Steemit Crypto Academy Contest / S12W3 - The Mimblewimble Protocol

Hello everyone how are you doing, i am good. Today i am going to explore my knowledge about the given topic of the contest, Steemit Crypto Academy Contest / S12W3 - The Mimblewimble Protocol.

Source

Use your own words to show your understanding of the Mimblewimble protocol.

As we know that virtual money transer is taken place by the crypto currency protocol, there is danger of hacking by skill attackers. These incidents are alreafy reported which may cause the heavy losses in cryptocurrency system thus the credibility is reduced.

So, there was need to ensure the credibility more to avoid any such incidents in future. Therefore, various techniques, approachs, methods or development practices are seeked so that hacker or attacker danger may reduced. Hence software were used to restric attackers attempt by mannual methods, but still it was seeking to find formal implementation of certify methods.

The cryotocurrency technique which is based on security and scalability in term of privacy oriented is called Mimblewimble (MW). The high level of scalability and security of course distinguishing it from other types of technology. The Mimblewimble (MW) was firstly introduced in 2016, but the Poelstra developed the idea more and it gain importance later on.

In Mimblewimble the transactions on security framework that are solely confidential, as there is no concept of address unlike bitcoin. So there is no addresses and the process of transactions are kept under full confidential. Moreover, it has more compact distribution ledger as compared to other crypto space.

Explain how the Mimblewimble protocol works, giving an illustrative example.

As the protocol of Mimblewimble’s transaction was primarily derived from “confidential transactions,” it was first discuss by Blockstream’s Dr. Adam Back. In Mimblewimble it starts with private transactions the amount of token which is to be sent is encrypted with the help of "blinding factors”. Now, this blinding factors has random values which are chosen by the sender now, the recipient will choose the similar values and finally the process of deemed valid transactions is completed.

So, in Mimblewimble, the blinding factors is to be chosen by a sender. In this way, the main functions is given a proof of ownership for the recipient authorize him to use the coins.

CoinJoin Implementation

This is another ptotcol CoinJoin is developed by Blockstream’s Gregory Maxwell. It working based on the process of coin marker here the single transaction is used after combines payments from various senders. Therefore, its hard to trace the trail of carried transactions for the outsiders.

Moreover, the CoinJoin ptotocol is helpful for establishing a compact blockchain as there is no need to of storage of all data of transactions except inputs and outputs.

Cut-Through

Cut-through this is another wonderful featur of the Mimblewimble protocol. It based on the principles of aggregate inputs and outputs which are recorded in all transactions that are come up with small blocks. Hence the earlier records are utilized for making new transactions.

It can be understood by a simple example, Sana send 1 BTC to Aalia hence sana used a single input to transactions with Aalia with single output. Now Aalia send 1 BTC to Rabia with single out put. Now, Mimblewimble aggregates these transactions in a single input and output each.

Now with the help of transaction kernels the ownership of the assets are then confirmed and validate. The kernel has to holds not only the public key, mining fee but also the signature. Hence, the nodes didn't not always be to implementation of the cut-through protocols of Mimblewimble.

So it can be concluded MW protocol is providing the following properties.

• It facilitates zero sums verfication, hence it ehance the confidentiality of the transactions without revealing the actual amounts being involved for transaction.

• It enabled the transaction authentication of the outputs and it takes place without sign in for the transaction.

• it has scalability of higher level therefore it preserve security, by generating smaller blocks and it helpful for decreasing the size of older blocks.

Do you think the Mimblewimble protocol could be used on the Steem blockchain to improve scalability and privacy.

Steem Block chain is working good but still there are few things in term of privacy and scalability which can be improve. Obviously block chain would accept such type of positive changes.

As we know that while working on steemit during transactions block chain could show information like amount, transaction adress and so on.

With the introduction of MimbleWimble protocol the it would be of great advantage in term of privacy and scalability.

Discuss in detail a crypto (its blockchain) that uses the Mimblewimble protocol.

It was observed that in 2019, Mimblewimble protocol, 2 anonymous cryptocurrencies based coins appeared on the Mimblewimble protocol appeared in the Crypto World. These coins are

Grin

Beam

Grin (GRIN)

In januray, 2019 the Grin coin has start to appear. It was demonstrated by creators the Grin as a network is under the control of Mimblewimble spell, it has higher degree of decentralization and anonymity. It means it doesn't permit any kind of blurted out in customers secrecy and privacy.

Furthermore, it allows electronic transaction to anyone without the limitations and censorship ss it is mentioned on the main page of Grin. Like most of the crypto currencies block chain generation of Grid coons takes place for the participants who take part in the mining process. It doesn't belong to any company and have fill openness for anyone.

Mention the advantages and disadvantages of the Mimblewimble protocol

There are few advantages and disadvantages of mimblewimble protocols which are as follows.

Anonymity

As we know that in bitcoins transaction there is a address of sender and receivers that ia ever public if it is connected with the identity of real World. So we may called to Bitcoin as the pseudonymous. But the advantages in we can track any history of transaction nor the address can be visble to third party. So its higly impossible to bypass the anonymity of a person who is performing transaction through Mimblewimble protcols.

Fungibility

The Mimblewimble features offers higher fungibility as compared to Bitcoin. This exchange offered the cryptocurrency exchange without the fear of loss. While other Got chance of tained when they are connected with illegal actions. Tainted coins have less chance of market value and because few people accepted such assets. While in this context Mimblewimble’s difficulty to traced made it
higly fungible.

Scalability

As yhe size of block is quite smaller in Mimblewimble as compared to Bitcoins. With the help of Mimblewimble’s work through the cut-through CoinJoin and has succefully achieve it without the disadvantage of being large block size limits.

Disadvantages

Few disadvantages are as follows.

Longer transactions

One problem which have seen in order to support seceret transaction with confidential implemens it may have issues of lower transaction speed perhaps due to data size.

Reliance on digital signatures

As Mimblewimble works on the use of digital signatures, therefore it may have vulnerable to attacks or hackers which is processed by quantum computers.

Its all about my today's post i would like to invite my dear friends @suboohi, @m-fdo and @uzma4882 to take part in the contest.