Given the “double dog years” pace of technology development, not many things in crypto surprise me. However, what I just came across this morning FLOORED me – as much for what it IS, to what it MEANS for MimbleWimble. Which is, Monero’s building of a “merge-mined side-chain” using MimbleWimble – that in my view, is an outright admission of Monero’s obsolescence.
Yesterday, I wrote of how many (likely, most) Bitcoin maximalists have no clue how MimbleWimble works – in which, I highlighted how one in particular went to great lengths to say Monero and MimbleWimble are essentially the same thing. This is patently ridiculous – like saying BLACK and WHITE are the same.
In fact, he went so far to suggest Bitcoin can scale better without MimbleWimble, as the Lightning Network solves all – when the FACT is, LN doesn’t solve Bitcoin’s biggest scaling issue, the initial block download size. Not to mention, LN is fully compatible with MimbleWimble, which DOES solve this issue.
As for Monero, its privacy technology is great, but hopelessly unscalable – FAR more so than even Bitcoin. This is why Monero is already obsolete, compared to MimbleWimble – which will be rapidly recognized by the crypto community as MWC, Grin, and Beam successfully test it.
Monero’s not going away, but the meme that it could be the gold standard of privacy is coming to an end – which is why I believe the “MimbleWimbleTrinity” – of MWC, Grin, ad Beam - could cumulatively be worth more than Monero’s current $1.4 billion valuation in a relatively short period of time.
Yes, I was blown away when shown the below video, of Monero’s very visible founder Riccardo Spagni (Fluffy Pony) giving a formal presentation about Tari, the MimbleWimble-based, merge-mined sidechain the Monero dev team is building - to of all things, utilize in a new ticketing business. Huh?
This is crypto, where the sky should be the limit – but Spagni literally said Monero is “reaching a plateau”; and thus, “can’t go much further” without new technology development. It has “niche appeal,” but needs to be “broader” – and “can’t rely on its core community” anymore,” as it’s up against “resourceful devs” with access to large crowdfunding needs.
But what really blew me away was Tari, the sidechain that as yet has no whitepaper – with the only decisions about it thus far made, that it will utilize MimbleWimble and be utilized to build a ticketing business…”Big Neon.” And by ticketing, I mean actual tickets, like rock concerts. As in, the most mainstream business possible – the polar opposite of cutting edge crypto privacy technology. Not to mention, why would a ticketing business need to be private?
Worse yet, a MimbleWimble sidechain wouldn’t even confer the actual benefits of MimbleWimble – as 1) it wouldn’t resolve Monero’s scaling issues; and 2) unlike stand-alone MimbleWimble (or Monero, for that matter), the new sidechain’s privacy would be opt-in.
Frankly, this is as self-damning a statement (about Monero) as anything I’ve seen in the business world – the equivalent of department stores today, admitting they need to get into online retailing because their base business is obsolete. Conversely, it couldn’t more powerfully endorse the privacy protocol of the future, MimbleWimble - or more loudly BEG Bitcoin holders to register for the FREE MWC airdrop by the rapidly approaching July 19th deadline.
The MWC airdrop registration for Bitcoin holders will continue until the July 19th snapshot. For more information, please check out the MWC website, Discord room,
Twitter feed, and Telegram Forum.
https://discordapp.com/invite/eUNwqf3
I don't see a way to register without doxxing your BTC...
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