MIXIN NETWORK
MIXIN (XIN) NETWORK
What Is Mixin?
Mixin is a network that is built on the BFT-DAG network and connects blockchains that already are in operation with an unlimited throughput. You can find the platform for download on Google Play if you own an Android, and if you own an iOS then you can download it on the App Store any time. You can also follow them on the social media networks like Facebook, Twitter, Share, and Email.
How Mixin Trusted Blockchain Messenger Network Works
The platform is designed to offer everyone a fair platform, created on a decentralized network – built for purpose of processing transactions, contracts and businesses within seconds. It is a p2p based system that will make it possible for any third parties to use the system successfully and safely through the use of contracts. The purpose of the platform is to provide an ultra-safe and decentralized environment where people can go to make safe exchanges and transactions.
HOW IT WORKS?
The Mixin Network is composed of different high performance distributed ledgers, with the core ledger called the ‘Kernel’, and the supporting ledgers called ‘domains’ and ‘domain extensions’.
Domains are gateways that feed assets from Bitcoin, Ethereum, other Blockchains, and even central banks into the kernel. The kernel is responsible for verifying and governing the assets and their transactions.
Domain extensions are the distributed ledgers that store Ethereum, EOS and other blockchain smart contracts and trusted applications.
The platform is designed to offer everyone a fair platform, created on a decentralized network — built for purpose of processing transactions, contracts and businesses within seconds. It is a p2p based system that will make it possible for any third parties to use the system successfully and safely through the use of contracts. The purpose of the platform is to provide an ultra-safe and decentralized environment where people can go to make safe exchanges and transactions.
The Solution to Unnecessary Problems
Mixin identified several problems with blockchain technology and set out to solve them. Some of the issues to consider include:
- Slow transactions
- Private key loss
- Lack of understanding
- Limitations of node distribution, especially on mobile devices
- Control over large pools
One strategy employed by blockchain projects is to use a less decentralized consensus algorithm. For example, Ethereum is selecting PoS to reduce the likelihood of controlled pools.
What Does Mixin Offer?
The Mixin blockchain model is based on Trusted Execution Environment (TEE) technology and relationship. Each part has a responsibility. The consensus algorithm guarantees data replication. The mobile nodes are validators; each one checks the full nodes (runtime attestation). It operates on the BFT-DAG, P2P network. To achieve high throughput and low latency, only one node executes DApp code.
Everything is Encrypted
Direct messages and group chats are managed with the Signal protocol sender key. This is a client-based protocol. The server acts as a proxy of the message. The messages are deleted from the server after it is read by all the recipients in the conversation.
Attachments (videos, photos, etc.) are encrypted with AES key before uploading to cloud servers. Thumbnails and other meta information is encrypted and transferred by the client to the recipient with the Signal sender key.
Identity via PINs
Apparently, it’s too complicated to manage one private key. In fact, it is hundreds of times more complex than normal username and password-protected interfaces. But, people forget passwords as well. Mixin uses a zero-knowledge system that uses a phone verification code and a 6-digit PIN. This number can be changed on the mobile device, which is protected via Face ID or Touch ID. Transactions are extremely quick since it takes place on a cross-chain transaction network that is similar to the Ethereum Raiden Network and the Bitcoin Lightning Network. Mixin’s approach is as fast as SQL database operations.
Buying Services on Mixin
The XIN token is used to purchase services on Mixin including full node pledges, DApps, and API calls. It costs 10,000 XIN to join the network as a full node. Fees are erased to increase the value of each XIN.
Mixin Features
- Data transparency
- Trusted nodes
- Zero-knowledge proof
- Free transactions
- High throughput and low latency
- Inter-blockchain communications protocol
- Non-deterministic transactions
- Direct interactions with sources
- Mobile usage with accounts based on phone number and PIN
- Notifications through messaging channel – encrypted end-to-end
- Compatible with Linux libraries and all programming languages
- Forks are prevented
XIN - The Token
XIN is the sole token used by many services in Mixin, including full node collateral, DApp creation and API calls. To join the network as a full node, one must pledge at least 10,000 XIN token to establish initial trust.
Every new act of DApp creation will have a one-time cost in XIN, the amount of which is determined by the resources the DApp claims to consume. The Mixin API calls from DApps may cost some XIN well, depending on the call type and count.
All XIN penalties and fees charged by the network will be recycled to the mining pool. 1,000,000 permanent total XIN token is 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 with rate 20 EOS/XIN.
50,000 XIN have been distributed to early Mixin Messenger adopters. 50,000 XIN are reserved for the development team. The remaining 500,000 XIN will be the incentives for all Mixin full nodes and light nodes.
Roadmap
Conclusion
Mixin Network as a multi-layerdistributed network. The core layer (Mixin Kernel) is a highly distributed transactional network designed according to the ABFT directed acyclic graph. The Mixin Domains layer is quite extensible without any overhead to the Mixin Kernel performance.
We also have a thorough security proof that when managing external blockchain assets, Mixin is secure for daily usage compared to almost any existing cold storage solutions.
More Information about Mixin Network Link:
Website: https://mixin.one/
GitHub: https://github.com/MixinNetwork
Twitter: https://twitter.com/Mixin_Network
FaceBook: https://www.facebook.com/MixinNetwork
Telegram: https://t.me/MixinCommunity
Author: Reank85
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1913792
Address Eth: 0xa96dF2a7D1C9BD218530bb98369960b166FC5AB1
Komentar
Posting Komentar