MimbleWimble may sound strange, but it might soon be one of the most common words spoken by the blockchain and crypto community. Much like the curse from the Harry Potter series, it prevents information from being revealed in crypto words privacy enabled.
It was initially drafted in 2016, with references to Greg Maxwell’s confidential transactions and CoinKoin. The first implementation of MimbleWimble was Grin, with the testnet launched in November 2017 and finally went live on 15th January. Another implementation called Beam released on January 3rd, 2019. Both the implementations are working towards providing a functional network for MimbleWimble.
What makes MimbleWimble Special?
It improves users privacy as transactions cannot be linked to a specific IP. Bitcoin, on the other hand, has an issue with linking IP addresses. MimbleWimble also allows for close-to-infinite scalability.
How Does MimbleWimble Work?
- Elliptic Curve Cryptography (ECC) to enable private-public key encryption to help in proving without revealing information
- Confidential Transactions enables public verification without revealing details.
- CoinJoins – Enables transactions from multiple senders into a single transaction.
- Dandelion – Uses hops in-between nodes before publicizing the transaction to the neighboring nodes.
It’s pretty much like Blockchain Magic
The verification is of zero sums, which is the sum of outputs minus inputs equals zero. Hence proving that no new funds were created. Another interesting concept is the possession of private keys. The transacting party owning private keys is not provable; hence there is no need for actual addresses.
MimbleWimble’s uniqueness of zero transactions and with no addresses will help make it the king of privacy coins. Along with this the high scalability potential as data can be eliminated and faster transactions thanks to efficient connections of nodes.
Pioneers of the blockchain and crypto industry such as Charlie Lee, founder of Litecoin praised Mimblewimble. Riccardo Spagni, lead developer of Monero further tweeted Monero’s implementation of MimbleWimble’s sidechain proving its effectiveness.
It looks like MimbleWimble is magically creating the path to success.
Image Source – Coindoo
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