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. Although solutions like the Lightening Network, Raiden and Plasma currently lead the way, they still haven’t been proven to be the definitive solution for achieving true scalability.
In response to this, 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.
How it works
The Mixin Network is composed of different high performance distributed ledgers, with the core ledger called the ‘Kernel’, and the supporting ledgers called ‘domains’ and ‘domain extensions’.
Domains are gateways that feed assets from Bitcoin, Ethereum, other Blockchains, and even central banks into the kernel. The kernel is responsible for verifying and governing the assets and their transactions.
Domain extensions are the distributed ledgers that store Ethereum, EOS and other blockchain smart contracts and trusted applications.
The Kernel is a core component of the Mixin network. It uses a directed acyclic graph design to scale digital asset transactions.
A directed acyclic graph (or DAG) is a structure consisting of nodes that are connected to each other in a non-linear pattern. With DAG’s, information is dispersed using a ‘gossip protocol’ across multiple nodes simultaneously, allowing consensus on transactions to be achieved faster.
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.
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.
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 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.
Total Supply: 1,000,000
Circulating Supply: 438,154
Token Sale Date: Nov 25 ~ Dec 25 2017
Market Cap: $231million (rank #45)
Current price: $529
Mixin provides a messaging application called ‘Mixin Messenger, which allows users to take advantage of the secure and efficient distributed ledger infrastructure they’ve built.
The app is available on the Google or Apple store, and can be used to transfer cryptocurrencies to anyone with their phone number, even if they are not a Mixin user. The app also features a digital wallet, and is capable of performing lightening fast peer-to-peer transactions between Mixin contacts.
Mixin Messenger also provides a series of Bots created by a community of developers to automate certain functionally for users:
· Red Envelop (Red Pocket): Gamification bot for winning tokens in a group chat.
· Assistant (Group Chat Admin): A group owner can invite this bot to join their group chat, and decide the conditions for all members. For example; the group member should have 20 XIN on their account.
· Exin (OTC, Exchange): Users buy cryptocurrencies OTC (over the counter) and the bot provides several trading pairs, for example: BTC/USDT, ETH/USDT, XIN/BTC, etc.
· Coin Exchange: Comes in 2 parts: paid question and coin exchange. Paid question section shows several valued questions, and people have to pay to check the answers. The exchange section is a small and simple crypto exchange on the Mixin network.
For News and Information:
· Mixin Log: This is the official channel to post development log or news about Mixin, etc.
· Hacker News: Hacker News is a news channel belongs to Y-Combinator. Delivers interesting news automatically.
· IMEOS (fresh updates): The bot connects IMEOS, the first media portal about EOS, and it also reports worldwide blockchain news, EOS marketing data, etc.
· Bot (Bishijie News Fresh Update): The bot links a famous blockchain media named Bi Shi Jie. It sends the news from the official site to Mixin.
· Virtual American Roulette: Decides what kind of token, how much you bet and which color or number you choose. Players send these orders to the bot, pay the bot, and then you receive the results immediately.
· MX (Virtual Friend): A virtual girl named Xiaobing who you can communicate with users like a real human.
The Mixin Network team consists of experienced developers who have worked in the blockchain and tech space for many years and produced a variety of unique multimedia apps. Overall the team has 20 members who are based in China and Japan.
Cedric Fung — CEO — Blockchain Architect of Asia’s top emerging exchange BigONE, Co-Founder of Yixia.com
, China’s video ecosystem leader with products including Miaopai short video app, Xiaokaxiu dubsmash app and Yizhibo live stream app
Danna Li — COO — Earliest blockchain adopter, former 8BTC Columnist, Bitmain Investment Lead, INBlockchain core team member and BigONE Operation Lead
Crossle Song — CTO — Former Yixia.com
Technology Lead, Vitamio SDK Architecture Lead, seasoned Android and iOS developer
Oven Tang — Product Lead — Developer of Miaopai, China’s leading video app with 300M users
Xiaolai (IN Blockchain Partner)
Lao Mao (IN Blockchain Partner)
Yonghao Lou (CEO of Smartisan)
2018 mid July — Debut of Mixin Exchange
2018 September — Mainnet beta launch
2019 February — Mainnet launch
Community Development Plan
2018 early July — Mixin Developer Hackathon
2018 July 7–9 Hack Summit
Byzantine fault tolerant security
Trusted Execution Environment (TEE) is used to reenforce security and boost transaction times by eliminating network latency
Ghost address generation enhances user privacy when transferring funds
Messenger application enables lightening fast peer-to-peer transactions between contacts
Provides an infrastructure for cross chain Dapp development.
