INTRODUCTION
The introduction of the blockchain technology has affected almost all sectors of human life. Even the industrial sectors like cargo and logistics, financial services and supply chain all benefits from what the blockchain technology has to offer. Hence, it is safe to assume that blockchain technology is one of the greatest inventions of our time. The issue however, is that it will take time before the technology is fully adopted.
This is not surprising as the many challenges of the blockchain system stands in its way. Some of the most popular downsides are:
Delay in confirmation
Low transaction power
Extremely high cost of transaction etc
Bitcoin, one of the pioneering blockchain cannot effectively support many users on its system. The leading blockchain network is plagued with annoyingly slow transactions. Thus, bitcoin features a processing power of around 7 transactions in a second while Ethereum processes just 25 transactions per seconds.
In a bid to address these issues, the MIxin came to address the shortcomings of the blockchain network. Hence, users will now enjoy a scalable payment structure, reduced transaction charges, very fast transaction speed etc.
Introducing the Mixin network
Mixin seeks to bring a balance the many blockchain network and servers. Mixin is revolutionizing the blockchain technology such that users can enjoy transactions free of fees with reduced bureaucracy. Mixin features a collection of blockchain communication protocol that links the giant in the blockchain industry with ease.
The project has the model of mobile numbers and PINs as it seeks to accommodate quite a lot of mobile users. Mixin network will be a welcoming blockchain technology open to all, and based on the TEE platform (Trusted Execution Environment.) The network offers a pretty safe, secure, free and easy to use network that is also fast and scalable.
Hence, it can be assumed that Mixin Network seeks to bring about a distributed ledger system with improved assurance, security, and speed. There is the Mixin messenger’s app that can store crypto in its wallet and also initiate fast transactions between contracts.
FEATURES AND COMPONENTS OF MIXIN
Mixin Kernel is the major functional part of the Mixin blockchain network. The essence of this is to help validate transactions. There is also the Mixin domain which supplies assets for the domain extension, Mixin kernel. It also accommodates external sources that are trusted as well as smart contracts such as the bitcoin blockchain
The UTXO model drives the Mixin network of bitcoin which helps it take care of transaction successfully. The Intel SGX encryption helps protect the platform from hackers and thieves. It also helps reduces the risk of fraudulent activities like cybercriminals and hackers.
Mixin will offer everyone a decentralized and fair platform. It will enable transactions, contracts etc to be completed in seconds.
The main purpose of the system is to bring about a network that allows a decentralized and safe atmosphere which allows people make exchanges without worries.
In Mixin Conclusion
Mixin will give everyone a safe platform that will be suitable for trading, exchanges and all forms of transactions. Users will be able to trade various types of crypto based on a P2P network. The platform accommodates various languages and currencies!