Bitcoin creation system that continues to decrease every 4 years resembles an economic system based on deflation and with the increasingly limited supply of bitcoin, bitcoin prices tend to rise.

Today, both professionals and the general public have accepted the idea behind Bitcoin and blockchain technology, and the crypto currency user base is growing at a faster and faster pace.

Unfortunately, Bitcoin suffers from this fast-growing adoption. The most significant problems are insufficient transaction capacity, slow confirmation, and high transaction costs.

Because of the highly inflexible nature of the Bitcoin network, it is impossible to correct some critical weaknesses. So Ethereum, Monero, Stellar, Cardano and many new blockchain have been discovered in recent years. Almost all of them are trying to fix the Bitcoin problem while adding some of their own new features

All of these efforts have put forward the entire Bitcoin network without compromising security and the distributed nature of the original Bitcoin vision. Similar solution has been submitted to Bitcoin competitors.

In my article, I would like to introduce to all of you, that there is already a platform that is a solution to all the problems that exist, so that the solution can empower all of the widely distributed ledgers. And this solution is called Mixin. Similar to what the Lighting and Liquid Networks are for the Bitcoin blockchain, the following is the explanation below ;

Mixin is a publicly distributed ledger to allow publicly distributed ledgers to earn trillions TPS, final sub-second confirmation, zero transaction costs, enhanced privacy, and unlimited extensions.
Mixin consists of a kernel that is theoretically permanent, many different multipurpose dynamic domains and domain extensions, to formulate an extension star topology. This topology can lead to concerns that Mixin is a centrally controlled network, but that doesn't happen because of the way the kernel itself works.
Mixin Kernel is a large book with high performance distribution and its main responsibility is to verify asset transactions. That said, a single permanent Kernel Mixin is also a distributed network like the Bitcoin network as a whole.
The Mixin network is a simple UTXO transaction network, which focuses on transaction functionality and privacy protection, which consists of theoretically permanent Kernels, many different dynamic domains and multipurpose domain extensions, to formulate an extended star topology. The kernel has simple logic, it can achieve almost unlimited concurrency performance.

With the Mixin network that is capable of handling Bitcoin issues and the interaction of other blockchain projects.

Although Mixin Kernel verifies asset transactions, it does not produce any assets. All assets flow through the Kernel by Mixin Domains. And Mixin Domain is a component that plays a role in providing assets for Mixin Kernel, the kernel itself is also a component in the Mixin Domain to verify and manage assets.

Unlike most existing gateway-based solutions, Mixin Kernel and Domain are all ledgers that are publicly available, without central authority. From Kernel to Domain, the Mixin Network is all about assets and transactions. The Mixin Domain mix is where the magic happens, whether for Ethereum contracts, EOS contracts, exchanges distributed in trusted examples, or whatever. And for those of you who want to know more about mixin with the way it works, you can see it here https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf

Introduction Mixin Network by Video

MIXIN TOKEN

The single token used by many services in Mixin is XIN, including a complete node guarantee, DApp creation and call API. To join the network as a complete node, one must promise at least 10,000 XIN tokens to build initial trust. Each new action making DApp will have a one-time fee in XIN, an amount determined by the resources claimed by DApp for consumption. The Mixin API calls from DApps might cost XIN well, depending on the type of call and counting.

All XIN penalties and fees charged by the network will recycled to the mining pond. 1,000,000 total permanent XIN tokens are issued to the world at one time, and 400,000 of them have been successfully distributed to holders from 25/11/2017 to 25/12/2017 at a rate of 20 EOS / XIN. 50,000 XIN has been distributed to the early Mixin Messenger Adopters. 50,000 XIN is reserved for the development team. The remaining 500,000 XIN will be an incentive for all Mixin full nodes and light nodes.

ROADMAP

THE TEAM

Conclusion

The Mixin network focuses on implementing blockchain technology to bring more users to the blockchain world, and transactions are always the most effective way to achieve this goal. As a new generation transaction network, we will continue to work with industry partners and the technical community in the spirit of open source collaboration to jointly promote the development of the technology and blockchain industry.

From the information the author got, that the MIXIN team had proposed the Mixin Network as a multi-layer distributed network. The core layer (Mixin Kernel) is a high distributed transactional network designed according to the directed ABFT acyclic graph. Mixin Domains layers can be sufficiently developed without any overhead for Kernel Mixin performance. and Team MIXIN has comprehensive security evidence that when managing external blockchain assets, because Mixin is very safe for everyday use compared to almost all cold storage solutions available.Join us, contact the team and give the questions you need, our team is ready to help you.