Cryptocurrencies and Blockchain have received a great deal of attention in the past few years. However, software development in this field is hard for many. Most Blockchain platforms are currently working on the distribution concerns but they are unable to increase the speed of transactions and private keys are also lost due to mismanagement. Hence, these platforms are not good enough to be deployed on devices like mobile phones.
In spite of Blockchain’s continuous struggles, consensus mechanism is unable to work properly. A new cryptocurrency named Mixin has arrived on the horizon and delivered a solution to tackle this problem.
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
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.
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.
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.
Mixin network provides several key applications for people and its efficiency to unite all the Blockchains is impressive. Moreover, the work that Mixin team has done in the messaging area deserves to be applauded. Thus, we believe Mixin has the potential to create huge waves in the crypto space.