The blockchain ecosystem is in desperate need of a solution to solve its scalability problem. Today, dozens of Blockchains exist for people to securely purchase, store, and transfer cryptocurrencies. However, many of these Blockchains are incapable of achieving faster transaction speeds without compromising security or decentralization.
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.
A public chain Mixin Network
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.
For Bitcoin, Ethereum, and other blockchain assets to connect to the Mixin kernel, they have to utilize the Mixin Domain.
As previously described, the Mixin Domain is essentially a bridge that uses system calls to communicate between the asset and the Kernel.
First, a Mixin public key is produced to connect with the domain, and then the digital asset produces its own unique public key to connect with the Kernel.
If for example, a user wants to send funds from their ETH wallet to the Mixin network, the domain will create a transaction to the Mixin public key, and the Mixin kernel will verify the ETH transaction.
For privacy, the Mixin kernel uses a 1-time key generation algorithm, which allows the system to generate a ‘ghost address’ that can be discarded after every transaction a user makes.
The Mixin domain extension facilitates the creation of smart contracts from a user’s laptop, iPhone or another type of computational unit. These smart contracts will be verifiable by the Mixin Kernel and designed to be more robust than those currently offered on the Ethereum blockchain.
A digital wallet + Mixin Messenger App
The base structure provided by the Mixin Kernel and supporting domain ledgers enables the Mixin Network to build a scalable and highly secure messenger application. On the Mixin messenger app, users make lightning-fast peer-to-peer crypto transfers to contacts both inside and outside of the network. The app, featuring a digital wallet, is available in the Google or Apple store.
The Mixin messenger app is further enhanced with a series of bots that automate important functions and provide additional information and entertainment. The Bots are capable of automating Transactions, providing, News and Information, games, and AI chat functionality.
Decentralized exchange ‘Ocean.ONE’
The 3rd layer of the Mixin Network is the one the team hopes will help propel them to the center stage of cryptocurrency adoption. The Mixin Network is building a decentralized exchange called Ocean.ONE.
Ocean.ONE is claiming to offer the first decentralized exchange that provides the same user experience as a centralized one. The exchange will accept all assets in the Mixin Network as base currencies, including Bitcoin and Tether (USDT). The exchange will offer standard features like order matching, market data, bids, etc. Taker fees will be 0.1%, and maker fees will be 0%.
The XIN Token
XIN tokens are the main token used in the network. Like Bitcoin and Ethereum, the token is paid to those who support the network by validating transactions.
- Current price: ~$507
- Market Cap: $231million (rank #45)
- Token Sale Date: Nov 25 ~ Dec 25 2017
- Total Supply: 1,000,000
- Circulating Supply: 438,154
- Market Cap: $231million (rank #45)
The Mixin Network also connects to different Dapps using API calls. These Dapps pay the network in XIN tokens based on the amount of resources the Dapp consumes. Currently, Mixin welcomes more developers to build Dapps in the Mixin ecosystems.
The Mixin Kernel distributed ledger uses a proof of stake consensus protocol. Kernel Nodes must stake at least 10,000 XIN as collateral to validate transactions on the Kernel distributed ledger.
The Mixin Network team consists of experienced developers who have worked in the blockchain and tech space for many years, and have 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
Xiaolai (IN Blockchain Partner)
Lao Mao (IN Blockchain Partner)
Yonghao Lou (CEO of Smartisan)
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
- Accumulated transaction volume is over 4.3M
- Market cap at top 50 globally (around 50 on Coinmarketcap)
- Byzantine fault tolerant security
- Trusted Execution Environment (TEE) is used to re-enforce security and boost transaction times by eliminating network latency
- Ghost address generation enhances user privacy when transferring funds
- Messenger application enables lightning-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
- 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.
Overall, the Mixin Network is an ambitious project that is aiming to solve the fundamental problem of blockchain scalability and cross chain functionality. Despite operating in a competitive space, the company’s multilayered infrastructure provides unique value to everyone from developers to traders and casual cryptocurrency users.
If their developer community continues to expand and the company builds strategic partnerships, I believe the Mixin Network will play a significant role in crypto’s journey to mainstream adoption.
Source: Crypto Potato