Mixin Network – A Faster Network to Conduct Purely Decentralized Transactions
INTRODUCTION
Deep observation of evolution in the crypto community leaves no doubt in the minds of analysts that the issue faced therein was inaugurated by Bitcoin. Since its development ten years ago under the auspices of a Satoshi Nakamoto-formulated blockchain technology, digital currencies that are being unveiled are tilting heads towards reshaping Bitcoin.
Perhaps Bitcoin is looked upon as savior and its first spot standing on market capitalization leaves no doubt that it leads the way. Hence, these coins’ formulation of policies to reform Bitcoin’s downsides was meant to place the coin for better tidings.
Mixin Network might pass for another cryptocurrency joining the array of Bitcoin-hedgers but surprisingly, it is rather interested in making the chain network buoyant. There are tons of platforms out there hosting many digital assets with many of these trying to outshine the other. Mixin is of the opinion that a united chain network is all that is needed to attain scalability in decentralized transactions.
The Lighting Network
Before now, some blockchain developers have taken long walk from traditional use of chain networks in facilitating transactions much more than Bitcoin.
They instead settled for the Lighting Network.
Though the term sounds strange, it is a devised means of going about decentralized transactions especially on Bitcoin without making changes to its code. The Mixin Network is therefore using the lighting network in implementing peer transactions for digital assets.
Mixin Kernel
The platform is also looking at alternate ways of scaling transactions and amidst other solutions; it had developed a new way to transact digital assets on the platform and on the blockchain in general.
The Mixin Kernel is touted solution that would bring unity among tons of disparate chain networks in addition to offering real-time transaction throughput. In isolation, the Mixin Kernel will not burden itself with asset creation as is the case in most platforms. It instead verifies assets that have been pushed forward from the Mixin Domain. Mixin Kernel is banking on the distributed ledger as its means of validating assets before they can be traded.
Mixin Domain
The domain serves as pipeline that connects assets to the kernel. Haven fostered interactions across multiple platforms; Mixin moves on to accept assets into its domain. Though its synergy with the kernel gives it the upper hand in controlling assets that are to be admitted on the platform, the duo of Mixin Domain and Kernel do not exhibit centralized governance.
The blockchain zone is the core platform controlling transactions on the ecosystem. The only thing to take out of the two is their synergy in accepting and validating assets and aside this, they are not unified in any way but function disparately.
Domain Extension
The last feature in Mixin’ solutions is the Mixin Domain Extension that was developed as calls to replace Ethereum’s functionality became intense. It would take over from the mono-faceted Ethereum hardware structure and replaces same with single computational unit that is touted as being fast than Ethereum’s smart contracts.
The Mixin Messenger
The Mixin Messenger is a Decentralised Application (d'App) built on the Mixin Network, to learn more about it, check out the Introductory Videos below by one of the Mixin Team.
OceanOne
OceanOne is a Decentralised exchange that utilizes the Mixin Network and it is quite unique and different from other exchanges because unlike others where you have to log in with your private key, in OceanOne all you need to access the Decentralised exchange is your phone Number. Check out the video below to learn how to trade in OceanOne.
Conclusion
In a nutshell, the Mixin Domain Extension can best be described as better variant to Ethereum’s smart contracts and its premise on the Trusted Execution Environment (TEE) created avenue for scalable transactions. In other words, Mixin is the future of Blockchain.
There are over a dozen decentralised Apps (d'App) built on the Mixin Network, they all collectively form the Mixin Network’s DApp ecosystem.
Mixin Testnet has been released on the 30th of September and after a series of testing, here are the highlights of the progress so far:
Implemented the BFT-DAG transaction verification function
The Mixin Testnet Reached 10,000+ TPS in 7 global nodes
Transactions were confirmed in 100s of milliseconds
Total transactions in Mixin are over 100 million now
Supporting about 12 blockchains
Supporting over 40,000 Cryptocurrencies
Zero Fees
Powerful transaction Network.
To Learn More About Mixin, Check Out The Links Below:
Website: https://mixin.one
Whitepaper: https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf
Explorer:** https://mixin.one/snapshots
Twitter: https://twitter.com/Mixin_Network
Medium: https://medium.com/mixinnetwork
Github: https://github.com/MixinNetwork
AUTHOR'S DETAILS
Bitcointalk Username: Sojim
Author's Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2301505
Ethereum Wallet Address: 0x5efc1A3840D2355131c07EbBC403ad1bE87C5A8f