Topic: A simple introduction about Mimblewimble (Read 220 times)
Disclaimer: The information's contained in this explanation is the result of my understanding of Mimblewimble and may contain some errors. Search and confirm about it.
Table of contents
1. What Is Mimblewimble?
2. How does MimbleWimble work?
3. What are the cons of MimbleWimble?
What Is Mimblewimble?
Mimblewimble is Proof of Work (PoW) blockchain implementation that aims to increase privacy, existing implementations scalability and may ultimately improve the Bitcoin network as a sidechain solution.
MimbleWimble protocol (scalability) addresses the problem away from current protocols, as it focuses on creating a new, abstract protocol. This makes running the node less resource-intensive
How does MimbleWimble work?
it is an expansion of the concept of confidential transactions (CT), in addition to MimbleWimble compressing blocks by "cutting" - a technique for dividing and removing large amounts of data from a block without exposure to security risks.
Reduces the need for inputs and outputs through the introduction of multi-signatures. Therefore, all transactions appear as random data for one person so that they are only visible to the intended users.
Suppose you want to set up a game and ask users to choose a name of cryptocurrency and then all the names are sorted and the winner will be announced who chose the correct name.
You can cheat by knowing all the names and then you say that the requested currency is not mentioned and therefore no one will win the prize.
One solution is to use regular hashes to adhere to data that you want to reveal later, but you can cheat by entering the names of the cryptocurrencies using the SHA256 algorithm and comparing the output with the results.
The best solution is to add some random data to the input which is exactly what happens in the Pendersen commitment chart.
MimbleWimble encrypts all inputs and outputs, as well as its public and private keys. Transactions are confirmed through Pendersen's commitment scheme.
What are the cons of MimbleWimble?
- Mimblewimble blockchain only keeps the essential information ensure that there is no scam activity as double spending.
- remove Bitcoin scripting system with add privacy and scalability.
- requires less computational resources
- Confidential Transactions and blinding factors
Source https://crypto-wikipedia.com/what-is-mimblewimble/
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