Understanding Mimblewimble Protocol
Hello everyone, hope you all are doing good? This is the beginning of an exciting three part series, which promises to be informative and also educative, do well to follow all the parts, as you will definitely gain 1 or 2 useful information from the series. In today's article we would be look at what Mimblewimble protocol is all about and how the Mimblewimble blockchain protocol works.
One of the numerous benefits of the introduction of Blockchain technology, is because of it's level of privacy. Our financial transactions should be private and shouldn't be known by the public. Although, blockchain networks such as BTC network, still hasn't done complete justice to our financial privacy, as our transactions details such as the amount, sender's address and receiver's address can easily be seen by the public.
As a result of this weakness which is been faced in the blockchain, the Mimblewimble Protocol was launched in the year 2016, with the aim of improving the level of privacy in the blockchain. Mimblewimble Protocol will ensure that users of it's blockchain can make transactions without their transactions been tracked and monitored. One of the reason why Mimblewible Protocol, gained some kind of quick adoption in the world of blockchain, was because of the malicious cyber hack of a whopping sum of $72million in the year 2016 and later that year, Mimblewimble Protocol was created and people adopted to it.
Apart from Mimblewimble Protocol amazing privacy and security level, the protocol is also known to be very scalable when compared with Bitcoin network, hence, transaction on the Mimblewimble Protocol are by far, faster than the Bitcoin network, as it makes use of little data storage. People and Projects who value privacy and high level of scalability are opting to the Mimblewimble Protocol.
How The Mimblewimble Blockchain Protocol Works
To under how Mimblewimble Protocol works, let's see why it is different from Bitcoin. Bitcoin exposes 3 transactions details which are receiver's address, sender's address and amount. Hence, anyone can easily see details which are meant to be private.
Whereas Mimblewimble Protocol(MP) doesn't not make use of addresses, meaning, no receiver's address and sender's address. Transactions are not recorded individually but rather in single large groups, which will make it quite difficult for individuals' details to be revealed when transactions are been verified and validated.
The parties involved in the transaction will be able to view the details of the transaction, whereas third-parties won't be, as they would be seeing a group and random set of data. The Mimblewimble Protocol doesn't record users address and amount of the transaction, and by doing this, the network will be saving data storage, which will make the network highly scalable.
Mimblewimble Protocol makes use of Pedersen Scheme, as this amazing scheme ensures that miners won't be able to have access to the transaction details as they verifies and validates transactions.
Mimblewimble Protocol also makes use of Elliptic Curve Cryptography(ECC) and they are 3 in number, which are;
- CoinJoin
- Dandelion
- Confidential Transactions (CT)
As you can see from the image above, ECC ensures improvement in scalability as it uses less data storage.
I hope you all found the article interesting and exciting. Do well to share your thoughts about the article in the comment section below. Thanks.
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