What is mimblewimble and how does it work? –
What is mimblewimble and how does it work? –
mimblewimble It is a very famous spell of the Harry Potter seriesand this time it is taken by several cryptography projects, being a type of design of blockchain protocol that stores each transaction in a more secure, and more scalable way.
What is mimblewimble and how does it work?
This protocol literally works like the spell in the Harry Potter book saga, where the victim’s tongue is tied in order not to reveal certain information. This protocol works the same way, it provides a framework for a blockchain, which it provides in terms of security, privacy, scalability, and fungibility. Thus allowing cryptocurrency information to remain completely anonymous.
The main characteristic regarding the privacy of a transaction on mimblewimblecontrasts with the pseudonymous part of the Bitcoin cryptocurrency and other cryptocurrencies, in which three aspects are basically established:
- Address of the sender.
- Amount of crypto sent.
- Address of the recipient.
Mimblewimble anonymizes all this data and keeps it secret.
The Cryptography Elliptic Curve Control (ECC), is the cryptographic approach to mimblewimble protocolwhich allows the verification of the net value of the transaction and the data of both the sender and the receiver, all this in a private way.
The ECC is based on discrete logarithms, making the equations in the blockchain much more complex when solving. Theoretically, it could be said that the logarithm is the complete opposite of a multiplication, which are easy to solve in the factorization process, in other words what it means is that the implementation of the ECC seeks to reinforce and guarantee in Mimblewimble the security.
protocols like Confidential Transactions (CTs), Cut-Through, CoinJoin and Dandelion are used and combined by Mimblewimble to provide a high level of security and privacy; in other words, these protocols hide all the data of a transaction.
Each protocol performs a specific function. That is to say:
confidential transactionshides the amount in a transaction.
CoinJoinmakes it impossible to track transactions, where the public address is hidden.
Dandelion, hides the data of both the sender and the recipient.
Cut Through, it allows scalability, through the small blocks it adds to the transaction in a single equipo.
Mimblewimble Features
✓ It is anonymous: The history is hidden, so it cannot be traced.
✓ Is Fungible: Exchanges perro be made without risk of loss.
✓ It is scalable: Where a node adds data about transactions to the ledger that is distributed in order to increase the block size.
Who emplees Mimblewimble?
This system has been implemented in some cryptocurrencies which you cánido make use of. If you do not know much about the subject, now we will espectáculo you some of them.
grin it was the first cryptocurrency to implement the Mimblewimble protocol to its system. His objective in terms of this cryptocurrency is to allow scalability while shielding the transactions carried out in them for better security.
beam It is another of the cryptocurrencies that emplees the Mimblewimble protocol. This cryptocurrency it focuses on anonymity and scalability. It has confidential transactions and all the information regarding these is stored securely in the blockchain, thus providing more security to the users who make use of this system.
Litecoin It also offers its users greater fungibility and privacy thanks to the recent tests carried out under this protocol. Although it has not implemented it yet, it is on the way to do so. At the moment the tests are being carried out on the Litecoin Testnet network before using it definitively.
Wimble Coin Price
MimbleWimble Coin Today’s price is $5.98 USD with a 24-hour trading volume of $133,996 USD. We update our price from MWC to USD in real time. MimbleWimbleCoin it dropped 20.70% in the last 24 hours. CoinMarketCap’s current rank is #570, with a market capitalization of $64,575,004 USD. It has a circulating supply of 10,795,597 MWC coins and a maximum supply of 20,000,000 MWC coins.
To see the price in real time of MimbleWimbleCoin visit the next page coinmarketcap.
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