Mixin is a crypto project whose main goal is to create a global platform with unlimited bandwidth and functionality that will allow all currently existing blockchain projects to be connected to the network.
Mixin is a messenger that can already be downloaded from Google Play and the App Store. The program allows you to transfer all types of cryptocurrencies using end-to-end encryption technology. This feature allows you to enter the sphere of using cryptocurrencies as comfortably and simply as possible, even for those who do not have a sufficient level of knowledge and experience, which are usually extremely necessary for this.
XIN is the main coin that is used by a variety of services within the single Mixin platform. This currency is used both to create network nodes (you need to have at least 10 thousand tokens in your wallet) and to create each decentralized application (the price depends on the volume of resources consumed).
Basic information about the platform currency:
- The trading symbol is XIN.
- Available for trading - from January 9, 2022.
- The total number of coins in circulation at the moment is 440,718 XIN (total coins 1,000,000 XIN).
- Capitalization – $192,027,289 USD.
- The XIN cryptocurrency rate is $435.71 USD (as of 08/01/2018).
- Official website – https://mixin.one/
Development history and Mixin team
The Mixin project started in October 2022. From this point on, the network shows good activity with a high number of transactions. However, during the entire period of the network’s operation, information about the team of authors of the project and the location of the company’s headquarters was never published on the official website (mixin.one). This is generally considered a bad sign when it comes to startups and ICOs. Lack of transparency is not the best way to promote any idea or development.
The concealment of personal data by the authors of the project suggests that they are hiding something. And this has a very negative impact on the level of trust in Mixin from potential investors.
Conclusion
The Mixin cryptocurrency looks interesting, but there are a lot of questions for the authors:
- Why are there no contacts on the site itself? In such matters, anonymity cannot be maintained; on the contrary, only maximum openness will convince the public of honesty and provide the necessary support;
- The White Paper resembles a small brochure without a detailed technical description of how the network works;
- no road map. For now, we are offered to be content with only beta versions of the application in PlayMarket and AppStore. Small messages are posted periodically about what has already been done, but the final launch date still remains a mystery.
It is impossible to say with 100% certainty that the project is fraudulent, but there are no guarantees to the contrary. It is quite possible that developers will simply stop responding and disappear; there have already been precedents.
As for investing in Mixin, it is better to play it safe and not invest in this project. However, if the developers decide to clarify the claims voiced above, you can take a closer look at the coin. The idea itself looks sound, only the implementation is lame.
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Tokenizing digital assets is one thing, but using them to solve real-world problems is another. These are the goals that Mixin developers pursue. The XIN token released within the platform is seen as a tool to combat issues such as the use, distribution and functionality of blockchain-based digital coins.
Mixin solves this problem with a mobile messenger that allows you to easily, securely and quickly transfer cryptocurrency between network users.
Comparison with main competitor
Over the past couple of years, several different instant messengers have been released that have added blockchain features to their core technology. Most experts are inclined to believe that Mixin’s main competitor is Chinese E-Chat, which was released around the same period.
Common features that are common to E-Chat and Mixin:
- Both messengers have an increased aspect of correspondence anonymity: they encrypt all transmitted data and do not store it on centralized servers.
- Both platforms have functionality for third-party developers, which allows them to create decentralized applications for both Mixin and other blockchain projects.
- Mixin and E-Chat allow their users to transfer cryptocurrencies to each other.
Differences between the two competitors:
- Mixin, unlike E-Chat, allows you to create applications for different blockchain projects. At the same time, the competitor has only one programming language and applications based on it are suitable only for the Ethereum blockchain.
- In the Mixin system, the account is linked to a mobile phone number. At the same time, E-Chat's privacy-preserving system is much more complex and uses IPFS, P2P and End-to-end.
- In E-chat, content authors are rewarded for likes.
- E-chat is a more decentralized project thanks to the scheme with the distribution of all 100% of the tokens between users. For Mixin, this figure stopped at 50%.
Overall, there is no clear favorite. Each project has both its advantages and disadvantages, which slightly separate their potential audience and users.
Mixin network device
The platform is designed to provide fair and transparent conditions to all users when processing transactions and smart contracts. The transfer of funds occurs within just a few seconds. The platform is based on a peer-to-peer (P2P) network, which allows third parties to use with a reliable level of security thanks to smart contracts.
According to the authors of the project, their goal is to provide an ultra-secure and decentralized environment where everyone can safely exchange and transfer cryptocurrency.
Summary
Mixin is a blockchain platform that aims to facilitate the exchange of digital assets between blockchains. It creates a secure platform with tokenized and fast transactions that can be used for both dApps and P2P exchanges. The success of the platform depends on the following key features:
- Mixin Kernel is a two-tier platform that enables cross-chain interaction and exchange of over 500+ cryptocurrency trading pairs and tokenized assets.
- XIN is the native cryptocurrency token used by the platform.
- Mixin Messenger is the first messaging and payment app developed on the platform.
Mixin has a great product and business model. Project development is strong, as is consumer support in the target market. But for now, this is just a drop in the ocean of payment and mobile platforms, and the project faces a difficult battle of brands ahead.
Benefits of Mixin
The list of main advantages of the platform includes:
- an attempt to find a balance in distributed network and traditional server clusters;
- combining the strengths of the above systems;
- limited and reliable full nodes with guaranteed data transparency and consistency;
- zero-knowledge proof;
- free transactions with high throughput;
- interblock communication protocol for connecting all popular types of blockchain;
- non-deterministic transactions and direct interaction with trusted external sources;
- logging into the user account by sending a PIN code to the phone;
- secure and end-to-end encrypted messaging channel for user notifications;
- a convenient set of Linux tools and libraries for developers.
