Read our beginner’s guide to Mixin’s XIN tokens and learn how to buy, sell and store them.
Mixin is a mobile blockchain messenger network designed to connect different blockchains. Designed to provide instant, secure transactions and promising unlimited throughput, Mixin has attracted plenty of attention throughout the crypto world since its token sale in November and December 2017.
The sale saw a permanent fixed total of 1,000,000 XIN distributed to the market all at once. So, what exactly do XIN tokens do and how can you buy and sell them? Read on to find out.
Where to buy XIN
XIN is currently only listed on the BigONE cryptocurrency exchange.
Quick guide to buying Mixin (XIN)
- Register for an account with BigONE.
- Activate two-factor authentication.
- Click on the “Accounts” tab.
- Click on the currency, such as BTC, you want to exchange for XIN.
- Select “Deposit”.
- Scan the QR code or copy the wallet address.
- Transfer funds into your BigONE account.
- Click the “Exchange” tab.
- Search for the pair you want to trade, such as XIN/BTC.
- Enter the amount of XIN you want to buy.
- Click “Buy XIN”.
A step-by-step guide to buying XIN
Want to buy XIN but don’t know where to start? Here’s what you need to do:
Step 1. Register for an account with BigONE
At the time of writing (May 2018), BigONE was the only crypto exchange where you could buy and sell XIN tokens. You’ll need to sign up for a BigONE account by entering your email address and creating a password. After verifying your email address, enable two-factor authentication to provide increased security on your account. You can then verify your identity and create an asset PIN to start trading.
Step 2. Deposit funds into your account
Log into your account and click on the “Accounts” tab at the top of the page. Next, click on the cryptocurrency you want to exchange for XIN – before doing so, make sure it’s a currency that’s actually listed in a pair with XIN, such as bitcoin (BTC) or Ether (ETH). Select “Deposit” and then scan your deposit address QR code or copy the address and use it to send the necessary funds.
Step 3. Buy XIN
While logged into your BigONE account, click the “Exchange” tab at the top of the page. Click on the drop-down menu and search for the currency pair you want to trade, for example XIN/BTC. Click on the pair and then enter either the amount of XIN you want to buy or the total amount of BTC you want to spend in the box provided.
Make sure to carefully review all the details of your transaction before clicking on “Buy XIN”.
How to sell XIN
If you want to sell your XIN tokens, the process you’ll need to follow is fairly similar to the one detailed in step 3 above. However, you’ll need to use the “Sell XIN” box rather than the “Buy XIN” box, and enter the amount of XIN you want to spend or the amount of BTC you want to buy.
It’s also worth remembering that due to the limited range of currency pairs available, you may not be able to directly exchange your XIN tokens for the currency you want.
Which wallets can I use to hold XIN?
If you’re planning on holding your tokens for the long term, then you should transfer them off the exchange and into a private wallet. This provides increased security for your funds and helps you avoid the risks of hacking and theft that are associated with exchanges.
XIN is an ERC20 token on the Ethereum network, so you’ll need to find a wallet that’s compatible with these types of tokens. Examples of wallets you might consider include web-based options like MyEtherWallet, desktop and mobile wallets like Eidoo and hardware wallets such as the Ledger Nano S.
How Mixin works
The project’s official website describes Mixin as a “TEE powered BFT-DAG network that connects all existing blockchains with unlimited throughput.” Built on the Byzantine Fault Tolerance-DAG (directed acyclic graph) protocol, Mixin is an inter-blockchain communication protocol to connect all popular blockchain networks.
It offers a messenger service that people can use to transfer all cryptocurrencies with end-to-end encryption. Using the Mixin mobile app, which will be available for both Android and iOS devices, you can transfer any cryptocurrency to anyone simply by using their phone number, even if they are not a Mixin user. All messages are encrypted with the Signal protocol.
It offers an account management solution that’s based on a phone verification code and six-digit PIN number, removing the need to remember complicated usernames, passwords and private keys. Mixin will also eventually allow users to develop cross-chain dapps.
What to consider if buying XIN
Cryptocurrencies are complicated, speculative and highly volatile. Buying and selling digital coins and tokens comes with a high level of risk attached, so it’s essential to thoroughly research any currency before deciding whether to buy.
If you’re thinking of buying XIN tokens, make sure you take the following factors into account:
- Supply. According to CoinMarketCap, at the time of writing (May 2018), the circulating supply of tokens was 421,579 XIN out of a total supply of 1 million XIN.
- Distribution. The permanent fixed total of 1 million XIN was distributed as follows:
- 400,000 XIN were listed as an XIN/EOS trading pair on BigONE without any price limit from 25 November until 25 December 2017. The sale ended once 8 million EOS had been raised.
- 100,000 XIN were to be sold within the Mixin app to whitelisted users after 25 December at the lowest BigONE price.
- 500,000 XIN were reserved for the Mixin team to use for development and global marketing.
- Use. XIN is required to perform many services and actions in the Mixin network, including becoming a full node, creating dapps and making API calls. To join the network as a full node, a user will need to pledge at least 10,000 XIN, while the XIN charged to create a dapp will be determined by the resources the dapp consumes. The Mixin team also points out that all the XIN fees charged by the platform will be burned to increase the value of the existing XIN tokens.
- Limited availability. XIN can currently only be purchased on one cryptocurrency exchange. This lack of accessibility may have a negative impact on demand for the coin, and gaining listings on a wider range of exchanges could improve public perception of the project.
- Limited information. There’s little information available online about the team behind Mixin and exactly how the platform operates. The absence of any road map outlining future goals may also be a concern for some users.
- White paper. For more information about the technology behind Mixin and how the network operates, check out the project’s white paper from their website.
The key thing to remember is to do your own research. This will help you determine whether Mixin is a project worth buying into or whether you’d be better off steering clear
At the time of writing, the author holds IOTA and XLM.