Introducing Mixin Network - the multi-purpose Blockchain that could revolutionize the Blockchain space
Hello wonderful readers, I thank you for always reading my articles, Today I have a very interesting project called Mixin I want to introduce to you guys. I would be talking about what Mixin is, what it brings to the table, how it could resolve the scalability issues currently plaguing the blockchain technology and so on. So I implore you to sit back, relax and enjoy reading this informing piece.
What is Mixin?
Mixin is a zero-knowledge proof blockchain that has zero transaction fees, has a high throughput and comparatively low latency. It is structured as an inter-blockchain interaction protocol operating on linking the big actors in the blockchain world without a glitch. The account model is grounded on PINs and phone numbers as the project is targeting a mobile reach. The rudiments of Mixin are grounded on full nodes which are trusted that work in a trustworthy execution environment. In Mixin, mobile nodes act as authenticators to endorse transactions by these full nodes. Additionally, Mixin has developed a messenger app that could be used to communicate with contacts, the messenger app is based on end-to-end encryption for enhanced security.
Decentralized apps (DApps) can be built on the Mixin blockchain. Developers are required to pay a small sum in XIN tokens to be able to develop their applications on the Mixin network, the resources required to run these DApps and the sizes of the Dapps are what influence the sum developers must pay in order to deploy their applications onto the Mixin network. Since normal users of XIN do not pay for transaction fees, developers of DApps on the network can choose to charge users that utilize their own applications. API calls on the platform are charged XIN in order to be executed as well. Meanwhile, XIN fees are sequentially burned to proliferate the value of the XIN tokens.
In relation to accounts and security management, Mixin has taken consideration of the aggravations that worry many blockchain users and affect their user experience on various platforms. The majority of occupied blockchain networks operate on a system that is complex and hard to understand for users that are new into the system. Convoluted hash addresses have been substituted with phone numbers, verification codes and 6-digit PINS to help in recalling account details. Mixin is also working on integrating touch and face ID for mobile phone users.
The Mixin network also possesses fast transaction speeds. It also offers the capacity to deploy smart-contracts. It supports other decentralized apps, i.e. decentralized applications which were developed on different blockchains, could as well run on the Mixin blockchain.
Problems of the current Blockchain networks
As with any technology comes challenges, and the blockchain is not left out as problems such as the speed of transactions, ease of use of cryptography, etc., keep plaguing the system.
Here are some of the problems:
Problem of high entry threshold; despite the fact that developers might know several programming languages, it does not necessarily connote that they can simply develop decentralized applications for any blockchain platform. This turns out to be really annoying for ordinary and business users.
No flexibility; the existing blockchain platforms operate independently from each other as you cannot create cross platform apps for different blockchains. This leads to added uneasiness when using them. For instance, if a developer creates a Dapp for one blockchain platform, it won’t be able to run on another platform.
Many blockchains still make use ineffectual consensus algorithms such as Proof of Work (PoW) for their blockchains to function. lately, there has been the trend to change over to Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) consensus algorithms and their amendments, but they are not yet perfect as they possess more cons than pros.
Developers believe that, the limiting of blockchain platforms to just personal computers somewhat reduces the potential audience. In spite of the extensive computerization, a significant amount of people do not own a personal computer. At one fell swoop, they may even exploit the cryptocurrency, if they are given the chance.
There is also the problem of low bandwidth; the number of transactions that can be handled by Ethereum blockchain is 21 per second, as a result of this, a significant amount of user activity can temporally cripple the network as we have seen in the past. This problem could be solved, but most times it’s better to develop the network from scratch so they are no issues with scalability.
This is also the issue of complexity for newbies who do not understand how to use crypto wallets, and how to work with public and private keys. Due to the complexity of this, the user might just prefer to use the traditional currency that he is used to, to carry out his transactions.
Solutions Mixin offers
The entry threshold is lowered due to the platform’s support for several programming languages. This would therefore guarantee a smooth switch from other blockchain platforms.
Mixin provides flexibility to the blockchain space as it provides support for Dapps built on other platforms, on its own blockchain.
Mixin utilizes the asynchronous BFT consensus algorithm. The significance of this algorithm is that the functioning of the network will be dependent on only on a select group of nodes known as validators or full nodes. These validators will distribute information to other nodes and their decisions cannot be challenged. This consensus algorithm is currently in use in Ripple and Stellar and so far has proved to be really proficient.
In Mixin, the nodes on the network are not personal computers, but rather smartphones. Presently, smartphones are much more available than PCs, so this methodology delivers coverage to a more extensive reach. It is not necessary to save the entirety of the blockchain on the phone, the BTF consensus algorithm does not need this. The needed calculations will be performed precisely on the node, i.e., smartphone, and then conveyed to the network.
Addition of new nodes to the network will not decrease the network bandwidth in any case. The calculations are carried out by the node itself, not the whole network, so there are no limits in terms of scalability.
Users do not necessary need to waste time making use of keys on the Mixin platform. Users can gain access into their accounts by using a pin code they would have entered in while registering on the platform.
Mixin Token
XIN provides accessibility to a wide range of services, such as full node provisioning, decentralized application creation, and API calls.
Total Supply is 1 000 000 XIN.
Circulating Supply ~ 443 645 XIN.
Market Cap - $61 699 557 USD
You can check XIN Coinmarketcap.com
Team details
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Conclusion
In summary Mixin provides for blockchain supporters advantages such as security within a trusted execution environment, inter-blockchain communication proficiencies, and its mobile and PIN-based identity system. Its state-of-the-art messenger service is Mixin’s official first DApp on their ecosystem. It is a very remarkable concept behind this blockchain model, this project deserves some accolades.
To get more information about this simply unique project, feel free to visit these useful links:
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/
Author's details: https://bitcointalk.org/index.php?action=profile;u=1817986