End-to-end encryption for messaging
Mixin uses the Signal protocol to manage the messaging system. The protocol operates on the client side, so the server acts only as a message proxy network. A powerful encryption system prevents such messages from being intercepted and decrypted, even by Mixin network nodes
Each message is deleted from the network after the recipient has read it. All photos, videos and other attachments are also encrypted using a random AES key before being uploaded to a dedicated cloud database. Only the recipient can retrieve it through an AES key, which decrypts the information transmitted by the sender.
What does the company/project do?
Mixin is a messenger that can be used to transfer all cryptocurrencies using end-to-end encryption, offering the easiest way to enter the world of blockchains.
- Transfer any cryptocurrency to anyone with a phone number, even if they are not Mixin users.
- The simplest encryption method, even easier than PayPal.
- Easy access to all services and DApps in the cryptocurrency space.
- All messages are end-to-end encrypted using the Signal protocol.
- An open API allows everyone to develop new features for the client.
Mixin is a platform for processing transactions as quickly as possible; it can also be used to program smart contracts and write decentralized applications for it. The Mixin network stands out because it will run any blockchain application. That is, even if dApps are created on different blockchains, they will all work on the Mixin blockchain. In theory, this should lure users away from other cryptocurrencies and provide this crypto with a good future.
Illustration of the Mixin network operation diagram.
XIN token
XIN is the only token used by many services within the Mixin platform, including the creation of a full network node, DApps, and the use of APIs.
To create a network node, the user must have at least 10,000 XIN tokens in their wallet. The cost of creating each decentralized application is determined by the amount of resources it consumes.
The cost of calling the Mixin API through a DApp depends on the type and number of calls. All tokens charged as fees on the platform are destroyed to strengthen the value of the token.
This means that regular users do not pay to access the platform's services. For now, only developers pay the fee, who, in turn, can monetize their applications.
A total of 1 million XIN tokens were issued, of which 400,000 were successfully sold out in a crowdsale from November 25 to December 25, 2017.
Problems and solution
Mixin developers draw attention to the fact that the authors of most modern cryptocurrencies do not particularly pay attention to such important components as transaction speed and ease of use of the cryptocurrency. Several problems stand out.
Problem #1 . High entry threshold. Even if you know a couple of programming languages, this does not mean that you can easily create decentralized applications for some blockchain platform. This is inconvenient for both businesses and ordinary users.
Problem #2 . Blockchain platforms exist separately from each other. This introduces additional inconvenience to their use. If you, for example, wrote a decentralized application for one platform, it will not work on another.
Problem #3 . Many cryptocurrencies still use inefficient consensus algorithms such as PoW. Recently, there has been a transition to PoS, DPoS and their modifications, but they are not ideal.
Problem #4 . According to the developers, linking blockchain platforms to PCs somewhat narrows the potential audience. Despite widespread computerization, hundreds of millions of people still do not own a PC. At the same time, they may well use cryptocurrency if they are given such an opportunity.
Problem #5 . Low bandwidth. For Ethereum, the number of transactions processed now amounts to dozens, because of this, even a small surge in the activity of Ethereum users can literally paralyze the network. There have been similar incidents in the past. There are solutions to the problem, but it is better to design the network from the very beginning so that scalability problems do not arise.
Problem #6 . Difficult to use. This is relevant for beginners; not everyone wants to understand what crypto wallets are, what private and public keys are, how to store and use them. If a person just needs to send money, then due to the reluctance to deal with this, he will give preference to fiat currency.
The developers promise to solve these problems.
Solution to problem #1 . The walking threshold is reduced by supporting multiple programming languages. This should ensure a painless transition from other blockchain platforms.
Solution to problem #2 . The developers do not disclose details, but report that Mixin will support decentralized applications from other platforms with their own blockchain.
Solution to problem #3 . Mixin is called a DAG-BTF platform precisely because it uses these consensus algorithms. BTF stands for Byzantine Generals Strategy. The essence of the algorithm is that the performance of the network will depend only on a certain group of selected nodes (validators or full nodes, there are different names). They will exchange information with other nodes and their decisions cannot be challenged. A similar approach is used in Ripple and Stellar, so it has already proven its effectiveness.
Solution to problem #4 . Network nodes are not personal computers, but smartphones. Smartphones these days are much more affordable compared to PCs, and this approach allows us to reach a larger audience. There is no need to store the entire blockchain on the phone; the BTF consensus algorithm does not require this. The required calculations will be carried out directly on the node, that is, on your mobile device and then sent to the network. Already now in PlayMarket and AppStore you can download the version of the client for a smartphone and try to transfer cryptocurrencies through the messenger.
Solution to problem #5 . Adding new nodes does not reduce network throughput at all. The node itself does the computing, and not the entire network, so there are no restrictions on scalability.
Solution to problem #6 . In Mixin, the user does not have to fiddle with keys or compare crypto wallets. The client receives access to the account based on the results of verifying the phone number and using the PIN code.
Prospects and forecast for 2022
The project aims to provide users with a secure way to trade and exchange various cryptocurrencies through a single peer-to-peer network.
The authors of the project called for considering Mixin as an open Android ecosystem for all types of blockchains existing today.
In addition to the main Mixin network, Mixin Messenger was created as the first open source DApp to allow third-party developers to follow and participate in the development of the project.
Source:
https://mixin.one/
https://bitcoinexchangeguide.com/
Editor: BlockChainWiki Team
Where to store?
You can store Xin coins on the official messenger wallet – “Mixin Messenger”, available for such operating systems as:
- Windows
- Linux
- Mac
- Android
- iOS
You can also store coins on ERC-20 wallets, such as: MyEther Wallet, Metamask and others.
Check out the best wallets for storing ERC-20 coins.
You can also use the Ledger hardware wallet.
You can also store XIN coins directly on the exchange where they are traded.
