Introduction to millix
We now turn our focus to millix, a unique and innovative player in the field. Millix is not just another cryptocurrency. It represents an evolution in cryptocurrency technology, designed to address some of the inherent limitations of traditional cryptocurrencies and provide a truly scalable, efficient, and decentralized solution for digital transactions. In this chapter, we will explore what makes millix unique and how it fits into the broader cryptocurrency landscape.
What is millix?
Millix is a decentralized, peer-to-peer transaction network that aims to provide a scalable and efficient solution for digital transactions. Unlike traditional cryptocurrencies, millix is designed from the ground up to be lightweight and fast, allowing for high transaction throughput while maintaining a small memory footprint.
Millix is built around the idea of a “transaction web,” a vast, interconnected network of transactions. In this web, every transaction references previous transactions, forming a complex, interwoven structure that allows for rapid confirmation and high scalability.
Principles Behind millix
The founders of millix came up with some principles that they used to guide the development of millix.
Currencies should not be created with debt: Cryptocurrencies are typically generated through mining or staking, not issued against liabilities. This principle argues for a system that doesn’t create currency tied to debt, to avoid scenarios like debt cycles or inflation that can happen with traditional, debt-based monetary systems.
- Currencies should operate at infinite scale: A cryptocurrency should be designed to handle an unlimited number of transactions, facilitating its adoption as a global means of exchange.
- Currencies should work the same throughout the entire spectrum of transaction values: Regardless of whether it’s a small microtransaction or a large-value transfer, the currency’s performance, speed, and cost shouldn’t drastically differ.
- Currencies should be functional without carrying the weight of every previous transaction: This principle suggests that transaction verification shouldn’t require downloading and validating the entire transaction history, which could slow down the network and limit scalability.
- Modern currencies should be at least as simple to use as primitive currencies: Digital currencies should be user-friendly, intuitive, and require minimal technical knowledge to use, similar to how simple it is to use cash.
- Implementing a digital currency into a process should be nearly the same effort as implementing paper cash into a process: The adoption and integration of a digital currency into existing financial systems should be straightforward, and any additional difficulty should be offset by clear benefits (e.g., efficiency, security, speed).
- Simplicity at the edge is only possible with equal simplicity in the foundation: A simple, well-designed underlying infrastructure is critical to ensuring that the end-user experience is straightforward and uncluttered.
- Currencies are a product chosen by customers and supported by professionals: The adoption and continued use of a currency rely on the preference of its users and the support infrastructure provided by professionals (developers, nodes, financial institutions).
- The cost of securing value can’t exceed the value it secures: The resources used to secure a cryptocurrency network (like computational power for mining) should not surpass the actual value it is securing, or else it becomes uneconomical.
- Decreasing a currency’s value with inflation should not dilute the value of savers: The system should not devalue the currency by arbitrarily increasing its supply, thereby protecting the purchasing power of those who hold the currency.
- Increasing a currency’s market value should be proportionate to increases in its fundamental value: The market price of a currency should reflect its underlying, intrinsic value, rather than speculative bubbles.
- Participants that increase fundamental value should be algorithmically incentivized: Those who contribute positively to the network (nodes, developers, etc.) should be rewarded in a systematic way, fostering continued support and development.
The History of millix
In 2018, the development of millix, a directed acyclic graph (DAG) based decentralized ledger system, started. The founders, who had been involved with cryptocurrencies for years, set out to develop a cryptocurrency which would address the shortcomings they perceived in other cryptocurrencies at the time.
Throughout 2018 and 2019, the development team adhered to an iterative and rigorous process of “build, test, break.” This methodology ensured that the system could withstand various challenges and scenarios. The relentless cycles of testing and improvement paved the way for a robust and resilient network.
On January 20, 2020, the millix network experienced its Genesis event. A staggering total supply of nine quadrillion millix was created. The pivotal event of this year was demonstrating that a DAG could operate without centralization or gatekeepers (specialized nodes to verify transactions), a critical milestone in validating the technology’s feasibility.
The following year, 2021, saw millix.com becoming the first Layer 2 application on the millix network, a testament to the platform’s growing adaptability. Furthermore, millix demonstrated its potential by successfully running on a Raspberry Pi, highlighting its low resource requirement and broad accessibility. The tangled browser emerged as the second Layer 2 application. A chromium based browser with a millix node fully integrated into it. The year ended with the release of the public beta of the millix network on December 21.
In 2022, the network marked its one-millionth transaction, and in a single day, it handled over 100,000 transactions. This proved millix’s capacity to manage high-volume operations, further strengthening its position in the crypto industry.
A novel advertising platform was developed for the tangled browser. Rather than paying publishers or agencies for ad views. The viewer would be payed without paying any middlemen. A novel p2p advertising network utilizing millix. The ads are currently displayed on the top of the tangled browser. Advertisers began to recognize the platform’s potential, resulting in over 200,000 payments per day. Additionally, the network expanded to incorporate over 14,000 installed nodes, amplifying its resilience and decentralization.
The development of Layer 2 applications on millix continued to thrive, with the creation of TangledTrivia.com, CobraHelix.com, SwapLand.io, and Tangled Social. Each of these applications contributed to the platform’s diverse ecosystem, showcasing the versatility of the Millix network.
Further, the nodes began to operate in light mode, improving the efficiency and performance of the network. Data storage capabilities on the DAG were enhanced, and support for Non-Fungible Tokens (NFTs) using millix was introduced.
The year ended with the development of the WMLX bridge between millix (MLX) and Ethereum (ETH). WMLX is an ERC20 token created to promote the integration and interoperability between different crypto ecosystems.
Technology Behind millix Overview
At its core, millix is powered by a unique approach to cryptocurrency technology. Instead of a single, linear blockchain, millix operates on a Directed Acyclic Graph (DAG) structure. This means that transactions are not grouped into blocks and added to a chain one at a time. Instead, each transaction stands on its own and directly references multiple previous transactions. This structure allows for a high degree of parallelism, enabling millix to process transactions quickly and efficiently.
One of the distinguishing features of millix is its lightweight design. Millix nodes do not need to store the entire transaction history. Instead, they maintain a minimal set of information, allowing for a small memory footprint. This design makes it possible to run a millix node on a variety of devices, including mobile devices, thereby increasing accessibility and decentralization.
The millix Network
The millix network is made up of nodes, each of which participates in validating transactions and maintaining the network’s integrity. To incentivize participation, millix employs a unique economic model. Nodes are rewarded for validating transactions, with rewards derived from transaction fees.
One of the key goals of millix is to provide a truly decentralized network. To achieve this, millix employs a unique consensus algorithm, ensuring that no single party can control the network. This consensus algorithm, along with the network’s design, aims to provide a high level of security and resistance to attacks.
The millix foundation was set up with the focus of maintaining and developing the protocol. This organization accepts proposals on development of the millix protocol and maintains the reference code for the millix-node. You can visit the foundations website at https://millix.org .
In short, millix represents a new paradigm in the cryptocurrency landscape, an evolution in design and technology that addresses the shortcomings of traditional cryptocurrencies. Its unique design allows for high transaction throughput, low memory footprint, and increased decentralization, setting it apart from other cryptocurrencies.