What Is a MimbleWimbleCoin (MWC)?
Discover a pure proof of work-based crypto on the Mimblewimble blockchain, which boasts greater network scalability, privacy and fungibility than legacy blockchain protocols.
MimbleWimbleCoin (MWC) is a cryptocurrency native to the Mimblewimble protocol. It’s a pure proof of work-based crypto on the Mimblewimble blockchain, which boasts greater network scalability, privacy and fungibility than legacy blockchain protocols. All transactions on the base layer use Gregory Maxwell’s CoinJoin, with CTs and signature aggregation. What Makes Mimblewimble Unique?MW is unique for its implementation of CTs. There are no addresses on Mimblewimble. Instead, blind factors are used to connect two parties in a transaction. These factors are shared between the two parties only, and no outsider has access to them. If necessary, they can be used as proof of ownership later on. Blind factors are used to encrypt the inputs/outputs of transactions and the private/public keys of transaction participants. The blocks only contain information about how many coins are in the remaining inputs or outputs chain. The signatures are also available to ensure validity. Individual transactions — such as “Person A sends 1 BTC to Person B” and “Person B sends 1 BTC to Person C” — can no longer be viewed after completion. What Can Mimblewimble Coins Be Used For?By design, MimbleWimbleCoin is meant to obfuscate any cryptocurrency transaction in order to make it private and untraceable. Since the Mimblewimble blockchain is highly scalable, it improves usability and privacy for crypto users. MWC is also used to reward miners for validating transactions and keeping the network safe.
Advantages of Using Mimblewimble
ScalabilityMimblewimble is highly scalable due to the cut-through technology it employs. A single block consists of hundreds of transactions, along with plenty of information that needs to be stored on the blockchain. However, these blocks can be compressed with Mimblewimble’s cut-through feature, since much of the information can be removed from blocks without risking the security of the blockchain network. Mimblewimble’s advanced scalability is achieved by reducing the weight of the blockchain through the removal of unnecessary and unused elements. AnonymityOne of the core functions of Mimblewimble is privacy. Mimblewimble also uses the principle of CoinJoin, which combines several transactions and prevents the tracking of transactions from the outside. The MW network can also be used as a sidechain solution that connects to Bitcoin. This technology allows MW to combine multiple transactions into a single large transaction. Sent in bulk with other transactions, the value of your transaction is a mystery to network and external observers. Also, since no addresses are used, no one can associate your name with any address and use it to track your transaction activity. Mimblewimble offers practically complete privacy without sacrificing scalability. The sender, the recipient and the value of the transaction remain confidential at all times. FungibilityIn economics, the term fungibility means interchangeability of the units of any asset. Generally, all cryptocurrencies are considered fungible assets. However, most cryptocurrencies tend to be sold at a discounted price, while MWC is both fungible and untraceable.Mimblewimble vs. Bitcoin
One difference between Bitcoin and Mimblewimble is that the latter supports private transactions. With Bitcoin, all transactions are made public: users can check input and output values, and verify if a particular transaction is valid via BTC explorers. When using Mimblewimble, however, all values are encrypted homomorphically with blind factors.A second difference between Mimblewimble and Bitcoin is the data size of their blockchains relative to the cut-through function. Unlike Bitcoin and other PoW blockchains, the Mimblewimble blockchain contains only essential information. Thus, it’s smaller than Bitcoin’s and requires fewer computing resources. Finally, Mimblewimble’s cores support updatable transaction summaries. Such a mechanism differs from that of Bitcoin, where nodes store and verify each signature of a transaction, starting with the genesis block. All things considered, Mimblewimble currently presents one of the most innovative privacy solutions in the crypto space. If you want to learn more about MWC, make sure to join the community! Website: https://www.mwc.mw Twitter: https://twitter.com/M_W_Coin Telegram: https://t.me/mimblewimble_coin Discord: https://discord.com/invite/n5dZaty Youtube: https://www.youtube.com/c/mimblewimble #mimblewimble #privacycoin
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