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!!! Overview
[{$pagename}] is a [protocol] that was put forward by an anonymous user in a [Bitcoin] developers chatroom by the name of Tom Elvis Jedusor (the French name of fictional Harry Potter character, Voldemort).
[{$pagename}] itself is the name of a spell used to tongue-tie victims in Harry Potter. Jedusor left a link to a [whitepaper|https://download.wpsoftware.net/bitcoin/wizardry/mimblewimble.txt|target='_blank'] in which he outlines that by using the [{$pagename}] [protocol], the scalability, as well as the [privacy] of the [bitcoin] network, could significantly be enhanced.
[{$pagename}] can be thought of as a stripped back—but still powerful—[blockchain] [protocol] which aims to improve upon existing [implementations] scalability and privacy. What makes it interesting is that it tackles scalability in a different way to a lot of other [protocols].
Rather than focus on centralisation (masternodes, coordinators), Layer 1 (sharding) or Layer 2 solutions (state channels), it focuses on creating a new and stripped back [protocol]. This makes running a node less resource intensive.
!! [{$pagename}] Scaling
Unlike other projects, which aim for huge throughput (amazing how many projects are promising 1 million transactions per second), MimbleWimble elects to eradicate inefficiencies, rather than increase the power, by pruning the [blockchain] of superfluous [data].
To run a [Bitcoin] node you have to download the entire [ledger|Distributed Ledger Technology], some 175GB at present. The [Ethereum] ledger, meanwhile, is now over 1TB. Every new transaction takes up a little bit more space. [{$pagename}], however, gets rid of old and unneeded transactions.
A single [block] which consists of hundreds of transactions as well as plenty of information that needs to be stored on the [blockchain]. However, these [blocks] can be compressed with [{$pagename}]’s Cut Through feature as a large part of the info can be removed from the blocks without risking the [Integrity] of the [blockchain].
!! [{$pagename}] [Privacy Enhancing Technologies]
! Address
With [Grin], an implementation of [{$pagename}], the recipient a destination for the sender to send the funds and this information is only ever seen by the two parties. In other [Blockchain] transactions the addresses are public.
! No transaction details
Unless you were one of the participants, none of the transactions in any given block will be recognisable to you. Unlike the likes of [Monero], if you view a [block] you won’t see a list of transactions in that [block]. You’ll just see one big transaction which has mixed and merged everything—all that is left are the “list of new inputs, a list of new outputs and a list of [cryptographic] [signatures|Digital Signature] created with the aforementioned dummy outputs.”
! [Confidential] Transactions and blinding factors
The above points may mean that it is impossible for anyone to trace down historic transactions, it leaves transactions open at their source for anyone monitoring the network. What we have to do is make sure that no-one can see output amounts.
! [Fungibility]
[Fungibility] isn’t something [{$pagename}] is doing to solve the problem, but rather is a problem solved by [Grin].
!! More Information
There might be more information for this subject on one of the following:
[{ReferringPagesPlugin before='*' after='\n' }]
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* [#1] - [Mimblewimble, The Ultimate Beginner’s Guide|https://www.mycryptopedia.com/mimblewimble-explained/|target='_blank'] - based on information obtained 2019-04-07
* [#2] - [Protocol Spotlight: MimbleWimble and Grin|https://hackernoon.com/project-spotlight-mimblewimble-and-grin-48c31ecfce4|target='_blank'] - based on information obtained 2019-04-07
This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthorTop