Mixin: The Interoperable Network for Digital Transactions

deodivine (47)in #cryptocurrency • 6 years ago (edited)

Over the past decade heralding the coming of the blockchain technology in addition to development and deployment of cryptographic currencies, there have been tons of decentralized projects hoping to meet existing pain points in the crypto sphere. Hence, there have been tons of tokens released during ICOs, each striving to clock the top 100s in market capitalization while solving issues.

Bitcoin was prominent for creating the loophole in cryptographic currencies and this had left many coins scratching their heads to provide solutions. Mixin had just joined the league but this time around, we won’t be seeing the Bitcoin-solving kind of project but one that has potential to bring full-scale revolution to the crypto community.

Why Mixin?
It is pertinent to note here that the platform literally took its name from the programming language, Mixin. The programming language creates opening for infusion of codes into classes and when this is done, such classes use infused codes while being independent of other classes.

Mixin replicates same scenario in the decentralized world by changing focus from solving scalability issues to creating habitable ecosystem where transactions can be facilitated in real-time.

Though distancing itself away from Bitcoin’s troubles, Mixin realized that the core downside to acceptability and use of the blockchain was because Bitcoin failed at the onset. The coin (Bitcoin) had suffered massive transaction draw-backs thereby leading to its comparison with traditional payments and the latter still beats Bitcoin’s transaction throughputs.
Similarly, the coin and platform could have gotten solutions to its downsides but was impeded by the distributed ledger that governs it. Hence, other platforms such as Cardano and Ethereum seemed viable solutions. Ironically, they solved some of Bitcoin’s lapses and opened pathways that revealed their own flaws thereby propping up need for another solution.

Can Mixin Solve these downsides?
From indications and features exhibited in its blueprint, Mixin seems set to bring revolution to the entire chain network. The platform prides itself as one that would scale transactions faster than what was obtainable in other platforms. Before its invention, Mixin had something similar in the Lighting Network. The network forged by some developers is believed to be optimum solution to low transaction throughput and its functionality is patterned in a way that changes do not necessarily have to be made on Bitcoin’s code before transactions can be revamped.

It is on this premise that Mixin took root. The platform is banking on the Lighting Network that opened up payment system on Bitcoin and can function without a Bitcoin modified code. Interestingly, Mixin found another partner in the Blockstream-invented Liquid project. The project functions as side-chain to Bitcoin and helps scale transactions.

These tailored solutions are looked upon as Mixin’s improved input to transactions lags on the chain network. Mixin is also interested in unifying tons of networks that had been developed in the course of Bitcoin’s trauma. These approaches were touted to improve Bitcoin’s scalability without tampering with its distributed technology and anonymity.

Mixin wants to Unify Blockchains:
The disparity in blockchains had led to tons of platforms coming up with their supposedly vibrant chain network. On Mixin, this is set to stop as the platform is working at unification of all chains. First, it empowers different chain networks to have access to faster transactions while charging low-cost fees. There is also opening for these networks extension of their user base in addition to confirming transactions at the speed of light and improving security of its users.

Mixin Kernel – Pathway to Improved Digital Transactions
Mixin had delegated triple features that are hoped to scale transactions and these fall under the umbrella of the Mixin Kernel. The first product, the Kernel itself is delegated to transaction verification. On this basis, the Kernel is to have same functionality as the Bitcoin network but on its part, it is looking at using then distributed ledger technology in confirming transactions.

Unlike similar platforms, the kernel is not empowered to create assets and that is where the Mixin Domain features. The domain is primary channel for assets on the Mixin network to flow into the kernel ecosystem. It gathers assets from chain networks that had been unified under its premise and pushes these forward into the kernel for verification. The kernel and domain are separate entities with no central control but have interoperability running through them thereby enabling the Mixin Kernel access to verify assets on the domain and the latter delegating assets to be verified.

Mixin Domain Extension:
The last product on the Mixin Network is the Mixin Domain Extension; a platform that works in synergy with others. The domain extension was meant to be competitive approach to Ethereum’s smart contract technology and unlike the former; it works on a single interface and is not inhibited by the hardware component that Ethereum boasted of.

Interestingly, it allows interaction with other distributed virtual machines in addition to foster working relationship with third-party applications.

Final Thoughts:
The Mixin Network is formed on the premise of nodes that work under the tutelage of the Trusted Execution Environment (TEE). These TEEs allow opens the pathway to asset management and has the ability to scale transactions in real-time. Similarly, the network had empowered developers especially in areas of creating dApps using existing infrastructures.
Mixin had already developed a messaging app that supports end-to-end encryption. The messaging app, the first to be developed on the blockchain does away with messages once they have been accessed. This is yet another milestone to Mixin Network’s mission to secure transactions, keep its users’ data safe while bringing much needed scalability and unity to the chain network.

USEFUL PROJECT LINKS FOR MIXIN
Website : https://mixin.one
Bitcointalk Ann Thread: https://bitcointalk.org/index.php?topic=5028456.20
WhitePaper: https://mixin.one/assets/Mixin-Draft-2018-07-01.pdfacebook : https://m.facebook.com/MixinNetwork
Telegram: https://t.me/MixinCom
YouTube: https://www.youtube.com/channel/UCg67cC-GO8wNEOdgGH5IRew
Twitter : https://twitter.com/Mixin_Network
Reddit : https://www.reddit.com/r/mixin
Medium : https://medium.com/mixinnetwork
Github : https://github.com/MixinNetwork
Mixin messenger App download : https://mixin.one/messenger
Coinmarketcap link for Mixin info : https://coinmarketcap.com/currencies/mixin/