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Author Topic: What is MimbleWimble and how does it work?  (Read 4179 times)

LeslieFreeman

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What is MimbleWimble and how does it work?
« on: August 29, 2019, 05:01:03 pm »
What is MimbleWimble?
It is a blockchain protocol.

What it does?
It provide solutions to a number of shortcomings found in bitcoin - privacy, fungibility, scalability.

What's wrong with bitcoin privacy?
Sender, receiver, amount of transactions are all public!
Blockchain analysts are able to link bitcoin addresses to the owner.
They can even trace the sender's IP address and link the transaction activity to the owner.
Anyone who know your bitcoin address will know how much bitcoin you have and all your transaction history.

How does MimbleWimble solve this bitcoin privacy?
MimbleWimble utilize existing methods such as Confidential Transactions (CT) and CoinJoin (CJ) to mask all the transaction details.
MimbleWimble does not have any fixed wallet address. For every new transaction, a one-time address is generated.

What's wrong with bitcoin fungibility?
There are a lot of bitcoins obtained in many illegal ways by scammers.
Scammers try to sell you bitcoin and you bought some of the "tainted" coins.
Blockchain analyst traced the coins to you even though you are innocent.
You found out the coins are "tainted" and desperate to sell it of - cheaper.
So the "tainted" bitcoins do not worth as much as other bitcoins - Fungibility compromised.

How does MimbleWimble solve this bitcoin fungibility?
By disconnecting any relationship between the coins and the owner, every coin received is like a fresh minted coins. People won't know who the previous owner is. Effectively making every coins are of the same value.

What's wrong with Bitcoin scalability?
In order to setup a bitcoin node, you need to download 237GB (As of August 2019) of blockchain history. Not everyone is able to setup nodes due to the resource intensive and it is highly centralized.

How does MimbleWimble solve this bitcoin scalability?
MimbleWimble uses technique such as "cut-through" where unnecessary information is "pruned", significantly reduce the size of the blockchain (up to 90%).
Smaller blockchain size means faster processing time and faster transaction confirmation.
Smaller blockchain size also means more nodes are easily added to the network, making the blockchain more de-centralized.

Cool. I've heard the goods of MimbleWimble. What are the bads?
Bitcoin has script. MimbleWimble is scriptless. That means:
No atomic swaps
No Lightning network
No multi-signature transactions
No time-lock transactions
Sender & Receive must both online to have some interaction in order to make transactions.

What MimbleWimble coins are there?
Grin (Launched and listing for trading)
Beam (Launched and listed for trading)
Epic.tech (Not yet launch)



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What is MimbleWimble and how does it work?
« on: August 29, 2019, 05:01:03 pm »


AvesLAher

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What is MimbleWimble and how does it work
« Reply #1 on: September 10, 2019, 03:43:01 pm »
I have a group buy in my dealership and they are all getting the same cars, same colors and same mods.

When I push my order through  FR-S  in black I plan on getting the TRD exhaust and a set of Lexus Magnesium ISF Mags  If the bolt pattern is available  doubtful but oh well ....

What are the prices you guys are finding out there for potential mods ?

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What is MimbleWimble and how does it work
« Reply #1 on: September 10, 2019, 03:43:01 pm »

 

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