What is Mijin?
Public blockchains, like Bitcoin or NEM, allow anyone to join and set up a node to share and receive data. However, many real-world business and financial uses require that those who can participate in a blockchain be restricted; these are called permissioned blockchains and Mijin provides this powerful functionality.
Blockchains have the following properties.
The data that is on the blockchain will exist as long as there is some node in the network still operating. Once data has been put in a block, it can never be removed.
Using public-private key cryptography, all data are verifiably signed and cannot be modified by a third party.
Using the blockchain, zero downtime systems can finally be realized.
Advanced Features for the Blockchain
Mijin is not only a simple platform for creating points or custom currencies, but will have many advanced features.
Support for Multiple Assets
Unlike Bitcoin that has only a single digital asset, Mijin supports any arbitrary asset, allowing you to freely create and manage all your assets. We call these.
Support for Multi-signature Accounts
Mijin supports m-of-n multi-signature accounts at the platform level. You can designate multiple signatory accounts that need to sign off on transactions from an account. This can be useful for managing departmental budgets for companies or governments.
Smart Contract Support
Mijin will allow for powerful computational contracts and programs to be run in a decentralized and verifiable manner.
Uses for Mijin
Mijin can replace complex and expensive database systems to perform tasks such as asset management, information management, and contracts.
Mijin can be used to keep track of account balances of customer loyalty program points, online game points and items, company equity, bank balances, and many more uses.
Mijin can go beyond simply managing the balances of accounts and can enable the transfer of assets and processing of payments.
Smart contracts can be used to manage information and agreements directly on a Mijin blockchain, with mathematically verifiable enforcement of all contracts. In the future, multiple Mijin blockchains will be able to have contracts with each other through the open NEM blockchain.
Information Management System
Mijin blockchains can be used for managing important information, such as government registrations and personal identities, internal documents, contracts, and messages.
Huge Reductions in Operational Costs
3 Ways to Reduce Cost
Using peer-to-peer Mijin blockchains, infrastructure costs can be reduced in three important ways.
Expensive Hardware is Not Required
Mijin blockchains operate on a peer-to-peer network of distributed nodes such that normal consumer hardware can be combined to create a reliable system with no downtime.
Redundancy Not Required
Mijin blockchains are run on a peer-to-peer network and don’t need redunant electrical and network systems, etc., as the data are already safely backed up in a distributed way.
Backups Not Required
All of the data in the blockchain are backed up by all the nodes, so there is no need for explicit backups or redundant systems. Mijin works safely right out of the box.
Realizing Inexpensive, Zero-Downtime Systems
Realizing systems approaching zero downtime using conventional systems requires enormous resources if using conventional methods.
Mijin’s peer-to-peer blockchain can create zero downtime systems at low cost, so long as there is at least one node running on the peer-to-peer network.
Low Development Costs
Existing infrastructure requires system experts to setup and run complex networking systems. Mijin hides all this complexity and creates a simple plug-in-play service.
By using Mijin, development and system maintenance costs can be significantly lowered.
Reliability and Security
Mijin blockchain technology can ensure zero downtime systems, so long as there is at least one node that continues running on the peer-to-peer network.
In the worst case, data processing can be delayed, but the system will not go down. A good example of this is Bitcoin, which has been continuously running since 2009.
Improving on Bitcoin’s Security
In Bitcoin, even though all the nodes exist on the internet, none of the data can be hacked or modified because of the use of public-private key cryptography.
In Mijin not only does public-private key cryptography guarantee data integrity, but also permissioned blockchains can restrict access to the blockchain to specific nodes.
Using cryptography, it is possible to make permissioned blockchain data impossible to decipher by third parties who are on the outside.
Support from the NEM Team
NEM is an advanced, bitcoin 2.0+ system that has been in development since January of 2014. The development team is comprised of professional software engineers and scientists who went to great lengths to study ways to improve existing blockchain platforms and created NEM from scratch to be more secure and easier to develop for than any other platform. Instead of using Proof-of-Work mining, which is wasteful and not eco-friendly, a new concensus algorithm, Proof-of-Importance was developed, which uses low energy and also rewards participation in the economy. NEM was developed using modern software engineering practices such as test-driven development, has over 3,000 unit tests, and was tested on an open network for over 9 months before its release on 2015/3//31.
The currency of NEM is called XEM, but the transfer of XEM is far from the only utility of the NEM blockchain platform. NEM mosaics provide the most advance implementation of digital assets to date and can be associated with blockchain-level domain names. A reputation system and smart contracts/decentralized computing systems are also in development, which will make NEM the most comprehensive block chain platform to date when completed.
Mijin is being built by the NEM development team, using their proven experience and technological prowess. Working with other developers at Tech Bureau, the NEM team is making Mijin the fastest and most secure blockchain platform in existence.
Rather than trusting other projects that are copies of bitcoin or source code that others wrote, it is important to use reliable, professionally developed software that is made by a unified team. Mijin is currently the only platform in existence that fulfills this.
High Security Through Technical Advancement
Like NEM, Mijin has unique security features that set it apart from existing blockchain platforms. These include configurable, m-of-n multi-signature accounts, the Eigentrust++ system for securing data transmission in a peer-to-peer network, a peer-to-peer time service, and a transaction spam protection feature. Taken together, these security features make data transmission on a peer-to-peer network more reliable and improve the utility of the blockchain in practice.
Closed β test on test net. 25 tx/sec on geographically dispersed servers. (Handles local small banks)
Open β test on test net. demonstration experiment and implement with partners. 5k tx/sec within a private network.
Open source with dual licensing. Smart contracts
Integration with Zaif Exchange engine. Integration with major bitcoin exchange engines.
10k tx/sec within a private network. 100 tx/sec on geographically dispersed servers.
Our mission is to reduce the costs of financial infrastructure to 1/10th of present costs, by 2018.