Introduction
Bitcoin was the first cryptocurrency to become live on the main net so it's no rocket science that along the line, it became difficult to capacitate the influx of investors and traders that soon joined afterwards.
Initially, the architecture seemed very novel and revolutionary, but with time the shortcomings became all too glaring. So much that it created a vacuum that would later become filled by newer cryptocurrency brands like ethereum and EOS, at least so we thought. However till date, some of these bottlenecks are still existent.
Given the time lag since the father figure, Bitcoin became mainstream, one would expect that by now, asset transactions are effected in real-time i.e, instantly, but we are still far from that reality.
Truth be told, the likes of ethereum and eos blockchains are reasonable improvements of the bitcoin blockchain. Notwithstanding, their drawbacks are inexcusable too. EVM for example can only handle a maximum of 12 transactions per second. Aside, it is not so much as secure and decentralised as the creators made us believe.
Moreso, achieving mass adoption of cryptocurrencies has been an uphill task so far and the reasons are not far-fetched. While some investors are struggling to pull out all their holdings from the sphere, many are simply put off by the privacy issues and slow processing speed that are inherent in the system.
The rest of this article bodies a concise review of Mixin, a potential solution to the ailing problems of existing blockchains.
What is special about Mixin ?
The reality of the matter is Mixin is not exactly creating anything that was not existent before. It only attempts to improve on the currently available technologies.
It would interest you to know that Mixin is an hybrid of a distributed ledger and DAG tool, that aims to make crypto-asset transactions happen in real time and at lightening speed.
Mixin is comprised of the mixin kernel, which is main core and the mixin domains.
Mixin
Kernel and Domains
As earlier mentioned, here lies the hub of the main system's operation. It is arbritrarily at the centre, and is responsible for the verification of asset transactions that are facilitated by the star-designated nodes . These transactions could either originate from banks, a BTC address, just to name a few.
The Mixin domains on the other hand are responsible for the creation and consequent availability of the asset to the central kernel, par request.
Another interesting thing about the mixin kernel architecture is the fact that it is a very practical and useful tool unlike many other crypto brands in the market today.
Benefits of Mixin
Mixin offers a long list of ancillary benefits for crypto users, some of which are discussed below.
Zero transaction costs
Whether it be in the emerging cryptocurrency sphere or in traditional financial institutions like the banks, free transaction is hardly obtainable. However relatively cheap any brand's might be, the user is still levied some fee at least.
Many times, this takes place to the displeasure of the user, but what can be done? Mixin provides a better alternative for the teeming population of crypto users. Upon full-fleshed launch and deployment, users will be able to transact more happily.
Processing of transactions at light speed
The issue of inefficient transactions has been a very major problem for most blockchain technologies, till date but Mixin architecture reveals that it is set to revamp this.
Imagine a world where you can easily use your crypto asset to make payments of any and every sort, in real time. This is what Mixin intends to avail for the sphere.
Account Security
User privacy and confidentiality is highly priced today. Unfortunately, many existing cryptocurrency platforms still lack these, perhaps this is why adoption is still very low in many climes.
Mixin provides multi-layer security for intending users which makes it very difficult for hackers to sabotage accounts. The multi-signature verification feature likewise makes it less likely for the account keys to be leaked.
Conclusion
From the foregoing, it is quite clear Mixin is potentially revolutionary project. Aside the added features that is noticeable from the architecture, the fact that it supports facilitation of asset transactions in real-time makes it a preferred choice for many. It also encourages widespread adoption.
I simply hope that it outlives public expectations.
For more information:
Mixin Website
Mixin Whitepaper
Mixin's ANN Thread
Mixin Telegram
Mixin Twitter
Author: Michael Adesanya
Despite how fascinating the blockchain technology is, the fact remains that deployment in real life applications remains almost non existent, thanks to the aforementioned bottlenecks. I see this project being the largely sought after lease of light in the blockchain world. Only time can affirm to that ! Great piece here :)
It is imperative to note that with the advent of different platforms designed to aid in free transactions between users has become bleak, but with Mixin a platform ingeniously created by visionaries offers a long list of ancillary benefits for crypto users.
Such masterpiece of an insightful article you've put up here my friend.
Mixin's aim of providing all-round improvements to the major problems being experienced in the blockchain eco-system is totally genius.
You did a really good job in providing in-depth analysis on what Mixin is all about. Nice Job @michades97