Mixin Network - New Generation Transcation Network

Mixin is composed of a single theoretically permanent Kernel, many dynamic Domains and different multipurpose Domain Extensions, to formulate an extended star topology. Mixin Kernel is a high performance distributed ledger and its sole responsibility is to verify asset transactions. Although Mixin Kernel verifies asset transactions, it doesn’t produce any assets. All assets flow through the Kernel by Mixin Domains. Each Mixin Domain is also a distributed ledger, whose job is providing assets to the Mixin Kernel. The assets may be those on Bitcoin, Ethereum or any other blockchains, or even central organizations like banks. While each Mixin Domain is a component to provide assets for Mixin Kernel, the Kernel itself is also a component in the Mixin Domain to verify and govern its assets.

From the Kernel to Domains, the Mixin Network is all about assets and transactions. The Mixin Domain Extension is where the magic happens, whether for Ethereum contracts, EOS contracts, a distributed exchange on somewhat trusted instances, or anything else. 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. Mixin Kernel utilizes the UTXO model of Bitcoin to handle transactions, and CryptoNote[0] one time key derivation algorithm to improve privacy, since there is no address reuse issue. We call the one time key a Ghost Address and the output associated with it a Ghost Output.

Each Mixin Kernel Node is required to pledge 10,000 XIN, therefore due to the 500,000 XIN circulating supply[0], no more than 50 Kernel Nodes will exist. To prevent extremely centralized authority, the Kernel can only be booted with at least 7 Kernel Nodes. The Kernel nodes make up a loose mesh topology, and are responsible for transaction validation and persistence. Each Mixin Kernel node takes 10,000 XIN, which is approximate 2% of the network stake. The Kernel can only operate with at least 7 nodes joined, or about 15% of the whole network stake.

Mixin Kernel is already an ABFT consensus DAG. To ensure further security, Kernel nodes must run in Trusted Execution Environment[1]. Specifically, Mixin uses Intel SGX[2] as the TEE implementation.  The TEE enforcement ensures three important security and trust factors in Mixin Kernel. Mixin Light node is a simplified payment verification (SPV) node to Mixin Kernel. It typically stores all its unspent outputs for easy account balance query. The Light Witness is incentivized to do these votes because they could get the mining reward if they do some work for the network itself.

Mixin Domain is a distributed ledger to provide assets for the Mixin Kernel. The assets may be those on Bitcoin, Ethereum or any other blockchains, even central organizations like banks. Mixin Kernel offers some system calls to communicate with Domains, and it’s the only way the Kernel and Domains can exchange state. The system calls are defined as standard JSON-RPC interfaces. JSON-RPC is a stateless, light-weight remote procedure call (RPC) protocol. It is transport agnostic in that the concepts can be used within the same process, over sockets, over HTTP, or in many various message passing environments. It uses JSON (RFC 4627) as data format.

With a transaction only purpose Mixin Kernel, and Mixin Domains as assets provider and gateway to external blockchains or any other sources, Mixin has become the most sophistic and high performance distributed ledger to almost all digital assets. However, people need smart contracts, which have been made popular by Ethereum. We allow Extensions to Mixin Domains, something similar to smart contract but with higher robustness, capability and performance.  Domain Extensions are programs running in the Domain Virtual Machine secured by the Secure Enclave in Intel SGX, a popular and secure Trusted Execution Environment.

Due to the possibility to run the “smart contract” in a single computation unit, Domain Extensions can achieve many goals which are almost impossible in something similar to Ethereum. Besides these trusted applications, it’s also possible to run other popular distributed VM, e.g. Ethereum or EOS.

Due to the PoS and distributed nature of both Kernel and Domain Nodes, and enforcement by Intel SGX, the keys are almost guaranteed to be safe from leaks. Because of the highly distributed key duplication and secret sharing mechanism, the encrypted private keys are also guaranteed to be safe from loss. The Kernel will balance the assets in different Domains constantly to further prevent the asset loss in the event of an almost impossible private key leak or loss in different domains. We will prove that Mixin is safe for digital assets against different possible attack vectors.

Key association is the first step to grant a Mixin public key with Bitcoin access. Deposit is the action when external assets flow into Mixin Kernel, this is the first step when some BTC joins Mixin. Since key association is proved secure, and all Mixin Domains are governed by Mixin Kernel, if some BTC successfully submitted to the Kernel, it will be guaranteed to the correct Mpub.

The Mixin Kernel constantly balances the assets across all Domains according to their behavior and collateral amount. If a domain is compromised or hacked, the leaked key will only cause partial Bitcoin loss. Also, Intel SGX will prevent fraudulent Domains from existing and keep hackers away in most cases. Since Mixin Governance will ensure the Domain is correctly implemented as a distributed system, it’s almost impossible to have the domain damaged as a whole.

Exchanges or other kinds of central managed Bitcoin solutions typically store most BTC in their cold storage. Cold storage refers to private keys which are never exposed to the Internet and managed by several people in the same firm. In terms of security, if both Mixin and Exchanges implement the solutions correctly without any bugs, Mixin should be considered much safer and trustable., because Mixin multi-signature Bmpub is guaranteed to be managed by many different parties that are unknown to each other, while exchanges have their keys kept by their own people who are much more easily capable of colluding. Further, since exchanges are almost all closed source systems, they often have bugs which are not discovered until a hack occurs. Since Mixin is transparent, the code is open to all users and developers to review and improve, in the same way that Linux is thought to be more secure than Windows, Mixin should rapidly become more secure than any closed source exchanges.

XIN is the sole token used by many services in Mixin, including full node collateral, DApp creation and API calls. To join the network as a full node, one must pledge at least 10,000 XIN token to establish initial trust. Every new act of DApp creation will have a one-time cost in XIN, the amount of which is determined by the resources the DApp claims to consume. The Mixin API calls from DApps may cost some XIN well, depending on the call type and count. All XIN penalties and fees charged by the network will be recycled to the mining pool. 1,000,000 permanent total XIN token is issued to the world at one time, and 400,000 of them have been successfully distributed to holders from 25/11/2017 to 25/12/2017 with rate 20 EOS/XIN. 50,000 XIN have been distributed to early Mixin Messenger adopters. 50,000 XIN are reserved for the development team. The remaining 500,000 XIN will be the incentives for all Mixin full nodes and light nodes.

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