TIME TO PAY ATTENTION TO MIXIN NETWORK

rucy (28)in #mixinnetwork • 6 years ago

Introduction
Mixin, a peer-to-peer transactional network for digital assets, is a blockchain which aims to tackle the problems or shortcomings associated with most cryptocurrencies especially bitcoin while bridging the gaps among all cryptocurrencies. Digital management of resources in the form of cryptocurrency/blockchain was introduced mainly to liberate the economy from the hands of few individuals and improve it, however, each system comes with its own weakness and some common problems/weakness associated with most cryptocurrency or blockchains are slow transaction, high cost of transaction, inadequate transaction capacity, slow confirmation of transaction and hacking/frauding, just to mention a few, and Mixin has stepped in to correct these weaknesses of cryptocurrency or blockchain. How?

THE MEASURES THAT MIXIN NETWORK HAS IN PLACE TO CORRECT THE WEAKNESSES OF CRYPTOCURRENCY AND BLOCKCHAIN

A byzantine system of security is one of the defining characteristics of Mixin and makes it stand out among other crypotcurrencies and blockchain. A strong security characterizes a good transaction platform and Mixin steps in to ensure secure and safe transactions which are almost impossible to be hacked or leaked. Mixin uses ghost address and ghost output, which is a CryptoNote[0] to conduct transactions on its platform. The ghost addresses can only be decrypted by the receiver of the address and can never be reused by anyone on the platform. This is one of the vast measures to ensured secured and safe transactions on the Mixin platform. Another astonishing feature of the platform is that in order to prevent transaction from being controlled by a centralized body, the Mixin Kernel which is the main component of Mixin, can be booted by at least seven nodes. A node is like a key to a door and to prevent one person from controlling the door (Mixin Kernel) based on his/her preference, the door (Mixin kernel) needs at least seven keys (nodes) to open it. Also, within each node is a special topology which confirms or validate transactions and transaction persistence. This feature has been enshrined in the nodes fosters security about transactions on Mixin platform.

Mixin bridges the gap among other cryptocurrencies by allowing contracts carried out by other blockchain/cryptocurrencies platform to be carried on its platform through the Mixin domain. The domain provides assets which may be on Ethereum, Bitcoin or other blockchain, to the Mixin kernel. The Kernel verifies and validates assets on the domain and the Kernel itself serves as a component of the domain. As a result, the kernel serves as verification or validation point for contracts from different blockchains in the form of assets which are made available on Mixin platform. Based on this wonderful feature, users from the platforms of different blochains are able to interact with each other in terms of contract offering or procurement of assets.

A smartcontract, a contract whose terms and conditions are carried out and ensured by an automated system, is also available on Mixin platform through domain extension. Domain extension is a program which run in Domain Virtual Machine and secured by Secure Enclave in Intel SGX. A smartcontract cannot be compromised by anyone once it is initiated on the Mixin platform. Smart contracts which run on Mixin platform communicate directly with trusted external forces and this limit the issue of intermediaries and their effects on transactions.

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ROADMAP

TOKEN ECONOMY

Mixin Network has brought about a token (XIN) economy to be used in its ecosystem. The token comes with some important benefits. The token grants a holder future access to all assets under management of Mixin Network. Investors can get some of the tokens either by buying them from the Global Reit fund manager or the open market.