Mixin: gateway solution without centralizing technologies
What is gateway solution?
It would be much easier for us to explain what is it using one simple example. When you make an exchange on any portal, there is need to get your money to one account and then to move them from another account. This process is called clearing. When you use two accounts in the same kind of currency, fiat for instance, there is nothing difficult, because money could easily move between any amount of bank accounts. Yeah, fees are high, but the entire process is pretty easy. In the same time, when you need to change ETH for BTC, there is a need to use 4 different accoutns: you account for ETH, your account for BTC, exchange account for ETH and exchange account for BTC. In some cases, exchange does not allow you to use your own account, so you need to create two accounts more.
As you might already guess, there is no direct connection between wallets that are working on different blockchains, so this might be pretty hard to automate the process. Most of modern exchanges prefer to deal with it in old-fashioned way: confirmations for all incoming and outcomming transactions are made by people or by very simple mechanism. Both methods are pretty expensive and both of them have a lot of disadvantages, such as huge amount time for confirmation and lack of stability.
There were several attempts to create universal decentralized gateway, but all of them had failed too for one simple reason: exchanges could not get what profits they would get by adding to such decentralized ecosystems with this gateways. Therefore, they could not become popular and today they slow the market growth significantly. Person, which need to make an exchange, has to wait a lot or to overpay. Both options are terrible for trading.
Mixin would help
Now, when it is clear that there is no way for decentralized and centralized solutions to become stable leaders in the future, we understand that decentralized exchanges and gateways have more chances for survival, because they allow to eliminate human factor and instability factor. All the portals that would use Mixin could find out that all the transactions should be performed with usage of their solution, because there is none other solution are able to understand what is the real problem.
All the competitions try to make solution that is targeted for cooperation with certain portals, while Mixin is much more technically sophisticated, because it allows to connect with any amount of different blockchains. Even if one of these blockchains have not been created yet, there will be the way to connect it to the Mixin.
Of course, some questions may need governance and it would be a little bit unreliable to allow the ecosystem to develop on its own. Just look at “true decentralized platforms”. There were intended to be community driven, but when there is a need to solve uses with community members, it does not work. That is why Mixin offers a little bit of external guidance.
Website : https://mixin.one/
WhitePaper : https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf
ANN Thread : https://bitcointalk.org/index.php?topic=5028456.0
Twitter : https://twitter.com/Mixin_Network
Facebook : https://www.facebook.com/MixinNetwork
Telegram : https://t.me/MixinCommunity
Github : https://github.com/MixinNetwork
Reddit : https://www.reddit.com/r/UNetwork/
Youtube : https://www.youtube.com/channel/UCg67cC-GO8wNEOdgGH5IRew
Author Early_Waffle - https://bitcointalk.org/index.php?action=profile;u=1380108
MY MIXIN ID: 37210011