Mixin Labs Director, guest of CBX telegram live show!
November 28th CBX hosted a live show on CBX telegram tomorrow. Mixin Labs Director LiLin was invited to join the conversation.
Clara: Thank you for participating in this “The expansion and Vision of Mixin” live show, I am Clara, from CBX. Today, I am very excited to be a Host, invited Li Lin, the head of Mixin Labs, to introduce Mixin‘s story to us. He will share his unique insights into the blockchain industry from his technical point of view.
Mixin Network is a free and lightning fast peer-to-peer transnational network for digital assets. Mixin Network will support the global TOP 50 blockchain main chain currencies, and has now accessed 50,000 currencies in 13 main chains for recharge, withdrawal and transfer, with a transaction volume of 150 million.
Lilin: Hello, this is Li Lin from mixin team I’m happy to get the chance to introduce myself to you. I am a senior blockchain technology expert. Full stack engineer with extensive project development and management experience. My Project experience covers home appliances, smart homes, Iot, mobile apps, digital security.
It is the 10th anniversary of Bitcoin white paper release. No bitcoin, no blockchain.
Mixin team believes:
Bitcoin is the most important asset in the blockchain world
Bitcoin development team is the best team in the blockchain world
Satoshi’s design concept, only used a mature and reliable technical components to form a new solutions through combination, made bitcoin’s success.
Mixin team is supporting bitcoin. Mixin donated 5 BTC to http://hardcore.fund to support BTC core developers
The Mixin development team believes there are three big trends in the future:
There will be more and more cryptocurrencies. After the invention of Bitcoin, there are many blockchain inventions. Most of them disappeared during the bear market, while some outstanding assets survived. Mixin team believes it will happen again.
Crypto asset holders will increase a lot. There are over 4.4 billion email . accounts, there are only 22 Million bitcoin address There are 2 hundred million pay-pal monthly active user , there are 5 million bitcoin monthly active users.
More and more people own a computer: the smart phone.
We believe people can pay by cryptocurrency at anytime, anywhere. And enjoy global digital service and run a global business. So are there any basic rules in the future cryptocurrency?
- It must be very cheap, or free.
- Transaction should be confirmed instantly.
- Must support multiple Crypto assets.
- Protect consumer and merchants privacy.
- Stable, reliable
- Some people can make money to support the whole business.
Now we can list challenges faced by bitcoin and others
- Slow confirmation: Consumers and merchants have to wait over 10 minutes to confirm payment. EOS is the only fast enough blockchain.
- The transaction fee is high because bitcoin’s price is very high. And user has to pay to create EOS account and pledge EOS before the asset transfer.
- Very easy to link money flow for user and merchants for Bitcoin and EOS.
- Limited system trading capacity.
- Support limited asset.
Bitcoin’s lightning network and blockstream’s liquid maybe good enough for bitcoin. But similar solution is still missing on other distributed ledger.
So what are the characteristics of Mixin?
1.Transaction become non-reversible in a 1 second
2.Very high throughout
3.Free to create an account and transfer asset.
4.Support multiple assets, and more in the future.
5.Your transaction can be verified by all, but only you and opponent know the details.
6. No fork.
7. Make money as a lightning networks service for other cryptocurrencies
How did Mixin manage to support all blockchain assets?
Mixin Network= kernel + domain + domain extension
Mixin Network is composed of kernel, domain, domain extension. Mixin kernel focus on transaction verifications.
Domain helps to abstract specific asset Ethereum and EOS into a string so kernel can deal with multiple asset without changing code. Smart contract from different blockchain just run in the domain extension. Other special features of each block chain are supported by extension too.
How does the kernel work?
Mixin kernel, similar to EOS bp nodes network, is a small distributed working group build by high performance and high speed server.
Based on bitcoin’s utxo data structure, Mixin kernel broadcast transactions within 7–50 nodes and confirm transaction through by DAG+BFT+POS. In one second, a transaction is non-reversible.
How to become a node?
Pledge 10.000 XIN token. No voting. Pretty straightforward and fair.
What Mixin Network can offer to a node?
Full node can get awards from bonus pool preserved by Mixin network.
The withdraw fee of Mixin network will be rewarded to full nodes. For instance, part of 0.01 EOS withdraw fee will become income of nodes.
Is there any punishment if node is not honest?
Node will be isolated without any notification when the first fake transaction is found. Node will be removed automatically if second fake transaction is found, 10000 token will be thrown in bonus pool.
User can setup verification node to validate Mixin kernel. They will get awards.
Mixin kernel is quite safe already. The hardware signature from intel SGX give Mixin a stronger protection. Full node are forced to run on intel CPU and code signature and will be offered to other node so they can identify attacker by verifying the signature.
The technical content maybe too hard to understand. In other words, Mixin network works like a company limited. More shares, more power, more responsibility
Mixin kernel works like a board of director. Limited seat can make quick decision. Seat is kept for stakeholder. Consensus is made by votes. Money are shared based on stocks.
Intel become SEC. Unqualified seat will be removed and lost money.
Now I will introduce what we have done.
Currently the assets on the Mixin Network have reached 1215 BTC, 973 ETH, 1.1 million USDT, and 1.3 million EOS. The managed assets exceed 50 million USD.
Total over one hundred and fifty million transactions.
Peak TPS of Mixin network is 168.
There are many blockchain projects have build their transaction system on Mixin network. Include Press.one
Community of developers:
There are already over 1000 Mixin Messenger robots.
Some of them sell fruits, token, and games. Some of them has made profit.
https://en.coinjinja.com/coinview
There are some developers who already have built their own cryptocurrency wallet based on Mixin Network.
https://en.coinjinja.com/coinview
Testnet:
Mixin Network Testnet has been released. TPS is over 10.000.
More blockchains will be supported on the mainnet in the future.The mainnet will be online on Feb 2019
Mixin team also built two applications based on Mixin network.
The first is Mixin Messenger, an encrypted chat software with its own digital wallet. Users no longer need to back up mnemonics and passwords that can’t be remembered at all. Remember that the mobile phone number and the 6-digit digital pin code can manage all digital currencies.
Mixin messenger is a highly secure messaging app. Even server can not decrypt a message because app encrypt message by user’s phone.
Protecting customers’ assets and privacy is always the number one task of Mixin messenger. And Mixin Messenger will never add third-party ads to the wallet interface, and will never give users a recommendation. Based on security and privacy considerations, Mixin’s chat group is completely owned by the group owner and cannot search for groups. Only the group owner has group links, and the group owner cannot invite others to join the group.
