Millix uses several novel techniques and mechanisms to ensure its network is scalable, efficient, and highly decentralized. In this chapter, we’ll explore these technologies and how they differentiate millix from traditional cryptocurrencies.
Directed Acyclical Graph (DAG)
One of the key technologies behind millix is its use of a Directed Acyclical Graph (DAG) for storing and processing transactions. A DAG is a one way graph that does not have any loops (cycles). It is a data structure that is used in computer science and mathematics for various applications. In the context of millix, a DAG allows for a high degree of parallelism in processing transactions, leading to increased speed and scalability.
Unlike traditional blockchains, which group transactions into blocks that are added to a linear chain, a DAG allows each transaction to stand on its own, directly referencing multiple previous transactions. This means that transactions can be processed in parallel, rather than sequentially, leading to a much higher transaction throughput.
The use of a DAG also has implications for the security and integrity of the network. Because each transaction directly references previous transactions, it’s difficult to alter or forge a transaction without affecting the entire network. This makes the millix network highly secure and resistant to attacks.
Millix uses cryptography much like other cryptocurrencies. Which use cryptography to prove ownership of addresses and signing transactions.
To sign transactions millix uses ECDSA (Elliptic Curve Digital Signature Algorithm). This creates the cryptographic signatures that prove ownership of milix and allows them to be spent.
For addresses millix takes the public key, applys the SHA-256 hash algorithm, then the RIPEMD-160 hash algorithm, to produce the address.
Another distinguishing feature of millix is its lightweight design. Unlike traditional cryptocurrencies, where the entire transaction history must be stored, millix nodes only need to maintain a minimal set of information. This results in a small memory footprint, which allows a millix node to run on a variety of devices, from powerful servers to mobile devices.
This lightweight design also contributes to the decentralization of the millix network. By making it possible for anyone to run a node, millix ensures that control of the network is distributed among a large number of participants, rather than being concentrated in the hands of a few.
The consensus algorithm is a crucial component of millix, ensuring that all nodes agree on the state of the network. Millix employs a unique consensus algorithm designed to provide a high level of security and decentralization.
Unlike traditional consensus algorithms like Proof of Work (PoW) or Proof of Stake (PoS), millix’s consensus algorithm doesn’t rely on computational power or stake ownership. Instead, it uses a method that ensures all nodes have an equal chance of validating transactions, thereby preventing any single party from controlling the network. The lack of Proof of Work makes millix significantly reduce both the energy requirements and the amount of computer power necessary to participate in the network. It is even possible to run millix nodes on a raspberry pi.
As you can imagine consensus can take up a great amount of network connectivity. Because of this we limit consensus to the last ten minutes of transactions. Afterwards the transactions are placed in hibernation. When the transaction needs to be used later on then a ‘refresh’ transaction is sent first which will wake the output then a normal transaction is done sending the millix to its ultimate destination.
The total amount of millix (9 quadrillion) was generated at the genesis event. Millix does not utilize decimal values, all millix are denoted in integer values. This was done for a couple of reasons. But, the main reason was to ensure there would be no confusion as to fractions of a millix. To incentivize participation in the network, Millix employs a unique economic model. Individual nodes are rewarded for validating transactions, with the rewards derived from transaction fees. This creates a self-sustaining economy, where participants are incentivized to contribute to the network’s operation.