Mixin is creating an EOS-based real-time communication tool that can transfer coins using end-to-end encryption, but little is actually known about the project.
Every so often a new blockchain project pops up in the top 100 market cap list, and it leaves investors scratching their collective head to where it came from and what exactly it is offering.
That is most certainly the case for Mixin, which is supposedly developing a mobile-first platform that works to connect and use all currencies on any existing blockchain networks.
Mixin claims that it leverages Trusted Execution Environments (TEEs), reinforced by a network of mobile nodes, to build a scalable, secure, and private inter-chain communication protocol. The project hopes that this system will ultimately provide near-instant transactions, and become a platform for cross-chain DApp development.
Interested in Mixin? Here’s a quick rundown of the project:
Platform & Development
In short, Mixin is hoping to build a unified blockchain platform that provides instant, secure cryptocurrency transfers and allows developers to build out cross-chain DApps. Mixin leverages a network of full nodes that exist within the Trusted Execution Environment (TEE), which is essentially a secure area of a processor. TEEs enable quicker transaction times as they create payment channels that do not require any changes to the existing network, thus eliminating network latency issues. The nodes that function within the TEE accept transactions and participate in the network’s consensus algorithm.
These TEEs allow for Mixin to create a simplified private key system for each wallet, which includes a user’s phone number and 6-digit PIN. This could eventually provide a simplified way for users to manage assets across multiple blockchains on a single platform. What’s more, Mixin aims to build out this platform to enable DApp developers to build using their API.
Mixin’s first DApp, secure messaging, uses the Signal Protocol for end-to-end messaging encryption. The servers that run this protocol acts as a proxy to each message, and all messages will be permanently deleted on the servers once read by all the recipients of the conversation.
Here is, word-for-word, the full list of elements that makeup Mixin, according to their whitepaper:
• Limited and trusted full nodes with guaranteed data transparency and consistency.
• Zero-knowledge proof and free transactions with high throughput and low latency.
• Inter-blockchain communication protocol to connect all popular blockchain networks.
• Non-deterministic transactions and interact directly with trusted external sources.
• Phone number and PIN based account model for easy mobile use.
• Secure and end-to-end encrypted messaging channel to reach every account for notifications.
• Developer friendly to facilitate all Linux libraries and programming languages.
• The largest mobile blockchain network effect should prevent forks.
There is no roadmap or development plan. Mixin is currently available for download for both iOS and Android devices.
Mixin, which is supposedly based out of China, has not provided any information related to their team, advisors, or backers. They are fairly limited in social media presence and a few red flags popped up with their airdrop, as many investors complained of issues related to the website and sign-up process, which required giving a phone number. What’s more, the Mixin white paper is littered with typos.
Mixin (XIN) currently has a market cap of ~$170 million with a circulating supply of 406,156 XIN and a total supply of 1,000,000 XIN. This is a very scarce supply, especially given that XIN is required to participate in the Mixin network. To join the network as a full node, users must stake 10,000 XIN.
While the fundamental idea is sound: building a mobile-first network based in a TEE to connect blockchains to allow for easy asset transfer and unique DApps, we are really looking to see more from a development and transparency standpoint to justify a $170M valuation.
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Author Craig Russo