Mixin Network – New Generation Transaction Network
Most modern cryptocurrencies do not pay enough attention to the speed of transactions or the principle of convenient use of currency. It should also be noted that cryptocurrencies exist separately for each other, a decentralized application created for the development of one platform will not work for any other. Using inefficient consensus algorithms such as PoW, even PoS, DPoS, is also not perfect.
All of the above problems eliminates the cryptocurrency Mixin, we will talk about it today.
Conception of the Mixin Network
Mixin Network is a high-speed peer-to-peer transaction network for crypto assets. It is designed to solve blockchain scalability.
It should be noted that Mixin is the project itself and the name of the blockchain, or, in other words, it is a public blockchain, and Mixin Network is that peer-to-peer transactional network for digital assets. The platform distributes a gateway solution with embedded smart contracts, which greatly simplifies the instant and secure transfer of cryptocurrency assets.
Key features of the platform:
- Secure. The Kernel BFT consensus is secured by a strict punitive PoS. If a kernel node is determined to be an attacker, all its collateral will be recycled into the mining pool.
- Instant. Low latency matters. The Mixin DAG equipped with aBFT gives Mixin Network > 1,000,000,000,000 TPS capacity with a final confirmation time of under 1 second. A loose mesh topology made up of kernel nodes are responsible for transaction validations and persistence. Unlike blockchain, there are no ‘blocks’ in Mixin Kernel, all transactions will be broadcasted at an exponentially increased speed.
- Private. Mixin Kernel utilizes the UTXO model of Bitcoin to handle transactions. The CryptoNote one-time derivation algorithm is also used to improve privacy as there are no address reuse issues that come with it.
- Powerful. Mixin Network has already connected with the top 12 main blockchains, such as BTC, BCH, ETH, EOS, ETC, SC, XRP, XEM, DOGE, DASH, ZEC and LTC, it also supports to deposit and withdrawal more than 49,500 cryptocurrencies. Mixin Network doesn’t support smart contract yet, but there will be a similar solution soon.
As a result, it should be noted that the development team are really professionals in their field. They have created and developed a quality product that is unique today.
The team proposed the Mixin Network as a multi-layer distributed network. The core layer (Mixin Kernel) is a highly distributed transactional network designed according to the ABFT directed acyclic graph. The Mixin Domains layer is quite extensible without any overhead to the Mixin Kernel performance. They also have a thorough security proof that when managing external blockchain assets, Mixin is secure for daily usage compared to almost any existing cold storage solutions. The most important thing is that Mixin isn’t inventing any new things, and all technologies described in this paper have been used as modules in existing mature projects.
Source of information
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1756728
My Ethereum wallet address: 0x495A548499e336311Dec1219b9Fa34df00769c13