Review of the Mixin Network project. How Mixin Network works
Today, all cryptocurrencies are facing blockchain scalability issues. All this leads to a delay in the distribution of digital assets. In addition, this problem forces various developers to look for ways to solve it in order to ensure high bandwidth and blockchain security. A lot of work has already been done in this direction, but the blockchain issue still needs to be resolved.
To solve this problem, the Mixin Network project offers its alternative, by launching a platform that is focused on speeding up, ensuring the security of transactional operations between cryptocurrencies. Mixin provides each user with a personalized Mixin Messenger application. This application will allow you to store your digital assets, as well as to conduct transactional operations much faster. In this case, using all the capabilities of the platform, developers will have the opportunity to develop their own decentralized application.
How Mixin Network works:
Mixin Network is a system that includes various high-performance distributed registries. The system has a root “Kernel”, as well as third-party domains that perform gateway functions. Third-party domains store and analyze all information about various blockchain. In turn, the kernel performs control over the verification and over all ongoing transactions in the system and their assets. Using domain extensions Mixin is the installation of smart contracts. It uses only one computing device. This smart contract is characterized by high reliability, performance, in contrast to blockchain ethereum. For each transaction, Mixin uses a mechanism to generate one-time keys. With the help of the Mixin kernel, all the ongoing cryptocurrency transactions are scaled. All information is transmitted using a special protocol based on DAG. The call system allows communication between the Mixin domains and the kernel. For this, 2 public keys are used. One key relates to the domain, and the second to the asset. In order for the transaction to take place, it is necessary to transfer it to the Mixin public key, and then wait for the confirmation of the transaction from the kernel.
About project tokens:
The XIN token is the main token that is used on the network. Primarily, XIN is used to pay remuneration to those who support the health of the entire network. In addition, the token uses a proof-of-stake mechanism to provide security functions (10,000 XIN is required to join the network). Network Mixin uses the capabilities of API calls to connect decentralized applications among themselves. In this case, the payment is also in the local currency of the project.
Conclusion:
The developers of the Mixin project are making tremendous efforts to ensure that throughput exceeds 1 billion transactions per second. In this case, the commission will be absent, and the network will allow the creation of decentralized applications to solve the problem of blockchain scalability. I believe that the project is attractive, the application is workable, and with the implementation of all the plans outlined, the prospects are really huge.
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