Head of Mixin Lab Li Lin spoke at China X Blockchain for the Upcoming 10th Anniversary of Bitcoin

https://cryptocrazies.connpass.com/event/104207/

Li Lin, Head of Mixin Lab, as a guest of honor, attended the conference “Development of Blockchain in China” hosted by Crypto Crazies, with COINJINJA and China Blockchain Study Group, on Oct.28, 2018.

In this blockchain conference, Li Lin showed his view on Blockchain development, mission & vision of Mixin Network, the comprehensive transaction network that offers all-inclusive solutions for all levels of folks who need instant transaction with all cryptocurrencies.

“Nice to meet you, friends from Japan. I am Li Lin, person in charge of Mixin labs.

It will be the 10th anniversary of Bitcoin white paper release in a couple of day.

On such a memorable day, it is interesting to talk about Mixin Network.

Any blockchain topics will include perspectives on Bitcoin.

Mixin team have the below viewpoints on Bitcoin:

1. Bitcoin is still the most important asset in blockchain world
2. Bitcoin still has the strongest R&D abilities in blockchain world
3. Bitcoin’s success was based on Satoshi’s design concept: only use mature and reliable technical components to form new solutions through combination. Fully consider the real world constraints and focus on the most important issue: peer-to-peer electronic cash transfer.

After 10 years, we need to look at the challenges faced by Bitcoin as a peer-to-peer electronic cash transfer system.

1. Slow confirmation. Consumers and merchants are not using the current Bitcoin technology for payment due to the 10-minute block design
2. Money flow is easy to track
3. Limited system trading capacity
4. High system transaction costs

There are two ideas in the direction of improvement:

1. Ignore Bitcoin and develop a new public blockchain to provide faster confirmation and enhanced privacy protection for users. Ethereum, Zcash, Monero, Cardano, Eos, these blockchains have great innovative technology, however they cannot be applied on Bitcoin and they cannot interact with each other.
2. Based on Bitcoin, use new technology to speed up confirmation, lower transaction fees and provide better protection. Examples are lightning network and liquid.

Mixin team chose to develop Mixin network based on two reasons

1. There will be more and more cryptocurrencies. After the invention of Bitcoin, there are many unoriginal blockchain inventions. Most of them disappeared during the bear market, while some outstanding assets withstood the tests and stayed. Mixin team believes this trend will repeat periodically.
2. Crypto asset holders and merchants both need a lightning network service similar to the cash transaction experience to use crypto assets.

Mixin Network is a technical solution that provides lightning network services for all cryptocurrencies, and is also an open, transparent, and privacy-enhancing economy.

Mixin Network has currently implemented lightning network for 13 public blockchains. It hosts more than 50,000 crypto assets.

Currently the assets on the Mixin Network have reached 874 BTC, 829 ETH, 1 million USDT, and 1.27 million EOS. The cumulated managed assets exceed 50 million USD.

Mixin Network has currently completed 120 million transactions.

Mixin Network currently can achieve 168 transactions per second on real online transactions.

Mixin Network separate test network code has been completed.

The Mainnet will be launched in Feb 2019

How does Mixin network implement lightning network for all crypto assets?

Mixin Network = kernel + domain + domain extension

Kernel is responsible for verifying the validity of transaction

Domain is responsible for assets

Domain extension is responsible for handling smart contracts related to assets

Mixin kernel

1. Just like Bitcoin, Mixin kernel only verifies if the transaction itself is valid
2. As with Bitcoin, Mixin only uses mature technical components in combination

How does Mixin kernel work?

7 to 50 nodes form the Mixin kernel group

All nodes use DAG+BFT for bookkeeping

Each node must pledge 10,000 XIN tokens

If a node sends incorrect bookkeeping information, it will be published by a POS with penalty mechanism. The pledged 10,000 XIN tokens would be automatically confiscated.

Mixin’s full nodes get reward from Mixin Network annually, they also receive external transfer fee sharing.

Blockchain Development in China

1. Due to their technical security, decentralized exchange are getting more attention
2. Based on smart contracts, a large number of applications have been developed, mainly in gambling and gaming
3. Blockchain technology is very much valued by the government, but any blockchain application that threatens the status of fiat currency is strictly prohibited.
4. People began to innovate in blockchain applications in the fields of logistics, supply chain finance, and financial innovation.”