Mixin Network is the Great Practice of Liberalism Thought in the Direction of Digital Money POS

Time:2019-8-13
Analysis of Mixin Network from the Operating History of Bitcoin and the Impact of Market Price on the Security of Bitcoin

What is the impact of Bitcoin’s operating history and market price on its security?

1. The higher the price of Bitcoin, the higher the total value of assets that can be safely transferred by Bitcoin in an hour.

Because the higher the price, the higher the miner’s earnings, the higher the cost of trying to double-spend the deal or preventing it. The current minimum cost of a 51% attack on Bitcoin for an hour is $950,000. Therefore, it can be concluded that bitcoin transactions with a single transfer of less than $950,000 can be considered safe after one hour. Considering the fact that there is not much calculating power in the market to buy at any time, the bottom line of safe transfer within one hour can continue to increase many times (7,000 yuan lost can not be recovered).

2. The longer the history of Bitcoin’s normal operation is, the more difficult it is to modify its books.

Because it’s not just about purchasing time and effort to change the books, it’s very difficult to get the consensus of all the nodes to modify an early transaction, because a large number of stakeholders are monitoring the bifurcation of the Bitcoin network and trying to modify the books, which will inevitably lead to the discovery, once the whole node carries out. Code upgrade, then there will be bifurcation, so the cost of calculation is easily completely wasted.

3. The longer the history of Bitcoin’s normal operation is, the more people will be attracted to use Bitcoin to keep accounts.

Therefore, the purchase of Bitcoin will lead to an increase in demand, and the total amount of Bitcoin is limited, so it will inevitably lead to an increase in the total market value.

4. According to 3, due to the price increase, it can be recycled to 1.

Analysis of Mixin Network

We use the same idea to analyze Mixin Network. The reason why Mixin Network is analyzed is that Mixin Network’s node organization follows pure liberalism and is based on the principle of market economy: 10,000 Xin tokens can become nodes, which is the same as Bitcoin.

Not analyzing EOS or cosmos is because they use voting as a social activity to build nodes, which runs counter to the liberal path pioneered by Bitcoin.

1. The higher the XIN token price, the higher the cost of preventing Mixin Network from accounting.

According to the Byzantine problem, it needs f+1 node to prevent the network from forming consensus, so it needs to buy token of f+1 node. Now there are 25 primary nodes in the network, and 9 nodes are needed to prevent Mixin Network from accounting. Therefore, 90,000 tokens are needed, and the market price is 24 million US dollars. If Mixin Network is attacked, it will lead to. If bookkeeping is suspended, the price of Xin token holdings will plummet, so the gains from the attack must be much greater than $24 million.

Consider revising the books. Also according to the Byzantine problem, it takes 2F + 1 node to form a consensus record book. In the case of 25 primary nodes, 170,000 Xin tokens are needed, worth $45 million. Therefore, the income from the revision of the books must be much greater than $45 million to be worth doing.

2. The longer the main network of Mixin Network runs normally, the more difficult it is to modify the books.

Once you try to modify the account, the node can choose to fork, so the cost of the attack can easily be reduced to zero.

3. The longer the normal operation history of Mixin Network, the more people will be attracted to use Mixin Network for accounting.

As a result, system calls will increase, which will lead to XIN TOKEN consumption increased, while the total XIN token is limited, so it will inevitably lead to an increase in the total market value.

4. According to 3, due to the price increase, it can be recycled to 1.

conclusion

Mixin Network’s main line is less than a year old and cannot be compared with Bitcoin. But if we look back on history, we can see that Bitcoin started with nothing. At first, it was very fragile and the cost of attack was very low. But because Bitcoin was reliable, the free market would have the chance to find something reliable. The capital carried by Bitcoin would increase slowly, and the cost of attack would increase slowly. When the power found the attack bits. Bitcoin is added when the cost of money is too high to be reasonable.

So we can look at Mixin Network with the same logic. As long as it’s as reliable as Bitcoin, it can move from fragility to strength, and all those who trusted Mixin Network in the early days will get huge rewards.

Reference material

Bitcoin’s superpower

On Stake and Consensus

Mixin Network

The Way to Slavery

Bitcoin

Recommended Today

Implementation of PHP Facades

Example <?php class RealRoute{ public function get(){ Echo’Get me’; } } class Facade{ public static $resolvedInstance; public static $app; public static function __callStatic($method,$args){ $instance = static::getFacadeRoot(); if(!$instance){ throw new RuntimeException(‘A facade root has not been set.’); } return $instance->$method(…$args); } // Get the Facade root object public static function getFacadeRoot() { return static::resolveFacadeInstance(static::getFacadeAccessor()); } protected […]