What's MimbleWimble
Last updated
Last updated
Mimblewimble is a protocol that was put forward by an anonymous user in a Bitcoin developers chatroom (July 19th 2016) by the name of Tom Elvis Jedusor.
The protocole have many advantages over Bitcoin :
- No addresses, so it is impossible for an observer who is not a participant in a transaction to determine who is sending and receiving coins.
- Transaction amounts encrypted, so it is impossible for an observer who is not a participant in a transaction to determine the amounts being transacted.
- Transactions combined such that, in contrast to Bitcoin, the entire history of all transactions is not required to validate transactions.
Privacy is enabled using the MimbleWimble protocol, which relies on Elliptic Curve Cryptography to structure transactions based on the verification of zero sums and possession of private keys.
This approach verifies inputs and outputs of the transaction without revealing any amounts while also obfuscating the transaction trail.
In addition, the project utilizes rangeproofs to prevent users from spending what they don’t have, and cut-through to reduce the amount of information required to be stored on the blockchain.
None of these instruments are unique to the project, what makes Bitgrin special is its elegant combination of these tools in a way that balances privacy and scalability.
Bitgrin uses Dandelion. It is a broadcasting delay mechanism by which transactions are first sent through a series of randomly selected peers and then diffused to the entire network.
CoinJoin is a mechanism by which payments from multiple spenders are combined to form a single transaction, thus making it difficult for an outside party to determine which payment was intended for which recipient.
The bigger the peer pool the more difficult it is to link inputs to transactions.
A more indepth information can be found on bitgrin github
