The System That Works
Mixin network is a multilevel system with the main purpose to get rid of bitcoin network system cons. Due to the complex multilevel system he Mixin Kernel Network has many advantages, let’s speak about them.
About the network working
It consists of the central kernel, domains and domain extensions, every part executes certain functions. The main thing that the central kernel do is verifying asset transactions. It is worth noting that the Mixin Kernel is a decentralized network like a whole Bitcoin system. It uses a directed acyclic graph technology for scaling transactions of digital assets.
The graph like this is a structure consisting of nodes connected nonlinearly. In the system that uses DAG, all information transfers simultaneously between many nodes by so-called gossip protocol. It allows achieving agreement about current transaction quicker than in other systems.
Domains transmit assets to the centre and domain extensions contain trusted apps and smart contracts of different blockchains.
Domain extensions are used for committing smart contracts using only one device, for instance, a computer or a smartphone.
The network uses a token called XIN. Tokens are used like with Bitcoin or Ethereum, you can get tokens for maintenance of the system by committing transaction validation. The tokens also used for a guarantee in case of adding new node addition.
For providing privacy there is using an algorithm of disposable key generation, which allows the system to create ghost addresses, which is suitable only for one transaction committing.
Mixin system can get very big bandwidth near 1 billion transactions per second and these transactions don’t demand any fee. The network provides their own messenger for creating transactions that are very convenient nowadays.
Consensus Protocol
The Kernel uses special consensus protocol named proof-of-stake. Nodes for Kernel must provide at least 10000 XIN for the right to carry out transaction verifying in distributed in Mixing Kernel.
Advantages of Mixin System
• Protecting from Byzantine attacks;
• Ghost addresses increase user privacy in during of transactions;
• The specialized messenger is used to make a super quick transaction within the network and user contacts
• The isolated execution environment is used for increasing safety level;
• The members of the team are well-known developers, also the project has well-known investors;
• All transactions within Mixin Network are free of fee;
• Mixin provides infrastructure for developing decentralized apps working with different blockchains.
Conclusion
The Mixin network is a good system for those who are tired from cons of the bitcoin system. The price for joining is about 130 dollars, so if you are interested in new technologies, we recommend you to try it.
💡 Website: https://mixin.one/
📃 Whitepaper: https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf
💠Telegram: https://t.me/MixinCommunity
✅Author Freighton: https://bitcointalk.org/index.php?action=profile;u=1351292