Mixin is a network that can connect all the Blockchains.
Cryptocurrencies and Blockchain have received a great deal of attention in the past few years. However, software development in this field is hard for many. Most Blockchain platforms are currently working on the distribution concerns but they are unable to increase the speed of transactions and private keys are also lost due to mismanagement. Hence, these platforms are not good enough to be deployed on devices like mobile phones.
In spite of Blockchain’s continuous struggles, consensus mechanism is unable to work properly. A new cryptocurrency named Mixin has arrived on the horizon and delivered a solution to tackle this problem.
In order to achieve cross chain functionality and scalability, Mixin has developed a network of distributed ledgers that function under a directed acyclic graph design (or DAG).
A DAG is a uniquely designed mechanism for distributed ledger nodes to achieve consensus. Unlike blockchains, which relay information in a linear pattern (from one block to the next), a DAG uses a ‘gossip protocol’ to disperse information randomly between multiple nodes, allowing consensus on transactions to be achieved faster.
The Mixin network consists of many supporting ledgers called ‘domains’ and ‘domain extensions’. At the center of these domain ledgers is the ‘Kernel’, which is the core ledger.
Each type of ledger serves a unique purpose within the Mixin Network:
- Domains act as a gateway for assets like Bitcoin, Ethereum, other Blockchains, and even central bank fiat currencies to feed into the Kernel.
- Domain extensions store smart contracts and trusted application data from Blockchains like Ethereum, EOS, etc.
- The Kernel functions as the command center for Domain and Domain extension distributed ledgers. Its main function is to provide faster verification for digital asset transactions via the DAG and ‘gossip consensus’ protocol.
To solve this problem, the Mixin Network is creating a cross?chain solution that consists of three core features:
- A public chain Mixin Network
- A digital wallet + Mixin Messenger App
- A Decentralized exchange called ‘Ocean.ONE’
With the provision of these features, the Mixin Network is aiming to be more than just another public blockchain. It’s also aiming to be a solution that enhances the entire blockchain ecosystem.
Encrypted Messaging
In chats, involving two users or group chats, the key of the sender runs on Signal protocol. This protocol does not work on the traditional client-server model. Instead, it is solely based on a client model. In this model, the server only serves as an agent to transfer the messages. The messages send through Mixin’s platform are highly secure and cannot be checked by any node on Mixin’s network.
PIN Code
Other than performance issues, there are other reasons that are causing Blockchain’s slow adoption. One of them is the “identity” one. Each Blockchain provides its user with uniqueness through a unique digital signature known as a private key. These keys are too complex and long to remember in comparison to common passwords of social media websites like Facebook or Twitter.
Mixin has solved this puzzle by introducing an extremely simple solution. Mixin’s safe network will provide its user with a six-digit PIN code so they can easily it for authorization. With only six digits to type, this solution is even easier than the conventional username password solution and also grants the user more security than the traditional websites.
XIN
Each cryptocurrency ecosystem has its own token that serves as its fuel. Similarly, Mixin’s has its own token, XIN. XIN is employed in various activities in Mixin’s network including the making of a Dapp, nodes and API related activities. In order to associate with Mixin’s network as a node, it is necessary to commit 10,000 XIN to establish trust in the network.
Different APIs in Mixin’s network, utilize XIN as a resource and consume it according to their tasks. Moreover, when you will create a Dapp on Mixin’s network, it will require some XIN. The total supply of Mixin is 1 million out of which more than 400,000 tokens have been issued by Mixin’s team. 500,000 remaining XIN are kept for future projects. The remaining 50,000 are kept for the developers.
Mixin Messenger also provides a series of Bots created by a community of developers to automate certain functionally for users:
For Transactions:
· Red Envelop (Red Pocket): Gamification bot for winning tokens in a group chat.
· Assistant (Group Chat Admin): A group owner can invite this bot to join their group chat, and decide the conditions for all members. For example; the group member should have 20 XIN on their account.
· Exin (OTC, Exchange): Users buy cryptocurrencies OTC (over the counter) and the bot provides several trading pairs, for example: BTC/USDT, ETH/USDT, XIN/BTC, etc.
· Coin Exchange: Comes in 2 parts: paid question and coin exchange. Paid question section shows several valued questions, and people have to pay to check the answers. The exchange section is a small and simple crypto exchange on the Mixin network.
For News and Information:
· Mixin Log: This is the official channel to post development log or news about Mixin, etc.
· Hacker News: Hacker News is a news channel belongs to Y-Combinator. Delivers interesting news automatically.
· IMEOS (fresh updates): The bot connects IMEOS, the first media portal about EOS, and it also reports worldwide blockchain news, EOS marketing data, etc.
· Bot (Bishijie News Fresh Update): The bot links a famous blockchain media named Bi Shi Jie. It sends the news from the official site to Mixin.
Gaming:
· Virtual American Roulette: Decides what kind of token, how much you bet and which color or number you choose. Players send these orders to the bot, pay the bot, and then you receive the results immediately.
AI/Chat Bot:
· MX (Virtual Friend): A virtual girl named Xiaobing who you can communicate with users like a real human.
Team
The Mixin Network team consists of experienced developers who have worked in the blockchain and tech space for many years and produced a variety of unique multimedia apps. Overall the team has 20 members who are based in China and Japan.
Cedric Fung — CEO — Blockchain Architect of Asia’s top emerging exchange BigONE, Co-Founder of Yixia.com, China’s video ecosystem leader with products including Miaopai short video app, Xiaokaxiu dubsmash app and Yizhibo live stream app
Danna Li — COO — Earliest blockchain adopter, former 8BTC Columnist, Bitmain Investment Lead, INBlockchain core team member and BigONE Operation Lead
Crossle Song — CTO — Former Yixia.com Technology Lead, Vitamio SDK Architecture Lead, seasoned Android and iOS developer
Oven Tang — Product Lead — Developer of Miaopai, China’s leading video app with 300M users
Investors
Xiaolai (IN Blockchain Partner)
Lao Mao (IN Blockchain Partner)
Yonghao Lou (CEO of Smartisan)
Roadmap
2018 mid July — Debut of Mixin Exchange
2018 September — Mainnet beta launch
2019 February — Mainnet launch
Community Development Plan
2018 early July — Mixin Developer Hackathon
2018 July 7–9 Hack Summit
Pros:
- Byzantine fault tolerant security
- Trusted Execution Environment (TEE) is used to reenforce security and boost transaction times by eliminating network latency
- Ghost address generation enhances user privacy when transferring funds
- Messenger application enables lightening fast peer-to-peer transactions between contacts
- Provides an infrastructure for cross chain Dapp development.
- Strong technical team
- 40,000 daily active users who store assets valued at over $100 million
Challenges
- Mixin faces stiff competition from other blockchain protocols like EOS, ICON, NEO, etc. These protocols are all trying to achieve the most scalable solution. However, Mixin has the advantage of offering a network that enhances the transaction speed, security and privacy of all digital assets belonging to these Blockchains.
Mixin network provides several key applications for people and its efficiency to unite all the Blockchains is impressive. Moreover, the work that Mixin team has done in the messaging area deserves to be applauded. Thus, we believe Mixin has the potential to create huge waves in the crypto space.
Check out the Mixin whitepaper