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Wednesday, October 3, 2018

MIXIN - Networks That Can Connect All Blockchains


Hello everyone in this article I will present an interesting ICO analysis, called Mixin, based on the following criteria:

What is Mixin?

Mixin is a network that can connect all the Blockchains. It is powered by Directed Acyclic Graph (DAG) like Iota. In DAG, there are no blocks like Blockchain and each transaction has Proof of Work. Mixin also supports a mechanism Byzantine Fault Tolerance (BFT). With BFT, if any node fails in the Mixin network, then it will not cause any impact on other nodes.

Mixin’s objectives are the following:
  • Trusted full nodes in which there are stability and clarity for data.
  • Transactions will be free
  • A high amount of data can travel through the network in a short time
  • A platform on which other Blockchains can be connected
  • Transactions will be non-deterministic which means they will not follow a certain pre-defined process and will have the ability to be dynamic according to the situation
  • A PIN code will be used as a unique digital signature
  • Messages between users will be encrypted through cryptographic algorithms
  • Developers can easily program through the support of popular programming languages
Encrypted Messaging
In chats, involving two users or group chats, the key of the sender runs on Signal protocol. This protocol does not work on the traditional client-server model. Instead, it is solely based on a client model. In this model, the server only serves as an agent to transfer the messages. The messages send through Mixin’s platform are highly secure and cannot be checked by any node on Mixin’s network.

These messages can be in any form like text, videos photos or in any file format. They are encrypted with cryptographic algorithms. When a user will receive a message and read it, Mixin’s network will delete any data related to that message from its server.

How Mixin works

The project’s official website describes Mixin as a “TEE powered BFT-DAG network that connects all existing blockchains with unlimited throughput.” Built on the Byzantine Fault Tolerance-DAG (directed acyclic graph) protocol, Mixin is an inter-blockchain communication protocol to connect all popular blockchain networks.

It offers a messenger service that people can use to transfer all cryptocurrencies with end-to-end encryption. Using the Mixin mobile app, which will be available for both Android and iOS devices, you can transfer any cryptocurrency to anyone simply by using their phone number, even if they are not a Mixin user. All messages are encrypted with the Signal protocol.

It offers an account management solution that’s based on a phone verification code and six-digit PIN number, removing the need to remember complicated usernames, passwords and private keys. Mixin will also eventually allow users to develop cross-chain dapps.

PIN Code
Other than performance issues, there are other reasons that are causing Blockchain’s slow adoption. One of them is the “identity” one. Each Blockchain provides its user with uniqueness through a unique digital signature known as a private key. These keys are too complex and long to remember in comparison to common passwords of social media websites like Facebook or Twitter.

Mixin has solved this puzzle by introducing an extremely simple solution. Mixin’s safe network will provide its user with a six-digit PIN code so they can easily it for authorization. With only six digits to type, this solution is even easier than the conventional username password solution and also grants the user more security than the traditional websites.

XIN
Each cryptocurrency ecosystem has its own token that serves as its fuel. Similarly, Mixin’s has its own token, XIN. XIN is employed in various activities in Mixin’s network including the making of a Dapp, nodes and API related activities. In order to associate with Mixin’s network as a node, it is necessary to commit 10,000 XIN to establish trust in the network.

Different APIs in Mixin’s network, utilize XIN as a resource and consume it according to their tasks. Moreover, when you will create a Dapp on Mixin’s network, it will require some XIN. The total supply of Mixin is 1 million out of which more than 400,000 tokens have been issued by Mixin’s team. 500,000 remaining XIN are kept for future projects. The remaining 50,000 are kept for the developers

Conclusion
We have 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.

We 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.

The Mixin Messenger app has proved that this paper is feasible to be implemented in real world, unlike most other projects that have beautiful new theories but no evidence that their work can actually be implemented in the real world.

You can find out more about the platform or participate in their crowd sales through the following links:


Bitcointalk username: Aray80

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