Bitcoin is declared as the secure and strongest cryptocurrency but limits are endless and similarly, bitcoin also could be much stronger. The question is which thing will make bitcoin security stronger. The answer is Mimblewimble. In the cryptocurrency industry, one thing which creates a bond between cryptocurrency and its value is its blockchain technology. Blockchain is the backbone of the crypto world. One of the safest and most secure blockchains which touch the peak of its security system is Mimblewimble. If you want to get started with Bitcoin mining, click at this link.
Let us discuss this add-sounding blockchain and it’s working along with its safety measures in the case of cryptocurrency.
An intro about Blockchain Protocol Mimblewimble
No matter the name Mimblewimble, it sounds crazy and feels like a character in Harry Potter. And no one can even think about its subject and the information contained in it. Mimblewimble is a blockchain protocol and it creates a secure atmosphere during transaction procedures as compared to other crypto transactions.
The founder of Mimblewimble in July 2016 was Elvis Jedusor. It was done because there was an incident when in August 2016 in, which hackers broke the cryptocurrency exchange system and stole about 72 million dollars of bitcoin.
Mimblewimble Working criteria
Mimblewimble relates to Elliptic curve cryptography. This cryptography calculation is based on a unique algorithm. In other words, we can say the opposite calculation. The actual working of this ECC algorithm was very difficult and complex. it was like discrete mathematics where mathematical questions were hard to solve. ECC was working on the same concepts as were used in discrete math. ECC performs so many mathematical algorithms and graphs and then reserves its private key so that no one can disclose its solutions. Mimblewimble binds the cryptographic protocols together to reach its security procedure at its peak. Some cryptographic protocols are known as CTs, and Dandelion and one of them is Coinjoin.
Mimblewimble And Crypto: their advantages and disadvantages
Mimblewimble is one of the best cryptographic protocols. It sounds most powerful and its revolution generates a lot of opportunities in the market. The big currency like bitcoin is also trusted with the Mimblewimble cryptography protocol and has found its security, scalability, and its strongest privacy theme. Research in 2018 was done on Mimblewimble and its research papers were owned by a person named Fuchsbauer et al. Later on, the University of Paris also revealed that Mimblewimble is much more secure than others and also coin theft-proof. Despite its secure network, it is not 100% sure that it is not impenetrable. Its digital signature security or dependency on digital media makes it inconvenient for computer hackers. In November 2019 a researcher from Russia named Ivan Bogatyy declared in his article that he can data re-identification up to 96% of grin’s transactions. Grin is a cryptocurrency which is used for Mimblewimble. And his cost of expenditure on doing the task on a single node is 60 dollars.
Therefore, Mimblewimble’s privacy has many pros and cons. Mimblewimble could not be considered a permanent alternative for Zcash or Monero when we talk about the privacy and security of Mimblewimble protocol.
Users of Mimblewimble?
Due to its strong and healthy nature, several cryptocurrencies still prefer to choose Mimblewimble. Some of the mainstreams of cryptocurrency in the market are as under:
- Litecoin: At the end of 2021, Litecoin was on track to position Mimblewimble due to its good track record.
- Grin: Mimblewimble was the first time utilised by the privacy coin named Grin. Even in January 2019, the developers of Grin were trying to be part of the Mimblewimble coin protocol as early as 2016.
- Beam: the difference between Grin and Beam coins was 12 days in the same principle.
MimbleWimbleCoin: Mimblewimble is a dedicated and well-known coin of cryptocurrency. The team members of Mimblewimble declare the crypto as superior ghost money. Mimblewimble is still not introduced as Bitcoin. Bitcoin capacity can be enhanced by using the Mimblewimble protocol. But there are some rumours behind it that practically it is not possible. It is because the protocol will become complex and very difficult if both protocols are merged. In other words, Monero and Zcash mainstream privacy coins are more beneficial but they have not planned to merge the Mimblewimble protocol with them.
