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Hello guys! Welcome back to this space once again. Trust you guys are keeping well. Am always glad each and every time I have you here. So... Let get into today' business as usual. I have no doubt that you enjoyed my last topic.
Today I decided to talk about a new topic just as I've titled the post.
We are going to be looking at the amazing protocol called Mimblewimble, we would be exploring it in it length and breath, so just sit tight and enjoy every bit of this post. Let's enjoy the ride.
|**Introduction**|
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The name MimbleWimble sound funny though but weighty when it comes to the crypto space. It's a protocol that many have found very useful and effective even though it hasn't ravaged the crypto space. Some have even proposed that this protocol be integrated into the Bitcoin network.
The reason is not far fetched, the need for anonymity, privacy and security in this space cannot be overemphasized. It's now needed the way a car would need it fuel for seemless movement. So many believe that Mimblewimble is the solution to the anonymity challenge in this space, especially in the area of transactions. What then is Mimblewimble and how does it function.
|**What is Mimblewimble**|
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The term Mimblewimble was gotten from a very popular books titled Harry Potter. A book that was later made into a movie that grossed so much in the movie industry. According to this movies a Mimblewimble is a spell that ties the tongue of it victims, thereby restraining them from uttering vital information.
This sole idea is the inspiration behind the Mimblewimble Protocol. It a privacy inclined decentralized protocol that systematically store transaction on a Blockchain and make it obscure and anonymous such that one do not have access to the transaction detail on the Blockchain.
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This protocol was designed and introduced by Tom Elvis Jedusor. The idea behind the Mimblewimble protocol is such that it can bring about privacy, anonymity, scalability and fungibility to the crypto space. These qualities seem to be the challenge of most crypto network for a very long time now but you know Mimblewimble seem to have the solution for all this
|**How Mimblewimble it work**|
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Mimblewimble ensures that it makes transaction completely anonymous and of course, this is what many cryptocurrency including the bitcoin network lack. Every other cryptocurrency transaction are pseudonymous, meaning they could still be traced to the parties involved.
But with Mimblewimble sensitive information relating to the transaction are hidden. For example, the sender's address and the receiver's address are hidden including the amount involved. These key secrets are kept from sight.
The Mimblewimble protocol employs the Elliptic Curve Cryptography approach (ECC). This cryptographic approach allows Mimblewimble to do two key things which are, verifying transaction amount and then acknowledging the parties involved without revealing any information about them and their transaction.
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ECC is designed with discrete logarithms with the aim of making Blockchain equation more complicated to solves. The use of discrete logarithm is carefully chosen in designing the ECC because it wide and complex, covering mathematical topic such as set theory and probability. All of this is to ensure that the security system of ECC is top notch.
In addition to the ECC, Mimblewimble also combined the cryptographic protocols like CT, which is written in full as Confidential Transaction, Dandelion and cut through for enhanced security and anonymity. With CT, transaction can be totally conceal just like it works with the Monero Coinjoin method. With Dandelion protocol, the identities of those involved in a transaction can be totally hidden and private
While the cut-through ensures a remarkable level of scalability by creating a small transaction blocks where multiple transaction can be aggregated into a single set. With cut-through, information on the Blockchain can also be easily removed without compromising the security system.
|**Bottom Line**|
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I believe by now you have a very good knowledge of what Mimblewimble is all about. Well I hope I get to dig more into this topic in my next post and if not, I will have to leave you to do some homework on this topic ....lols.
There you go friends.I would love to wrap it up at this juncture. I want to believe you've gotten so much from this piece. As my usual custom is, I would always encourage that you DYOR to be sure of every financial step you would want to take as I won't be liable for any form of loss encountered by you.
Feel free to share with me your thoughts in the comment section. Thanks for your time once again. Gracias!
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**Disclaimer: This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your own research and consult a financial advisor.**
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Regards
@lhorgic♥️
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