What is Mixin crypto? Complete set of Mixin and XIN Token project

The Mixin network is built on a blockchain structure that bears some similarities with Polkadot. What sets this project apart and makes it special? Let us explore the Mixin network and the XIN token in depth.

What is Mixin crypto?

The Mixin blockchain network allows for the operation and development of multiple decentralized applications (Dapps) that follow the trend of social networks. Currently, Mixin’s structure bears some similarities with Polkadot, as both blockchains are designed to connect and integrate various other blockchains into a single unified network.

The basic design of Mixin involves a central component known as Mixin Kernel, surrounded by a network of connections designated as Mixin Domain. While Polkadot focuses on expanding its network and adoption, Mixin instead prioritizes high-speed and secure exchange of digital assets.

Products and revenue of Mixin

Products of Mixin

Currently, Mixin offers two primary products which are Mixin Network and Mixin Messenger

Mixin Network

• In 2017, the Mixin Network released its testnet, followed by the official launch of its mainnet in 2019. Despite having launched its mainnet in 2019, the Mixin ecosystem lacks diversity and completeness in comparison to other projects.
• At present, the Mixin ecosystem comprises a total of seven projects, including five automated market maker systems, one non-fungible token marketplace, and one derivatives exchange with a total value locked of 449 million US dollars.
• Moreover, Mixin is a network that supports connections to 48 different blockchains such as Ethereum and Avalanche. This enables Mixin to address issues related to transaction speed and fees. As a result, Mixin is considered to have significant potential for future development.
• However, it is noteworthy that these issues are also the target of many other blockchains and corporate entities. Consequently, Mixin is presently confronting a highly competitive market and facing difficulties in brand positioning.

Mixin Messenger

Mixin Messenger, which is a Dapps based on the Mixin Network platform, possesses several remarkable features that are worth mentioning

• The storage of wallets through the TIP wallet protocol enables users to generate a simple passphrase of 6 digits instead of the traditional 12-24 digits required by centralized wallets like Metamask and Coinbase. TIP is a decentralized key protocol that offers enhanced security capabilities to its users.
• Possibility of account recovery via phone number
• This integrated system features a range of functions, including secure digital currency storage capabilities and continuous messaging capabilities comparable to other conventional applications.
• Send cryptocurrency directly through phone book.
• Secure end-to-end encryption via Signal protocol.

Mixin’s revenue

Currently, the specific revenue of Mixin has not been publicly disclosed. However, it is evident that the primary source of income for Mixin is still from transaction fees of the Mixin network and the Mixin messenger application platform. A part of these fees will be used to fund the mining pool to incentivize miners to operate and maintain the network’s security and stability.

Mixin’s structure

The design structure of Mixin consists of a single Mixin Kernel and numerous Mixin Domains and Mixin Extensions that interconnect with one another to create a cohesive linking framework.

• Mixin Kernel: The Mixin blockchain operates using a Proof-of-Stake algorithm and serves as the foundation of the Mixin network. Its primary function is to act as a central point of connection between Mixin Domains and other interconnected blockchains. Additionally, it provides security and ensures the integrity of all transactions made on the Mixin Network.
• Mixin Domains: Mixin Domains refer to independent blockchains that are connected to the Mixin Kernel and serve the purpose of transporting assets from other chains to the Mixin Kernel. These assets could include cryptocurrencies, NFTs and more. Consequently, Mixin Domains play a critical role in connecting and facilitating interactions between the Mixin Network and other blockchains.
• Mixin Extensions: The Mixin Extension was developed with the purpose of facilitating developers to create new applications and services on the Mixin Network, minimising time required and improving the interaction capabilities of projects with Mixin Domains and Kernel. However, it must be noted that Mixin Extensions are not an independent blockchain but rather, merely an extension feature of Mixin Kernel and Mixin Domains.

Mixin Ecosystem

The following are some exemplary projects that are part of the Mixin ecosystem

• Mixin Message: The initial decentralized applications (Dapps) on the Mixin ecosystem consist of a messaging and chat application that operates on the Mixin network. At present, Mixin is available for download on both the App Store and Google Play Store.
• Mix Pay: The payment gateway provided by Mixin Network streamlines and enhances the process of making payments on Web3, thereby simplifying the overall payment process.
• 4swap: As an Automated Market Maker (AMM) on the Mixin Network, the current Total Value Locked (TVL) has reached 65.25 million USD with a 24-hour trading volume that peaked at 8 million USD.
• MixSwap: One of the largest Dex aggregations within the Mixin ecosystem can be found there.

The salient feature of Mixin Crypto

The notable features of Mixin include the following:

• According to the plan, the maximum achievable TPS is 1 million transactions per second, however, the current TPS figure is paused at the level of 229.
• The Mixin network is equipped to facilitate 46 varying blockchain chains, such as Ethereum, Litecoin, Ripple, and others.
• The transaction fee is almost zero.

What is XIN Token?

XIN Token Key Metric

• Token Name: Mixin
• Ticker: XIN
• Blockchain: Mixin, Ethereum
• Ethereum Contract: 0xa974c709cfb4566686553a20790685a47aceaa33
• Token type: Governance, Utility
• Total supply: 1,000,000 XIN
• Circulating supply: 599,981 XIN

Token XIN Use Cases

When holding XIN, users can use XIN as follows:

• Payment of transaction fees on the Mixin network.
• Staking and providing liquidity on the system’s AMMs.
• Hold a minimum of 10,000 XIN to become a validator.
• Participate in project governance by proposing or voting.

XIN Token Allocation

XIN Tokens will be distributed as follows:

• Validators: 50%
• Early Holders: 40%
• Team: 5%
• Early Mixin Message Users: 5%

Token Release Schedule

Currently, specific details regarding the schedule for unlocking tokens of XIN are not available.

XIN Token Sales

Although XIN did not conduct token sales, the company proceeded with an airdrop in November 2017 exclusively for EOS holders. The airdrop was set at a rate of 10 EOS/XIN, and the total number of airdropped XIN reached an impressive 400,000.

Wallets and exchanges

Store Wallet XIN

It is possible for the end-users to store XIN cryptocurrency in any wallet that supports the Ethereum or Mixin network, as an example, the Coin98 Super App or MetaMask.

XIN Exchange

Currently, users can purchase XIN at:

• CEX: BigOne
• DEX: 4swap

Roadmap and update

At present, there has been no official announcement regarding the project’s roadmap. However, we can provide an overview of some of the recent changes that have taken place within the project over the last period

• 15/9/2021: Become one of Avalanche’s validators to provide profits to users and contribute to the protection of the network.
• 3/11/2021: Mixin joins the Near ecosystem as a Layer 2 solution.
• 22/6/2022: Mixin announces the launch of MixPay – a payment application.
• 4/7/2022: Mixin introduces Mixin Network.
• 13/7/2022: Launch of MixinWalletBot to optimize user experience in sending and receiving crypto.
• 27/10/2022: Integrate with Starcoin network, develop infrastructure for Mixin Network.

Project team, investors and partners

Project team

Currently the project team includes:

• CEO & Founder: Cedric Feng.
• CTO & Co-Founder: Crossle Song.
• Co-Founder: Jun Tang.

Investors

In 2017, Mixin successfully raised funding from INBlockchain. However, little information is currently available regarding other investors.

Partner

As of present, Mixin does not have a list of partners to mention. However, it has recently announced its collaboration with Starcoin and TopDAO by the end of 2022.