Mimblewimble anonymity is far superior to that of traditional bitcoin transactions.
The cryptocurrency sector is built on blockchain technology. The blockchain’s rigorous security setup is what makes it so clever. Nonetheless, one blockchain technology appears to provide security features that are superior to the rest: Mimblewimble. So, what exactly is this strange-sounding blockchain technology, how does it operate, and why is it crucial for cryptocurrency security?
Mimblewimble is a spell that physically binds the target’s tongue to keep them from exposing knowledge on a specific subject to Harry Potter enthusiasts. So the name is rather appropriate because Mimblewimble is essentially a blockchain system that allows bitcoin transactions to be entirely anonymous. Mimblewimble’s anonymity is far superior to that of traditional bitcoin transactions. Mimblewimble was created by whom? Nobody knows—the individual or group behind the technology goes under the alias “Tom Elvis Jedusor,” the French translation of Harry Potter’s arch-nemesis Voldemort’s name.
Tom Elvis Jedusor published the Mimblewimble whitepaper in July 2016, barely a month before the historic Bitfinex attack in August 2016. Hackers compromised the crypto exchange’s infrastructure and stole $72 million in Bitcoin. The Bitfinex attack at the time validated Mimblewimble’s concepts of anonymity and obscurity, and the protocol garnered a lot of attention when its whitepaper was eventually released. Elliptic Curve Cryptography (ECC), a cryptographic method based on discrete logarithms, is used by Mimblewimble. Logarithms are the “opposite” of multiplications if you remember your high school arithmetic.
Mimblewimble, in addition to ECC, weaves together and improves a range of current cryptographic methods to provide optimum security. Confidential Transactions (CTs), CoinJoin, and Dandelion are the cryptographic protocols in question. These methods, when combined, conceal the following:
- The transaction value on a Mimblewimble blockchain
- The transaction’s public address
- The identities of both the crypto sender and recipient
So far, Mimblewimble appears to be the ultimate synthesis of the most excellent cryptographic methods. It seems to be incredibly strong and innovative, and for the most part, it is. The protocol addresses the security, privacy, and scalability concerns that well-known cryptos like Bitcoin face.
This article is curated by Prittle Prattle News.
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