The driving force of modern world and the continuing development of the civilized world are innovative concepts and ideas. One of the core driving force of 21st century innovative ideas is the Internet. This technology has virtually changed the all way we do business and socialize with each others. Through the Internet, many new business ideas and secondary technologies has rose up which has produced thousands of jobs and also made life easier for all. We can't forget how the use of computers and smart phones has left a notable mark in the history of humanity.
Another secondary technology of the Internet is the innovative blockchain technology which many experts has predicted that it will be the driving force of the next industrial revolution. This technology is simply a trustless decentralized record of transactions which can be use to monitor or manage any digital operation that requires accountability, transparency and trust which makes it possible to takeaway the operations of third-parties in transactions, business deals and many operations that needs execution of trust.
For about 10 years now since the creation of the first public blockchain protocol which is Bitcoin blockchain, the technology have also recorded many successes and conquered many challenges and when it comes to the way financial transactions is being executed in a decentralized model with low transactions fee, blockchain has recorded a ground breaking achievement in this aspect.
Making payment with Cryptocurrency which is the decentralised currency of blockchain protocol in a peer-to-peer trustless system has eliminated the need of middlemen that's needed for such operations before. This excitement of new mode of transactions excited both professionals and common men which results in many people getting involved in Cryptocurrency industry either as a trader, investors, developers, influencers, government institutions, companies and so on. Unfortunately, there was no adequate preparation for this massive acceptance of Cryptocurrency which makes it to suffer some set backs which includes low transactions performance, low transactions validations and high transaction fees.
Comprehensive Solutions By Mixin Network
Interestingly, there has been concerted efforts in finding solutions to those identified challenges existing in current blockchain protocols which has been yielding some improvements.Mixin Network has come with a comprehensive solutions to the challenges inhibiting the operation of most distributed ledger technology.
The problem of high cost of transactions fee and inflexibility of the current blockchain networks which is being activated by the consumed resources in verifying the production of new blocks on a blockchain network.
Most of these networks depend on miners to verify new blocks on the blockchain and they get rewarded for their effort in validating and maintaining records on the network.
Instead of depending on miners for validation of new blocks, Mixin Network enables different nodes of its network to unilaterally a new record coming into the network, therefore it is clear that there won't be reward for miners in this process because the operations of these miners have now allotted the nodes of Mixin Kernel. This is highly interesting and it shows that the mass adoption of Cryptocurrency will go on smoothly.
Since the network encourages the creation and owning of digital assets, it is very important to have a well secured environment against any outside intruders like hackers and this is the reason why Mixin Network use the mode of distributed key duplication and secret sharing mechanism which prevents exposure of users encrypted private keys to any threats.
Mixin DApps
Mixin Network also make it possible to build decentralized applications DApps on the network which can be applied in many industry, developers outside the network can also used the platform to build DApps.Mixin has proven the possibility of this with the creation of two DApps on the network.
The first is the decentralised messenger which works like normal messenger like Wechat and Telegram. This DApp also acts as wallet for the storage of digital assets.
It can be downloaded on Playstore for Android users and Apple store for iOS users. It has the feature of executing high performance peer-to-peer transactions between contacts with just eight digits ID number which makes more easier than using alphanumeric cryptocurrency address.
Ocean ONE is also another decentralized app that is built on Mixin Network. It's a decentralized exchange which features that offers the same user experience as a centralized exchange platform.
XIN Token
The only token that fuels the operation of Mixin Network is XIN token. This token acts as the collateral for full nodes, fee for creation of Dapps and API calls.10,000 worth of XIN token is needed to join the full nodes of the network and creating of DApp will require a one cost of XIN which will be determined by the resources the DApp claimed to consume.
The total supply of XIN token is 1,000,000 and 400,000 of it was sold during their ICO in 2017.
50,000 XIN was distributed to early Mixin Messenger users.
50,000 reserved for the development team and the remaining 500,000 XIN token will be incentives for all Mixin full nodes and light nodes stakers.
This review is just a tip of the iceberg of Mixin Network, to better understand the project check any of the links below;
https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf