Mixin Network, next China’s top blockchain project

I believe the project that creates the next killer app.

The crypto market has been bearish for the last few months. I have not done much trading but kept studying blockchain projects with huge potentials and kept searching for the next killer app. Recently I discovered a project which in my opinion is very undervalued.

The ethereum ecosystem is currently unchallenged by any other public blockchain projects. Many people hope certain projects such as EOS will become better than Ethereum in the future. However, in the bear market, a lot of project teams lack experience and the trend could be for many such projects to fail one by one in the near future.

So where is the future of blockchain? I believe the project that creates the next killer app and achieve high adoption rate would be the most valuable blockchain project.

Mixin Network is a project I believe will be the most valuable in the future. It fulfills the next few characteristics:

Millions of user in DApp Mixin Messenger VS WeChat

Its social media DApp Mixin Messenger already has millions of user registrations. I was skeptical at first, but after I downloaded it and experienced it myself, I would say Mixin Messenger is the blockchain version of Wechat.

(Wechat)

Everyone knows that Wechat is the most popular messenger app in China. One of the reasons for Wechat to be so popular is that Wechat has its own paying system. Wechat is like the Apple store, where you can build your own programs within it. As long as one has Wechat, you can make any kind of RMB payment in China.

Mixin Messenger is similar to Wechat in the sense that there is chatting function and people can build bots on top of it as well. However the difference is that Mixin Messenger is built on Mixin Network public blockchain, while Wechat is built on a centralized system.

Image result for Mixin Messenger
(Mixin Messenger)

Wechat only supports RMB payment, while Mixin Messenger supports all kinds of cryptocurrencies. The most convenient part is, instead of the private key, you only need your phone number and 6 digit pin code to access your full-cryptocurrency account within Mixin Messenger.

User Friendly

This function seems simple, however it could crease the adoption of Mixin Messenger tremendously. More broadly speaking, the general public who have never dealt with crypto before can enter the crypto world through this simplest method.

For security, your phone number is binded to your ID and would not be lost. You only need to remember your 6 digit pin code to access your account.

If China supports the circulation of cryptocurrencies in the Chinese market, Mixin Messenger will definitely become the blockchain version of Wechat with hundreds of millions of users.

If the Chinese market impedes the development of cryptocurrencies, Mixin Messenger will need more expansion in overseas markets. Recently I evaluated its overseas development and find the progress quite remarkable.

Partnership

Mixin Messenger has formed partnership with a Nepalese financial institution. The institution will use Mixin Messenger for instant payment with 0 fees. Mixin has also attended “Next economic conference” event in Japan. The event was hosted by Japan’s biggest ICO information network, its sub product APP Coinview is already part of Mixin Network ecosystem. I couldn’t find the detailed of the partnership, but it is evident that Mixin is actively trying to embrace markets outside of China and form partnerships.

Screen Shot 2018-09-26 at 4.53.25 PM.png

When I did my research, I realize this project has very few followers on social media platforms. It seems to have just started developing overseas community. On CoinMarketCap, the project’s ranking is top 100 and at one point was among the top 50. The way they raised capital was also very interesting. It was pegged to EOS and traded directly in the exchange.

Simple exchange Listing lineup

Currently the XIN token is only listed on Big.ONE, Fcoin and OceanONE. Such a simple exchange lineup is also why I believe it is undervalued.

Mixin’s development: DApps, Exchanges, cross-chain solution ,etc.

OceanONE is an exchange created by Mixin Network team, with its code being open-sourced. The crypto-to-crypto trading pairs are against BTC, USDT and their own token XIN.

What surprised me was that Mixin’s development is way ahead of many other cross-chain projects: the full-cryptocurrency trading is already implemented.

Mixin Network Ecosystem

With Mixin Network, OceanONE exchange and social media application Mixin Messenger, the team is basically building a very strong and comprehensive ecosystem. Within Mixin Messenger, you can trade tokens directly on the exchange.

From my perspective, the open-source of Mixin Messenger and OceanONE exchange codes are just demonstration from the team. Along with the various security audit releases, the team is trying to signal that their products are easy to use, easy to develop and extremely secure.

https://bitcointalk.org/index.php?topic=5028456.0

At BitcoinTalk, you will discover 13 DApps built on top of Mixin Network. All DApps utilized their full-cryptocurrency selection and their plan of instant transaction with 0 fees.

Team Members

When I wondered what kind of team is capable of building such a vast blockchain ecosystem, I did my research and was impressed by their resume. The CTO and product lead have both worked for Yixia Technology, which is the leading short clip platform in China. It is comparable to Snapchat and Instagram in the States.

It is then easy to understand the project’s design in terms of ease of use, this is a project to help users truly immerse in the blockchain world.

The COO has worked at Bitmain, INblockchain and 9BTC, which are China’s top mining group, China’s top blockchain investment organization and China’s top blockchain media respectively. Surprisingly, such a strong team has kept a low profile, which is another reason I believe this project is greatly undervalued.

I read the whitepaper and realized the technology composition of Mixin Network is really unique. The security is achieved through Trusted Execution Environment (TEE) and bookkeeping mechanism which uses both full nodes and light nodes. It also uses DAG + aBFT to reach trillion level TPS. It optimized Bitcoin’s UTXO model to ensure privacy. It currently supports 13 public chains and over 40,000 kinds of cryptocurrencies.

There is not much information available on Mixin’s official website, however I found out that the trading volume of Mixin Network has exceed 10 million times.

Conclusion

Blockchain social media application with commercial use, exchange, cross-chain plan which supports full-cryptocurrency selection, instant transaction speed, 0 handling fees, strong team background, all these make me believe that this project has more value and space for imagination than Ripple which is currently ranked number 3 in market value. Comparatively, the marketing and exchange of the project are not very remarkable. The testnet will be launched soon. Currently, this is the project I believe might create a DApp ecosystem comparable to that of Ethereum.

You are welcome to leave a comment and discuss about Mixin Network.

(Source: https://medium.com/@juliaguuuu/mixin-network-next-chinas-top-blockchain-project-1643be418469)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: