Cryptocurrency is regarded as a digital kind of currency that involves encryption techniques which are employed to regulate the generation or production of units of currency and also verify the transfer of of funds and it operates independent of the activities of the central bank. At the prime of all known cryptocurrency is Bitcoin and it is said to have ushered in an era of proper management of financial resources. With bitcoin and innovative blockchain technology system people have regained the privilege to manage their assets solely by themselves and also they have access to monitor or so to say keep a close eye on how their personal resources are been distributed. And this has paved way to acceptance of bitcoin and also the blockchain technology system and thus these has led to a tremendous growth of the crypto currency market.
Although bitcoin and the general cryptocurrency market is showing tremendous growth, bitcoin which is the major cryptocurrency is said to be faced with issues or challenges which is said to have developed as a result of the fast growth which the cryptocurrency market is witnessing and the most significant of this issues is the problem or issue of inadequate transaction capacity, slow rate of confirming transactions and also high fees which are charged for transactions. And also most of these flaws are difficult to handle due to the fact that blockchain is highly inflexible.And these flaws have been the main target of most platforms which they aim to fix but instead of trying to fix the said problems, they all indulge in creating other platforms that address the issues of bitcoin one way or the other with platforms like Ethereum, Monero, Stellar etc. All these platforms aims at fixing the problems of bitcoin and also incorporating extra features in their platform to make the platform stand out.
But nevertheless, certain platforms are said to share the same ideology and thus have made solving the issues of bitcoin their main target and instead of developing their own platforms like other are doing, they rather incorporate models or features into the already existing bitcoin system to help modify and make it more effective. Such platforms includes: lighting network which is system that facilitates micropayment which is incorporated into the bitcoin system without altering the bitcoin system model and other system that are also bent on doing same includes: Raiden network, liquid project from blockstream system.
And another platform which also is said to share the same ideology with these platform is the MIXIN NETWORK and this platform is similar to the liquid and lighting network and it is a platform with the basic target of solving certain issues conversant to the bitcoin cryptocurrency.
MIXIN NETWORK
Mixin network is a platform said to aid in solving issues faced by the bitcoin cryptocurrency. Unlike other platforms who create their own platforms that indirectly solve certain issues of bitcoin but in the same them serving as competition for bitcoin, Mixin platform however instead of creating their on platform have resorted to developing features which they will incorporate into the bitcoin system to help solve some of the issues faced by bitcoin. The Mixin network is a public distribution ledger which will facilitate the acquisition of trillions of transactions per second for public distributed ledgers as well as eliminate the issue of high transaction fees, facilitate sub second final confirmation as well as enhance privacy as well as an unlimited capability of being extended.
MODEL DESIGN AND FEATURES OF THE MIXIN NETWORK SYSTEM
The model design of the Mixin network system is arranged in such a way that it looks similar to the structure of a star topology and This is as a result of
combination of single kernels which are theoretically permanent, numerous dynamic domains and as well different multiple extensions of domains.
MIXIN KERNEL
This is regarded as the main core or basic essential unit of Mixin network system and it is designed to handle transaction outputs which are unspent within limited kernel and the mixin kernel is a high performance distributed ledger and its main function is to verify the transaction of assets and a single permanent Mixin kernel is also said to be a distributed network just like the whole of the bitcoin network. The kernel will use a model similar to that of bitcoin which will be known as the UTXO model to facilitate transactions and a one time key derivation algorithm which will help enhance privacy.
MIXIN DOMAIN
Is another distinctive feature of the mixin network and it is the model through which all the assets flow through to get to the Mixin kernel. It's main function is providing the mixin kernel with assets which may be that of the bitcoin, ethereum or any other blockchain compatible system. Each mixin domain is seen as a component to assist providing the kernel with assets and however the kernel is also a component of the domain which aids in verification of the data in the domain.
ATTACK RESISTANCE
The keys which will be generated and used by the Mixin network is almost guaranteed leak proof due to the fact that it incorporates a PoS as well as a distributed nature of both kernel and domain nodes as well as an enforcement by intel SGX. And the keys are guaranteed also to be safe from loss because of the highly distributed key replicating.
MIXIN NETWORK TOKEN
The token to be used on the Mixin network system is no other than the XIN utility token which will be used for many functions on the system and it has a total of 1,000,000.
TO KNOW MORE ABOUT MIXIN
Join the Telegram Group: https://t.me/MixinCommunity
Follow on Twitter: https://twitter.com/Mixin_Network
Follow on Facebook: https://www.facebook.com/MixinNetwork
Follow on Medium: https://medium.com/mixinnetwork
ANN Thread: https://bitcointalk.org/index.php?topic=5028456.0
Github: https://github.com/MixinNetwork
Website: https://mixin.one/
Whitepaper: https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf
Writer’s Bitcointalk Username: Musekay
Writer’s Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2070957
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