Distributed Ledger Technology
includes blockchain technologies and smart contracts. While distributed ledgers
existed prior to Bitcoin, the Bitcoin blockchain marks the convergence of a
host of technologies, including time-stamping of transactions, Peer-to-Peer
(P2P) networks, cryptography, and shared computational power, along with a new
consensus algorithm.
Cryptography has a key
role to play both in the security, as well as in the immutability of the
transactions recorded on blockchains. Cryptography is the study of the
techniques used to allow secure communication between different parties and to
ensure the authenticity and immutability of the data being communicated. For
blockchain technologies, cryptography is used to prove that a transaction was
created by the right person. It is also used to link transactions into a block
in a tamper-proof way, as well as create the links between blocks, to form a
blockchain. As the challenge of Blockchain scalability continues to handicap
cryptocurrencies ascension to mainstream adoption, an industry wide arms race
has been launched to produce a distributed ledger capable of achieving faster
transaction speeds without compromising security or decentralization.
The Mixin Network brings to market a multilayered platform built
to enhance the speed, privacy and security of transactions between digital
assets across multiple distributed ledgers.
Mixin provides a messenger
app — ‘Mixin Messenger’, where users can store cryptocurrencies in their
wallet, and perform lightening fast peer-to-peer transactions between contacts.
Developers can also build new Dapps on top of the Mixin Networks
infrastructure.
With bold claims of over a
billion transactions per second, 0% transaction fees, and an infrastructure for
cross chain Dapp development; Mixin is positioning itself to be the dominant
solution to the blockchain scalability problem.
The Mixin Kernel distributed ledger uses a proof of stake
consensus protocol. Kernel Nodes stake at least 10,000 XIN as collateral in
exchange for the ability to validate transactions on the Kernel distributed
ledger.
Each Mixin Kernel Node represents 10,000 XIN, which is approximate
2% of the network stake. The Kernel can only operate with at least 7 nodes
joined, which is about 15% of the whole networks stake.
Privacy
For privacy, Mixin kernel uses a 1-time key generation algorithm,
which allows the system to generate a ‘ghost address’ that can be discarded
after each transaction a user makes.
Mixin Domain
The Mixin domain communicates with the kernel via system calls.
In order for an external asset (from the Bitcoin blockchain for
example) to become associated with the Mixin kernel, a Mixin public key is
first produced to connect with the domain, and then an asset specific public
key (i.e a Bitcoin public key) is produced to connect the asset to the Mixin
Kernel. If someone wants to send funds from their Bitcoin wallet to the Mixin
network, the domain will create a transaction to the Mixin public key, and the
Mixin kernel will verify the transaction.
Mixin Domain Extension
The Mixin domain extensions enable users to setup ‘smart
contracts’ from a single computational unit (i.e your laptop or iPhone). These
smart contracts are higher performing and more robust than those currently
offered on the Ethereum blockchain.
XIN Token
XIN tokens are the main token used in the network. Like Bitcoin
and Ethereum, the token is paid to those who support the network by validating
transactions. XIN tokens are also staked in the proof of stake consensus
protocol (at least 10,000 XIN tokens must be staked to join the network as a
full node).
The Mixin Network also connects to different Dapps using API
calls. These Dapps pay the network in XIN tokens based on the amount of
resources the Dapp consumes.
The Mixin website describes the Mixin
network as a complete Trusted Execution Environments (TEEs) and powered by the
algorithm BFT-DAG that makes it possible to connect blockchains for optimal
throughput. It is, therefore, an inter-blockchain communication system for
helping users connect to other networks.
The unified blockchain platform is
aimed at making communication instant and secure for all transfers from one
chain to another. It also creates a platform that developers can use to make
DApps keep drawing new meaning for the network and outdoing competitors.
The first DApp developed and activated
in the network is the Secure Messaging app that utilizes the signal protocol to
drive end-to-end messaging encryption. Here are the main components that help
Mixin to work more efficiently;
·
Zero-knowledge proof.
·
Inter-blockchain communication protocol.
·
Secure end-to-end encrypted messaging channels.
·
Non-deterministic transactions that interact directly
with trusted sources.
For more
information please visit links :
WEBSITE: https://mixin.one
ANNOUNCEMENT
TREAD:https://bitcointalk.org/index.php?topic=5028456.20
EXPLORER: https://mixin.one/snapshots
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