Mixin Network: New generation transaction network

oluwatosin10 (41)in #blockchain • 6 years ago (edited)

Innovative concepts and ideas are the major force behind the modern day world and the continuing development of the digital world. It is a known fact that the Internet plays a critical role in the 21st century innovations and it is a common phenomenon that this technology has virtually changed all industries and models of business in this present day world. Also the Internet has changed the way we relate and socialize with the world around us. With the help of the Internet, many new business ideas and technologies has sprung up which has been a source of income to many and also made life easier for all. We can't forget how the use of computers and smart phones has left a notable mark in the history of humanity.

Another innovative idea that comes with the Internet revolution is the concept of distributed ledger technology which is also has blockchain technology and this new tech is among the core innovations that many experts has predicted that will be the force of next industrial revolution.
This technology is simply a trustless decentralized record of transactions which can be use to monitor or manage any digital operation that requires accountability, transparency and trust which makes it possible to takeaway the operations of third-parties in transactions, business deals and many operations that needs execution of trust.

For more than 10 years now since the advent of the first public blockchain network which is Bitcoin blockchain, the technology have achieved successes and conquered many challenges and when it comes to the way financial transactions is being performed in a decentralized model with low transactions fee, blockchain has recorded a ground breaking achievement in this aspect, transferring of millions of dollars with cents transaction fee is only possible in Cryptocurrency industry.

Making payment with Cryptocurrency which is the decentralised currency of the distributed ledger technology (DLT) in a peer-to-peer trustless system has removed the need of third-party trust confirmation that's needed for such operations before. This excitement of this new mode of transactions excited both professionals and the masses which results in many people getting involved in Cryptocurrency industry either as a trader, investors, developers, influencers, government institutions, companies and so on. Unfortunately, there was no adequate preparation for this massive acceptance of Cryptocurrency which makes it to suffer some set backs which includes low transactions performance, low transactions validations and high transaction fees in some cases.

Comprehensive Solutions By Mixin Network

Interestingly, there has been concerted efforts in finding solutions to those identified challenges existing in current blockchain protocols which has been yielding some improvements.

Mixin Network has come with a comprehensive solutions to the challenges inhibiting the operation of most distributed ledger technology.

The problem of high cost of transactions fee and inflexibility of the current blockchain networks which is being activated by the consumed resources in verifying the production of new blocks on a blockchain network.
Most of these networks depend on miners to confirm new blocks on the blockchain and they get rewarded for their effort in validating and maintaining records on the network.

Instead of depending on miners for confirmation of new blocks, Mixin Network enables different nodes of its network to unilaterally verify a new record coming into the network, therefore it is clear that there won't be reward for miners in this process because the operations of these miners have now allotted the nodes of Mixin Kernel. This is highly interesting and it shows that the mass adoption of Cryptocurrency will go on smoothly.

Since the network encourages the creation and owning of digital assets, it is very important to have a well secured environment against any outside intruders like hackers and this is the reason why Mixin Network use the mode of distributed key duplication and secret sharing mechanism which prevents exposure of users encrypted private keys to any threats.

Mixin DApps

Mixin Network also make it possible to build decentralized applications DApps on the network which can be applied in many industry, developers outside the network can also used the platform to build DApps.

Mixin has proven the possibility of this with the creation of two DApps on the network.

The first is the decentralised messenger which works like normal messenger like Wechat and Telegram. This DApp also acts as wallet for the storage of digital assets.

It can be downloaded on Playstore for Android users and Apple store for iOS users. It has the feature of executing high performance peer-to-peer transactions between contacts with just eight digits ID number which makes more easier than using alphanumeric cryptocurrency address. I have been enjoying Mixin Messenger for quite some time and you can get in touch with me with this ID 37212114.

XIN Token

The only token that fuels the operation of Mixin Network is XIN token. This token acts as the collateral for full nodes, fee for creation of Dapps and API calls.

10,000 worth of XIN token is needed to join the full nodes of the network and creating of DApp will require a one cost of XIN which will be determined by the resources the DApp claimed to consume.

The total supply of XIN token is 1,000,000 and 400,000 of it was sold during their ICO in 2017.

50,000 XIN was shared to that first start using Mixin Messenger.

50,000 is left for team of developers and the letfover 500,000 XIN token will be rewards for all Mixin full nodes and light nodes stakers.

Mixin token has been trading in some digital exchange since 2017 and it is among the top 100 most traded Cryptocurrency globally.