Strong technical team
40,000 daily active users who store assets valued at over $100 million
Mixin faces stiff competition from other blockchain protocols like EOS, ICON, NEO, etc. These protocols are all trying to achieve the most scalable solution. However, Mixin has the advantage of offering a network that enhances the transaction speed, security and privacy of all digital assets belonging to these Blockchains.
In a highly competitive space where hundreds of protocols are fighting for market dominance, Mixin stands out by providing a multilayered infrastructure that enhances scalability, security, privacy, and cross chain functionality.
At the base layer, Mixin aims to solve blockchain scalability by creating a network of distributed ledgers that function under a highly secure directed acyclic graph design. On top of this high functioning network sits a simple mobile messaging application, which enables users to seamlessly store and transfer a variety of cryptocurrencies between contacts. Lastly, Mixin is aspiring to become a platform for cross-chain Dapp development.
Overall, Mixin still has a ways to go before it becomes a household name like EOS or Ethereum. However, their unique value proposition, current user adoption and highly advanced technical infrastructure make it a very promising project to keep watching.
for more details; https://mixin.one/
With the ICO frenzy back in full force despite mediocre market conditions for 2018 thus far, investors are again on the hunt for the most promising blockchain projects. With a current obsession with high throughput, infinitely scalable blockchain ICO’s, it is becoming somewhat difficult to separate the true outstanding projects from the copy and paste white-papers with nothing more than outlandish claims and cunning marketing strategies.
One Ledger presents itself as a potential top tier project with its sights set on business blockchain integration. One ledger wants to enable businesses to create their own blockchains through the use of any consensus protocol, making One Ledger a massively important project in the quest for mass adoption.
WHAT IS ONE LEDGER?
OneLedger is a cross-ledger agnostic protocol that aims to improve blockchain integration within businesses. Applications built by businesses will be able to interact with different public and private blockchains synchronously through corresponding side chains implemented on the One Ledger platform.
POTENTIAL USE CASES
One obvious use case for One ledger is the exchange of cryptocurrency assets without the inclusion of a neccessary intermediary currency such as BTC or ETH. If you wanted to exchange Wan for LTC at the moment for example, you will have to go through BTC or ETH because there is no pairing of Wan/LTC. One ledger will eliminate this.
One Ledger will also enable multi platform Dapps, which means a developer will be able to build their own Dapps using centralized, as well as decentralized platforms. This means that one part of the Dapp can utlize attributes of the Icon platform for example, whilst the developer may want to take features from the Neo blockchain to use in another area of their Dapp development.
Some other use cases include:
Cross chain consensus on the One Ledger protocol
Stream optimisation and AI support to businesses
Dapp communication over the One Ledger protocol
Software Development Kits will also be provided for developers for the implementation of multiple networks without any need to rewrite code. One ledger is a very tech heavy project, and necessarily so considering what they aim to achieve. For the more tech minded among you, you can refer to their white paper for further a deeper dive. https://oneledger.io/wp-content/uploads/2018/06/oneledger-whitepaper-06.01.18.pdf
TEAM, ADVISORS AND INVESTORS
The One Ledger team is impressive in both size and scope of expertise, with all areas necessary to the projects success covered nicely. The team is headed by David Cao, with support from 5 engineers, as well as from the CTA Alex Todd, community manger Angela Cao and managing director Edwin Zhang.
Further support to the One Ledger team is provided by an impressive list of Advisors including Polymath boss Trevor Koverko, as well as names from Faskem, Factom and Gwei Capital.
Early investors include promising token security project Polymath, as well as MW Partners, Gwei capital, TGO capital, and Trust2pay, among others.
Q1-Q2 2018 —
release of Ethereum side-chain testnet
implementation and optimization of cross-chain consensus
Launch of MVP with cross-chain consensus.
Enable Bitcoin sidechain for cross-chain support
Complete decentralized cross-chain exchange protocol
Launch api gateway
Launch alpha version of the One Ledger platform
One Ledger version 1 platform release
Total supply - 1 billion Circulating supply 350 million Hardcap - 15 million Small bonuses for pre and private sales vested over 6 months
One Ledger is indeed a very exciting project. The problem One Ledger aims to tackle is one of upmost importance in the further evolution of the blockchain space and its future adoption into business structure. I look forward to seeing this strong team bring this vision to fruition over the remainder of 2018 and 2019!
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