- Mimblewimble coin (MWC) is an implementation of the blockchain protocol. This coin is designed explicitly for extreme privacy during transactions of coins.
- The current market value is $0.48, with a market capitalization of $5.34 Million.
Mimblewimble is a famous curse from Harry Potter, which is popularly known for its magic of tying the tongue. However, it is not used for any magic spell in the cryptocurrency market. The usage of Mimblewimble has become far too complex for researchers and developers. Everyone has rules for using Mimblewimble; few agree about using it in protocols, and few are against it. Recently, Litecoin launched a new version of Mimblewimble, calling it Mimblewimble, a testament to improvising its privacy and scaling. Its official launch occurred in 2018, and it had great success after its launch within a few times.
What is Mimblewimble?
Mimblewimble provides a platform that allows a solely private transaction without any hazard. The security line of Mimblewimble is different from other currencies like Bitcoin, etc. The ledger that is distributed is more likely to be equally compact than another chain in the cryptocurrency. It is weird, meanwhile unbelievable, to note that the person who invented this is Tom Elvis Jedusor, a French counterpart of Voldemort. His motive with Mimblewimble is to make it more private and scalable than Bitcoin. It is essential for Blockchain, in general, to develop a program like Mimblewimble for better privacy setup.
Mimblewimble’s Working Process
The whole process of Mimblewimble working is based on ‘Confidential transactions.’ Not only this, but other cryptocurrencies are dependent on this, like Monero, etc. It was first discussed by Dr. Adam Back and Satoshi Nakamoto. The process begins with the ‘blinding factors.’ which refer to the specific values senders choose, and receivers must choose from that. If the receivers determine the same value, then the transaction is deemed valid. The sender must select the blinding factor way, the proof of ownership for the receiver authorizing them to use the coin.
Coin join implementation is one of the controversial cryptographic systems. This allows the system where all the transactions to be combined to make one significant single transaction. This makes it hard for any outsider to track the transaction. Mimblewimble nearly does the same framework; it’s the inputs and outputs of data. In the storage, it does not need any other transaction details besides the input and output.
Features
- Anonymity
In Mimblewimble, it does not need any address identity. Therefore, it is harder for any third party to access the recovery or sender.
- Fungibility
On other platforms, the risk of exchanging coins is always there, but with Mimblewimble, the exchange becomes more fungible. No one will have a single doubt about the transaction.
