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If you’ve read the introduction to Bitcoin, you probably remember that a bitcoin doesn’t belong to a person, but to a string of words called a private key. You can take the string of words and put it in any Bitcoin wallet anywhere in the world, and you can create a private key for free. Bitcoin white papers have been published for 10 years, and this model of asset protection continues to this day. Even EOS, a blockchain product that is already very different from Bitcoin, adheres to the same logic.

You hold the private key, you hold the account.

The private key is so important that almost every introduction to blockchain advises users to follow some rules to avoid losing their assets

1: encrypt private key files with complex passwords. Do not use simple and repetitive passwords that are easy to guess. 2: multiple backups of encrypted files. The unencrypted private key is printed out separately and stored in a secure place. 3: involves the use of multiple signature wallets for a large number of assets.Copy the code

Over the years, we’ve heard many people say that forgetting your password causes you to never get your money back. Others have lost their private keys forever because they formatted their computers, or because their hard drives failed or network files expired. Keeping assets in private keys is a great invention. But it’s hard for ordinary people to manage. The first is that while complex passwords are hard for bad guys to guess, they are also hard for users to remember.

Multiple backups are more difficult for ordinary people, most of whom only have one computer —- mobile phone, how to do multiple backups? Can only rely on the network disk, mailbox, but for security, must use a complex strong password encryption to secure. If you consider that a person has other digital assets besides Bitcoin, one asset and one private key, then the management of the private key becomes even more difficult.

So what does Mixin plan to do? Mixin Messenger provides the first demonstration for mixin Networks. Users only need to remember their mobile phone number and six-digit PIN code to secure their assets. Where’s the private key? On mixin Messenger’s server. Is it safe? Of course, if the user has the PIN code, that’s fine. And Messenger itself provides a private key export function. So can I use email to register? Sure, even wechat will do.

Mixin has redesigned how users communicate with the blockchain and how assets are held in order to provide better protection and an easy-to-use process when users have only one phone. The 6-digit PIN code is added to the traditional private key. The user must provide the correct 6-digit PIN code and the private key to operate the asset. Mixin also generates unique communication encryption parameters for each user, and the user must use the correct parameters for each communication. These two changes allow users to keep their assets safe even if their private keys are stolen.

So are mixins themselves safe? Mixin implements a reliable distributed third party based on software and machines. The user’s assets are protected by the multiple signature mechanism.

The most common application of multiple signature in life is joint ownership of houses. Only one person can’t sell the house, only with the consent of all the owners.

Digital currency mining pools with large assets, financial institutions and exchanges are all using the scheme.

This scheme effectively eliminates the evil of a single insider.

Take the example of users storing bitcoin on mixin networks. Mixin creates a Bitcoin wallet for the user. The wallet itself is a multi-signed wallet controlled by the transparent operational node cluster of the Mixin kernel. Bitcoin deposited by users can only be withdrawn with the approval of two-thirds of the kernel nodes. So a node that tries to be evil doesn’t get rid of the asset at all.

Conclusion:

In mixin network, the presentation of an asset requires correct PIN code, correct private key, correct secure communication parameters, and consent of 2/3 nodes.

Will this extra change make it easier for users?

Yes, because developers can help users secure backups of private keys and security parameters. This can greatly reduce the burden of users.

Mixin also provides incentives for wallet developers, making the service profitable.

Based on this, you can use mobile phone number, email number, ID number and other ways to manage assets, users no longer need to record complex passwords and backup private keys.