Mimble Wimble is an innovative blockchain technology that has the potential to revolutionize the way we use digital currencies. It is a privacy-focused protocol that utilizes a novel cryptographic technique called Confidential Transactions to provide users with enhanced security and privacy. In addition, Mimble Wimble also has scalability benefits, allowing for faster transaction speeds and lower fees. This article will explore the key features and benefits of Mimble Wimble, and explain why it is set to become a major force in the digital currency landscape.
MimbleWimble uses technology confidential transactions (CT), which completely excludes inputs and outputs through the implementation of multi-signatures. Within CT, both participants in a transaction create a multi-sig key for the transaction. CT uses a blinding factor that encrypts all inputs and outputs, as well as their public and private keys. Transactions are confirmed by commitment schemes Pendersen, a low-level cryptographic algorithm (“primitive”) that allows you to confirm the readiness to accept the chosen value, hide it, and then open it. The full implementation node of MimbleWimble subtracts these encrypted amounts from inputs and outputs and equalizes, confirming that no new coins have been created. The node does not know the amount of the transaction.
MimbleWimble compresses blocks through “cutting” – technologies for splitting and removing large amounts of data from a block without compromising security.
MimbleWimble cuts through the output of the first transaction and the input of the second. After that, one set of inputs and outputs remains, thanks to which it is possible to check how the sender acquired the coin, and the recipient received it. This process compresses the size of the blockchain and optimizes data storage.
The protocol has significant potential in the context of scaling: inputs and outputs are hidden, there are no public addresses, and multiple transactions are included in a single block.
MimbleWimble also uses CoinJoin. The technology, created by former Bitcoin Core developer Gregory Maxwell, allows payments to be taken from a number of senders and combined into a single transaction, making it impossible for a third party not involved in the transaction to determine which recipient the payment was intended for.
CoinJoin mechanism hides inputs and outputs of senders and receivers. Many transactions are combined into one. The value of all inputs is subtracted from the value of all outputs, a result of zero allows consensus to be reached.
Thanks to CoinJoin and privacy measures in MimbleWimble, a high degree of data integrity is achieved.
Mimble Wimble is an innovative blockchain protocol that offers increased privacy and scalability. With its implementation of the cutting-edge Grin++ technology, it offers a high level of security and can be used for a range of applications. Mimble Wimble is a promising project that has the potential to revolutionize the blockchain space. CryptoNewsHerald is proud to be part of helping to make Mimble Wimble a reality.