The emergence of Bitcoin brought about a huge paradigm for the financial resources
management as such that it empower the masses on how to regain the power to
manage their assets by themselves, to monitor how the
resources are which are being distributed, and to rescue the
economy from the control of the few.

In recent times, there comes a wide acceptance of the digital assets by the general public making bitcoin and blockchain
technology, with its user base of crypto currency
surge at a faster pace. But despite these huge adoption and acceptance,
Bitcoin seem to still suffer from this fast growing
adoption of which the most glaring issues lie in the fact that blockchain transactions suffer from, insufficient transaction capacity, slow confirmation and
high transaction fees.
Due to the inflexible highly distributed nature of Bitcoin
network, it’s impossible to fix some critical flaws.
Rather than fix the original Bitcoin project, most people
attempt to invent new projects that address different
perceived shortcomings of Bitcoin.
Thus Ethereum, Monero, Stellar, Cardano and many
new blockchains have been invented in the past few
years. Almost all of them attempt to fix the problems of
Bitcoin while adding some new features of their own.
However, they are unable to rescue or augment the
original Bitcoin network, and are neither able to
interoperate with each other.

Fortunately, a game changer MIXIN Bitcoin believers began working towards
addressing Bitcoin’s shortcomings, and they have
proposed several excellent solutions.

Mixin is composed of a single theoretically permanent
Kernel, many dynamic Domains and different multi purpose Domain Extensions, to formulate an extended star topology.
The core of Mixin Network is the Mixin Kernel, a fast
asynchronous Byzantine fault tolerant directed acyclic
graph to handle unspent transaction outputs within
limited Kernel Nodes.
A typical Mixin Kernel transaction finalization sequence
goes as follows:

  1. When Alice’s signed transaction is sent to the Mixin
    Kernel with K (7 <= K < 50) nodes, b (b > 1)
    random nodes (A) will receive it.
  2. Each node does the same transaction validation.
  1. Inputs are all unspent.
  2. Input and output amounts are in valid range.
  3. Verify the signature of each input.
  4. The total of input amounts equal to the total of
  1. Each node will create a Kernel Snapshot with the
    validated transaction, and the snapshot is the base
    unit stored in the Kernel to construct a DAG. Each
    snapshot is composed of:
  1. The transaction as payload.
  2. Previous snapshot hash of this node.
  3. The node signature.
  1. The signed snapshot will be broadcasted to
    another b random nodes (B) as soon as possible.
    After received the snapshot and validated with the
    same procedure in step 2, a new snapshot will be
    created immediately. This snapshot has the same
    payload as received snapshot, and the referenced
    snapshot hash is a pair of previous snapshot hash
    in this node and the received snapshot hash.
  2. Steps 4 will be repeated until the node learnt that
    wether the transaction is approved or rejected by
    at least 2/3K nodes. Since each snapshot
    referenced the parents up until the nodes group A, it’s easy for new nodes to learn that the previous
    snapshots are aware of the snapshots. This
    procedure can avoid lots of redundant works.
  3. In this procedure, a transaction can be approved or
    rejected in about K/b^2 rounds on average,
    considering the typical Kernel size, the latency may
    be within a single second with very high probability
    and guaranteed within seconds.

For more information: visit the official websites below
Website: https://mixin.one
Whitepaper: https://mixin.one/assets/Mixin-Draft-2018-07-01.pdf
Twitter: https://twitter.com/Mixin_Network

Author: Annie
Bitcointalk username: Annexia
Bitcointalk profile URL: https://bitcointalk.org/index.php?action=profile;u=2014957;sa=summary

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На Golos с 2018 M10

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