Artistone

What Is Ginga Mixer?

UTC by Oluwapelumi Adejumo · 3 min read
What Is Ginga Mixer?
Photo: Ginga Finance

Currently, Mixer is only supported by the BSC network but strategies are already underway to provide the feature with an entrance into mainstream blockchain.

Transactions taking place on blockchain are never completely anonymous, particularly when one is using a decentralized wallet naming product. This means those who are engaging in the transaction are exposed to peeping eyes who may use tools such as blockchain analysis to conduct a forensic evaluation of that transaction. Mixer is a function specifically designed to enhance security of traders’ identities by breaking the point of contact between two wallet addresses transaction with each other in an effort to improve privacy

Mixer is the main utility for the Ginga Finance decentralized cryptocurrency bridging the gap that separates source wallet from destination wallets. It is a project under Ginga Finance ($GIN), an innovative decentralized crypto that provides immediate rewards alongside practical usability like $BUSD reflection, The Fastest Dog, and most importantly, anonymous transactions, thus BNB Mixer.

The mixer feature is totally safe as developers do not log any of the activities taking place. As part of its working mechanism, randomized (regular) Mixer services charge a fee in the range of between 1 to 1.5 percent deducted as transaction fee. This randomization property is another enabler for transaction privacy.  Half of what is collected is channeled back to the system to be used in purchasing and burning of $GIN tokens. The remaining half is channeled towards upgrading and maintaining the system.

For instance, when a trader wishes to purchase a product online from a seller who accepts payment in $BNB, sending payment directly from buyer’s wallet would not be private. This is because the seller, if s/he wanted, would easily find out about the remaining token holdings of the buyer within the buyer’s wallet. Mixer eliminates such dangerous exposure.

Currently, Mixer is only supported by the BSC network but strategies are already underway to provide the feature with an entrance into mainstream blockchain. The Mixer utility launch comes after extensive user testing with the real Ginga community

How does BNB Mixer Work?

To operate the Mixer function, you should start by filling the form with your wallet address, discount code (if available), and lastly type in your secret code (optional). There is a default 5 minute delay, which may be increased or adjusted on the form to a maximum of 180 minutes. Mixing is the next step here and happens once the deposit is received (the moment you send your tokens). Once the delay time is over the system is automated to send you the mixed BNB to the provided address (destination wallet).

It is imperative to note that the source wallet and destination wallet addresses cannot be exchange or contract-based. Also worth noting is that the delay time, otherwise referred to as differential timer is also an enabler for privacy enhancement for the source-destination wallet link.

Altcoin News, Binance News, Cryptocurrency news, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

Related Articles