AN OVERVIEW OF THE SECURITY FEATURES OF MIXIN NETWORK
The primary reason for the introduction of cryptocurrencies into the world was to create a safer and more secured way of transferring funds from one place to another. We have heard and witnessed several accounts of banks and other financial institutions being robbed of state’s money and other valuables. In worst cases, people lose their lives due to these attacks and robberies that occur and Satoshi had this vision and other safety reasons in creating cyprotcurrencies to be used as another medium of making payment form of transactions in a safer and secured way. This vision is being fought against by bad nuts, who breach the security systems of weak and poorly secured platforms.
The world of crypto keeps on growing at a faster pace with several industries and organizations wanting to run their operations on the blockchain technology. However, crypto noobs and greeners are mostly scared about the level of security within the crypto community. This is because we hear of many security breaches on exchange platforms and others which cause several people to lose their hard-earned funds. CNN on November 1, made a broadcast about the unexpected closure of Coincheck Cryptocurrency Exchange after they got hacked of about $500 Million US. The crypto community has recorded several hacks ever since bitcoin was launched and this sometimes makes investors think that the crypto community is not safe to invest into.
However, this is not fully true as there are other exchange platforms that have been secured ever since its operation and has not suffered any form of attack. Several platforms currently are being designed based on the highest level of security to ensure that the funds of cryptopreneurs are kept safe. It is based on this very same safety reasons that the Team of Mixin has put together the best of security systems within the Mixin Network to prevent any form of unauthorized third-party systems from gaining access to the network.
A REVIEW OF THE SECURITY FEATURES OF MIXIN NETWORK
The Mixin Network has been designed using the best of security systems right from sending of funds and also keeping of records of transactions on the blockchain ledger. Below is a review of some of the security systems of Mixin Network and how it works to protect its users from being hacked.
Sending of Funds with the use of Ghost Addresses and Ghost Outputs
This security feature is designed in a way that only both the sender and the receiver know the exact amount of funds being transferred. With the use of the unspent transaction output as in bitcoin transactions and also the use of CrpytoNote as an algorithm to ensure absolute privacy. The sender uses an entity of both the public address and private key to sign the transaction unto the Mixin Kernel.
Only the receiver with the other right private key pair would be able to see and decrypt the transaction. The Ghost Address and Ghost Output will serve like sending funds using zero send option on masternode networks whereby you cannot trace the senders address and probably explore his/her wallet to know his cryptocurrency portfolio. With the cryptocurrency portfolio of users kept secret cyber fraudsters and hackers would not have any idea whom to send malicious messages to in order to hack their system. You can refer to the whitepaper to read a scenario which sums up the whole security feature of Ghost Address and Ghost Output.
The Use of Asynchronous Byzantine Fault Tolerance Graph
Unlike the traditional method of storing information within blocks as it is common on bitcoin, Ethereum and other popular blockchain ledgers the Mixin Network would broadcast transactions to other nodes as and when they come in. The Mixin Network ensures a full decentralized system whereby there would be fifty nodes on the network and the network requires at least seven nodes to start operating. This would ensure that no one node on the network can take over the systems for any negative intentions. With the use of the asynchronous Byzantine Fault Tolerance all these nodes would have access to new confirmations as soon as majority of the nodes of the network confirms it.
The use of Punitive Proof-of-Stake System
The high level of anonymity within the crypto community makes security a very important factor to ensure all members on any platform or part of a network as in the case of Mixin Network. There have been several records on attempted attacks on several networks and some have even succeeded which cost so many people to lose huge sums of money. Due to this the team of Mixin Network has built the network based on a proof-of-stake system which would take away the 10,000 XIN that was staked within the network in case any node is suspected of any attack on the network. Members running nodes on Mixin Network are very careful not to lose over $100,000 US of XIN that have invested on the Network therefore they stick to the confirmation of only legitimate transactions within the network.
Fulfillment of all System Requirements
Every platform has some specific requirements that its members would have to do in order to operate on the network and Mixin is off no exception. All domains would have to set their sytems up by following some laid down steps that is proposed by the Mixin Network. This inquires some specific data inputs and system setup. Al this requirements have been put in place to ensure that all loop holes of security breach are carefully sealed by the Network. This would also ensure that all domains on the network are honest nodes and only confirm legitimate transactions.
Please refer to the whitepaper to get more information about the Mixin Network and its associated features.
Total Coin Supply: 1,000,000
Number of Coins needed to run a Node on the Mixin Network: 10,000
Coins allocated to Team: 50,000
Coins distributed to Early adopters: 50,000
Coins reserved for other works: 500,000
Connect with the team of the project on the following contact lines below:
Bitcointalk thread: https://bitcointalk.org/index.php?topic=5048498.0
Bitcointalk Username: Aponkye1
My Bitcointalk profile link is https://bitcointalk.org/index.php?action=profile;u=2216761