MIXIN – AN UPGRADE OF THE DISTRIBUTED LEDGER CONCEPT
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Decentralized asset valuation is usually characterized by transactional activities which are carried out on a secure platform and are inerasable, thus introducing transparency to the whole concept of transactions. Trust and transparency are usually two very crucial determinants of transaction efficiency. With the blockchain concept, there is no need for several of the features usually evident with the centralized system, such as the incessant deployment of middle men all over the system.
When the Bitcoin platform showed up, it came with a uniqueness that the centralized counterparts did not offer. This included empowering the user in taking charge of managing his own assets instead of leaving it for profit-hungry centralization establishments who handle the management but at the cost of steep commissions and charges (both hidden and plain). With Bitcoin it wasn’t to be so anymore. His encouraged users to move to the new system to try out this new innovation, and so far so good, they haven’t been disappointed.
Irrespective of the enormous success achieved in decentralization of asset-based systems, the Bitcoin platform still has some upgrades to undergo. For years since its initial launch, this upgrade hasn’t been very possible. This can only be blamed on the technological nature of the Bitcoin platform, as it was designed to prevent tampering so as to ensure adequate openness in system. This has led to the birthing f several alternative systems as they felt these problems could not be fixed. Today, means have been devised to fix these problems by adjoining new improved protocol – based platforms to the original Bitcoin network so that it provides the necessary correction effect while not needing a total overhaul of the entire network.
THE MIXIN KERNEL
The MIXIN Kernel represents the very essence of the MIXIN platform. Through graphical acyclics, it effectively handles transactions by employing the nodes which operate on an asynchronous basis. Algorithms that are employed are of the one time unique formatto guide against attacks and breaches which might be injurious to the network system as a whole. There are about three ghost output protocols which are charged with privacy protection on the network platform.
THE MIXIN DOMAIN
The job of providing the assets which the Kernel uses is done by the MIXIN Domain. It is basically a ledger that is of a distributed form. Basically, these domains act as doorways to the core kernels of the network. For every new subsequent domain to be welcomed to the network, there are certain interface factors that need to be certified by that domain. Once those interfaces have been duly met, the domain can thus undergo proper registration.
SMART CONTRACT ENABLEMENT THROUGH DOMAIN EXTENSIONS
Smart Contract features are usually a proponent of platforms such as the Ethereum network. However, one of the advantages of the MIXIN network is that it introduces this concept to the Bitcoin sphere. It does this through the domain extensions. These domain extensions as the name implies are extended outlays of the previously discussed asset-providing domains, only in this case, these ones are specially dedicated for the purpose of carrying out smart contract activities between respective nodes.
MIXIN PLATFORM TOKENOMICS
On the Mixin Network platform, the XIN is the utility token of use. All charges are effected using this token and range with respect to the degree of activity. Pledges are usually made at initial points to give the semblance of trust in the system. This is implemented for nodes that desire to join the network. It is usually a one-time payment that’s done at just the initial point of entry of the nodes. Only a million tokens are deployed into the system at a particular time.
CONCLUSION
The MIXIN network is not just an alternative, it is both an upgrade as well as an improvement to the Bitcoin network. Hence it incorporates the unique features of the Bitcoin whilst still bringing to the table some newer features. The concept of distributed ledgers is a key feature of Decentralized platforms and that is what the MIXIN network tries to epitomize.
Website : https://mixin.one/
Whitepaper: https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf
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