What Is Mixin?
Mixin (XIN) is a smart-contract network designed to facilitate peer-to-peer (P2P) transactions with digital assets across blockchains. Mixin Messenger, the first dApp created on Mixin Network, combines Facebook Messenger-like features with a multi-currency mobile wallet. XIN is the native cryptocurrency of the Mixin Network, which also supports BTC, ETH, BCH, ETC, and more.
Mixin Ltd was founded in Tokyo, Japan in 2013 by Cedric Fung, and the Mixin Network launched by the end of 2017. By the end of 2018, the company was offering $150,000 for a global development competition on the platform. Mixin Labs, which owns the Mixin Messenger platform, is a subsidiary of Mixin Ltd. Li Lin became Head of Mixin Labs on October 23, 2018.
The Mixin Kernel already supports 13 blockchains, over 50,000 cryptocurrencies, and all manner of bots.
Of course, there’s no clear path to victory for Mixin. Every cryptocurrency and blockchain project at this point is focused on speed and interoperability. Crypto-based mobile payment solutions are offered by projects like Pundi X (NPXS) and OmiseGO (OMG). And Facebook itself is launching its own Libra cryptocurrency.
A German blockchain startup called Infinity Economics is also using a XIN token for a mobile wallet, and it snagged the XIN Foundation moniker. It’s a very different (though similar on the surface) project, and guaranteed to cause some confusion, as both are translating their material to English to reach American audiences.
Maybe the easiest way to differentiate them is this: Mixin’s logo looks like a TIE Fighter.
So let’s break down the difference, starting with a breakdown of Mixin (XIN) on the cryptocurrency market.
XIN Token Cryptocurrency Summary
Mixin (XIN) has a total supply of 1,000,000 XIN, and the peak price so far was $2,320.38 on January 9, 2018. (Yes, that is correct.)
The initial XIN token distribution took place from November 25-December 25, 2017. At that time, 400,000 XIN was released on the BigONE exchange with EOS as a trading pair. Of the remaining balance,
- 500,000 XIN reserved for TEE-BFT full nodes and DAG light nodes.
- 50,000 XIN distributed to core development team.
- 50,000 XIN airdropped to early adopters of Mixin Messenger
Full nodes must stake at least 10,000 XIN tokens. These nodes process/verify transactions and are rewarded XIN through a punitive Proof-of-Stake (PoS) interest-like distribution. This means if a node is determined untrustworthy, its staked tokens are distributed back to the network, and it is removed.
Light nodes act as simplified verification nodes performing a double-check on full-node processing. Light nodes staking XIN act as light witnesses, which vote on node trustworthiness and determine any appeals prior to removal from the network. These nodes are also awarded XIN in proportion to held balances.
Over $650,000 worth of XIN is traded on a daily basis, and Bit-Z joins BigONE as exchanges accepting it. Trading pairs include USDT, BTC, EOS, and ETH.
Mixin Messenger acts as a XIN mobile wallet, which can also store other currencies.
The Mixin platform was initially theorized as a dual-layer smart contract network that synced with Bitcoin, like the Lightning Network and others. It has since expanded to work with other cryptocurrencies and blockchain platforms like Ethereum and EOS.
Mixin uses Bitcoin’s UTXO model for transactions and the CryptoNote algorithm to increase privacy. On a basic level, actual transactions are distributed as three sets of ghost data alongside randomized transaction. This helps them get “lost in the crowd,” so to speak, and is similar to how secure buildings use white noise to keep conversations more private.
The project focuses on the notation aspect of cryptocurrency transactions for Mixin Messenger, while OceanONE is a decentralized exchange built on the platform. About a dozen first- and third-party apps are available on the platform, and they can all be found on the Android and iOS mobile marketplaces.
And the development team is also working on integrating smart contracts for other blockchains as well. Customer reviews are above average for all the dApps, and development is on point with the road map.
Mixin is a blockchain platform looking to make it easier to exchange digital assets between blockchains. It creates a secure platform with tokenized transactions and speedy transactions that’s usable for both dApps and P2P exchanges. The success of the platform depends on these key features:
- The Mixin Kernel is a dual-layer platform that enables interconnectivity and exchange of over 50,000 cryptocurrency trading pairs and tokenized assets.
- XIN is the native cryptocurrency token used by the platform. It’s distributed to processing nodes through PoS.
- Mixin Messenger is a first-party messenger/payment dApp developed on the platform. OceanONE is a DEX. Many other third-party dApps exist to extend functionality.
With these pieces in place, Mixin has a great-looking product and business model. Development is strong, as is consumer support in its target market. But it’s just a drop in the ocean of payment and mobile platforms so far, and it has an uphill branding battle ahead.