Get to Know What is Mimblewimble: A Privacy-Oriented Decentralized Protocol

Bittime - Mimblewimble is a blockchain protocol designed to improve the privacy and scalability of crypto transactions. By using a unique data structure that allows the removal of unnecessary transaction information without compromising integrity or security, Mimblewimble offers a more efficient and anonymous way to conduct transactions. This technology represents a step forward in efforts to overcome the privacy and scalability challenges faced by traditional blockchains.

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What is Mimblewimble?

Mimblewimble is a privacy-oriented decentralized protocol that uses a new way of structuring and storing transactions on the blockchain .

Designed and introduced by an anonymous developer who goes by the name Tom Elvis Jedusor, which is the French version of "Voldemort" in mid-2016.

How Mimblewimble Works?

Taking its name from the famous spell in the Harry Potter book series that ties the victim's tongue to prevent them from revealing certain information, the Mimblewimble protocol literally works like the spell.

It provides a framework for blockchain that offers new potential in terms of scalability , fungibility, privacy and crypto anonymity, as this protocol allows crypto information to remain completely anonymous.

Mimblewimble Cryptography Approach

Mimblewimble's cryptographic approach uses Elliptic Curve Cryptography (ECC). ECC allows Mimblewimble to fulfill two key requirements of verifying the correct transaction amounts and parties involved without publicly disclosing any information.

Key Features of Mimblewimble

When talking about Mimblewimble protocol, it is always said that it adopts three different characteristics making it unique compared to other blockchains.

1. Anonymity 

As opposed to most other blockchain systems which are typically pseudonymous, due to having traceable public addresses that determine the sender and recipient of any given transaction, transaction history on Mimblewimble is untraceable. Thanks to the design of the protocol, it becomes very difficult to bypass user anonymity.  

2. Fungibility 

Mimblewimble's hard-to-follow assets make it easier to exchange compared to other blockchains, as users can exchange any cryptocurrency on the platform without the risk of loss or the possibility of the cryptocurrency being "tainted" through illegal activities that result in lower value.

3. Scalability 

By implementing CoinJoin and Cut-Through to eliminate unnecessary transaction information and reduce block size, Mimblewimble achieves better scalability due to the compact size of the blockchain.

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Use of Mimblewimble

There are several crypto projects that choose to use Mimblewimble because of its robust security, privacy, and scalability.

Where to Buy and Sell Mimblewimble Coin?

Currently, MimbleWimble Coin is traded on several exchanges including Bitforex, Hotbit, TradeOgre, Whitebit, and several others.

More detailed information about MWC trading can be found on price tracking websites for cryptocurrencies such as CoinMarketCap or CoinGecko.

How to Mine Mimblewimble Coin?

Mimblewimble is based on the proof-of-work (PoW) concept that became popular after the introduction of the Bitcoin blockchain in 2008.

PoW describes a decentralized consensus mechanism that requires a certain amount of effort by network members to solve random mathematical puzzles to prevent malicious use of computing power.

Thanks to PoW, crypto transactions can be processed peer-to-peer (P2P) securely without the need for a trusted third party.

Mimblewimble is considered a different implementation of the PoW blockchain that allows for higher privacy and better network scalability. PoW decentralized consensus is connected to crypto mining, which is a transaction validation mechanism on the blockchain and the process of creating (or mining) new tokens by solving complex mathematical tasks.

In the case of the Mimblewimble blockchain, this is the process of mining Mimblewimble coin (MWC), its cryptocurrency.

Conclusion

Mimblewimble offers an innovative approach to privacy, fungibility, and scalability in the blockchain world. Using a sophisticated cryptographic approach, this protocol promises a safer and more anonymous future for crypto users.

While it is still being gradually adopted by some projects, the potential for this protocol to change the crypto landscape is something to keep an eye on.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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Zcash (ZEC): A Crypto Asset That Offers Advanced Privacy

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Hedera (HBAR): Fast, Secure and Eco-Friendly Blockchain Platform

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.