MIXIN – A Free & Lightning Fast P2P Transactional Network for Digital Assets

oluw1 (36)in #blockchain • 5 years ago (edited)

Bitcoin has set another phase for the administration of financial resources and assets. It has set another phase for computerized transactions and screen how assets and resources which has consummately fit into the job of reasonable distribution of assets which has been in the domain of few for quite a long time of years.

As of now both the developers and the general population are not by any means battling with the thought behind Bitcoin and its underlying blockchain technology the manner in which individuals are against it at the beginning of its advancement. Those utilizing Bitcoin and other Cryptocurrency keep on expanding each day.

Sadly, Bitcoin network did not prepare for this continue growing adoption and it makes it suffer some set backs due to its lack of capacity to serve this numerous numbers of its users. The most notable of these set backs are low transactions speed, insufficient capacity and high cost of transaction.

Due to unyielding nature of Bitcoin blockchain protocol, settling a portion of its specialized defects appear to be unthinkable and as opposed to giving aggregate solutions to the first Bitcoin project, most developers made new projects with various enhanced blockchain protocol with different features that makes them better than Bitcoin network .

In compliance with common decency, some impassioned adherents of Bitcoin keeps on working in enhancing Bitcoin network with various great suggestions. The most special among them is Lightning Network which is a methodology of building micropayment systems on Bitcoin protocol without altering the first code of the network.

Another intriguing suggestion is the Liquid project from BlockStream which is a united and two-sided pegged sidechain close by Bitcoin blockchain.

The above two suggestions doesn't meddle with Bitcoin network or forfeit the security and distributed nature of Bitcoin blockchain protocol.

In this my review, I will expound on an interesting recommendation that can engages all the mainstream open blockchain protocols without meddling with their natural highlights. The name of this solution is Mixin. It isn't tied in with making another Cryptocurrency or being a contender to any notable blockchain protocols. Mixin is like Lightning Network and Liquid solutions.

Mixin is an open distributed ledger that enable any open distributed ledgers to increase trillions of TPS, sub second last affirmation, zero exchange expense, upgraded protection and boundless extensibility.

Mixin is comprised of a solitary hypothetically perpetual Kernel, numerous unique Domains and distinctive multi-use Domain Extensions which is utilized to make broadened star topology.

Mixin Kernel is a superior blockchain protocol with just a single obligation of confirming transactions of various digital assets and the single changeless Mixin Kernel is likewise a distributed network like Bitcoin. In spite of the fact that the capacity of Mixin Kernel is to confirm resources, the Kernel itself does not create any advantages and resources through the Kernel by Mixin Domains.

How It Works

Every Domain is additionally a distributed ledger which work as a supplier of advantages for the Mixin Kernel. These assets maybe Bitcoin, Monero, Waves or some other blockchain protocols and even a concentrated budgetary establishments resource like that of banks.

In spite of the fact that every Domain of Mixin is a segment that distribute resources for Mixin Kernel, the Kernel itself is likewise part of the Mixin Domain which check and control its assets and not at all like most existing solutions, Mixin Domains and Kernel are on the whole freely irrefutable distributed ledgers which isn't been controlled by any focal expert.

Mixin Network DApps

Mixin Messenger is the first DApps based on Mixin Network. It demonstrates the likelihood of building decentralized applications on Mixin Network by developers outside Mixin project team. It is a mobile chatting application like Wechat and Telegram which can be utilized for talking and furthermore fills in as wallet for Mixin XIN token.

This DApp is downloadable on playstore for Android users and Apple store for iOS users. It has the element of executing superior distributed transactions between Mixin contacts.

Scalability isn't an issue with Mixin Network since it can perform one billion transactions for every second (TPS) with zero exchange cost and it additionally a Cross-chain network for the improvement of decentralized applications.

Another Dapps that was built by Mixin team on the network is decentralized exchange which is called OceanONE, this exchange have many enhanced features that makes better than all known decentralized exchanges. By building Dapps on the network, Mixin has also proven to third-party developers that their solution is working and they can also used it build decentralized applications in different fields of human endeavor.

XIN Token

The main token that powers the activity of Mixin Network is XIN token. This token goes about as the insurance for full nodes, expense for production of Dapps and API calls.

10,000 worth of XIN token is expected to join the full nodes of the network and making of DApp will require a one expense of XIN which will be dictated by the assets the DApp professed to devour.

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

50,000 XIN was distributed to early Mixin Messenger users.

50,000 held for the developers team and the remaining 500,000 XIN token will be motivating forces for all Mixin full nodes and light nodes stakers.

Conclusion

Mixin Network proposed a solution that will unravels the issue of poor transactions speed of all open distributed ledgers like Bitcoin and others. Mixin isn't only a whitepaper project, they have demonstrated their ability with associations with Bitcoin and network and numerous others understood blockchain networks. The platform likewise have effectively working Dapps which incorporates Mixin Messenger and Ocean decentralized digital exchange.