MIXIN NETWORK - A MULTI -LAYER DECENTRALIZED NETWORK PROVIDING FAST TRANSACTIONS

in #bitcoin6 years ago

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Bitcoin began a new era for financial resources management which empowered people to manage their assets and monitor how the resources are being distributed in order to rescue the economy from the control of the few. Due to this, the general public has accepted the idea behind Bitcoin and blockchain technology enabling the user base of crypto currency growing at a faster pace.

However, the network still has many limitations. Bitcoin suffers from this fast growing adoption as a result of insufficient transaction capacity, slow confirmation and high transaction which made it impossible to fix some critical flaws.

What is a bit disturbing is the fact that instead of fixing the original Bitcoin project, most people concentrate and focus on the creation of new projects that address different perceived shortcomings of Bitcoin which are unable to augment the original Bitcoin network neither are they able to interoperate with each other. However, a proposed solution called Mixin that will empower all popular distributed ledgers has been put forward on Bitcoin competitors.

One might ask what Mixin is. Mixin isn’t here to create yet another cryptocurrency or a competitor to any distributed ledgers but to allow any public distributed ledgers to gain trillions of TPS, sub-second final confirmation, zero transaction fee, enhanced privacy and unlimited extensibility. Wow. Isn’t this exciting? Aren’t you happy about this news? Well, you’ve got to be happy.

COMPOSITION OF MIXIN
Mixin is composed of a permanent Kernel, many dynamic Domains and different multi-
purpose Domain Extensions. The core of Mixin Network is the Mixin Kernel. The Mixin Kernel is a distributed network that has a high performance distributed ledger which is solely responsible for the verification of asset transactions. Though the Kernel verifies asset transactions, it doesn’t produce any assets.

All assets flow through the Kernel by Mixin Domains. Each Mixin Domain is also a distributed ledger, whose job is providing assets to the Mixin Kernel. Also, the Kernel itself is also a component in the Mixin Domain to verify and govern its assets. The Mixin Domain Extension is where the magic happens, whether for ethereum contracts or anythasically, Mixin Network is all about assets and transactions.

SERVICES MIXIN NETWORK PROVIDES
• Mixin Network provides attack resistance through the use of encrypted private keys which are almost guaranteed to be safe from leaks and loss due to highly distributed key duplication and secret sharing mechanism.
• In Mixin network, each asset should have many different distributed domains that are governed by the Kernel and securely enforced by Intel SGX further improving the degree of protection.
• In Mixin, the Kernel will balance the assets in different Domains constantly to further prevent the asset loss in the event of an almost impossible private key leak or loss in different domains.
• Mixin will prove itself that it is safe for digital assets against different possible attack vectors.
• In terms of Governance, Mixin team will try its best to make Mixin Network simply work
without any heavy-handed governance through the XIN stake to determine how the governance works on all the Mixin problems.

THE XINTOKEN
XIN is the sole token used by many services in Mixin, including full node collateral, DApp creation and API calls. For one to be a part of this 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. 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.
Out of the 1,000,000 XIN token, 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 while 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.

MIXIN TEAM
The Mixin Network team comprises experienced developers who have worked in the blockchain for some time now and have come out with unique apps. The team members include:
• Cedric Fung
CEO
• Danna Li
COO

• Crossle Song
CTO
• Oven Tang
Product Lead –Developer

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