Mixin and why is it able to eliminate double spending issue
Exchanging cryptocurrency is too expensive
In times, when everybody was ready to get some tokens or coins and this person did not care about the price or the fees, double spending did not seem to be a problem. In the same time, in traditional economy, double spending is widespread issues, which had been solved for significant amount of time. When the cryptocurrency market felt and while it is unable to recover, there is also a need to eliminate double spending issue to make transactions with cryptocurrency more attractive to ordinary people. Mixin team does its best to improve the situation, because they do understand where the roots of this problem are.
Some of you may say that they pay commission only once, when you send the money from your own cryptocurrency wallet, but this statement is far from truth. It should be obvious that none of exchanges will work in unprofitable way, so when you hear about absence of fees, but platform does not use any kind of technologies, that could make self-cost of transaction lower, you are been taken for a ride. In most cases, fees that would be payed by you, have already been counted into the exchange rate. Therefore, there are two kind of exchanges: ones offer you high fees, but good exchange rate, while others offer worse rates, but low fees. Is there a way to end it? Mixin and its fundamental approach to elimination of double spending.
You will not have to pay fee several times
Double spending is caused by one single issue: there is not direct connections between blockchains and blockchain-based tokens. In addition, cost of transaction is high for almost every blockchain, but solution that are aimed on decreasing of this cost is developed only for largest blockchains. In the same time, some of exchanges and other organizations do not use these cost-decreasing solution, because the see no point in it. Why do they need innovation, when they still do not have any competitors? Mixin is here to end the order of things.
Mixin is a combination of the Kernel, Domains and Domain-related elements. It means that you do not have to use solution with several intermediaries and pay the fee several times, because Mixin will be the only one. It may be easier to understand value of Mixin solution on simple example.
You are changing BTC for ETH. First, you need to find a reliable exchange, then you pay fee for transfer of BTC to exchange, you pay exchange fee, you pay for transfer of ETH to your account. I mention automated exchange, which allows direct transaction. In most cases, you will need to pay the fee four more times, even when smart-contract is used. Mixin would help to make transactions between blockchain much easier, so you will not have to pay enormous fees every time you need to change crypto. It was simple variant of explanation, if you are skilled enough to understand internal processes, please, visit Mixin official website.
Website - https://mixin.one/
Whitepaper - https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf
Telegram - https://t.me/MixinCommunity
Author Anicasalar - https://bitcointalk.org/index.php?action=profile;u=1347520