1. My understanding of the Mimblewimble protocol.

Mimblewimble may be a blockchain protocol that permits for a totally private transaction platform through a singular security framework that's markedly different from that of the false Bitcoin cryptocurrency. In Mimblewimble, there are not any addresses and transactions are fully confidential.

It's a new Blockchain Protocol That aims to improve the Bitcoins UTXO model. Mimblewimble uses some interesting tricks in cryptography to make transactions private. You can't see who is transacting with who; You can't see what amounts they are transacting, Furthermore, the blockchain can be compressed in a way where you can discard previous states; once output has been spent, you can aggregate excess signatures. So, You can verify transactions without Knowing who is participating and what they are spending. You can verify the states of the system without storing all previous transactions. You can have a much smaller, more private blockchain. So, the Mimblewimble will be a protocol, is a way of constructing blockchain transactions, and some noble cryptography that can be used to construct a blockchain and how you structure the transactions and what you store in transactions. this is not something that can be added to Bitcoin. This is a completely different implementation of how a blockchain works. However, there are some relationships between the Mimblewimble and the bitcoin blockchain. Because theoretically at least you could use Mimblewible as a side chain to Bitcoin So, You Could have Mimblewimble and Bitcoin as two chains and you can move as the atomic swaps funds from one to another and therefore gain the privacy and compressibility of this Mimblewimble protocol.

2. How I understood the Mimblewimble protocol to works.

The UTXO is replaced by confidential transaction and so the inputs and outputs are combined into one multi-signature transaction which can be used to verify the validity of the transactions instead of using addresses there are no addresses no amounts parties blinding factors only known to them, Encrypts the amount inputs and outputs and public and private keys used and then there's a math equation that allows a network to verify the following:

1. No New Coins were minted which is very important to check but you can check that without knowing the actual amounts transacted also that's the right proper keys were used to sign the transaction without revealing the particular keys.

An example of a Confidential Transaction is that if you have the input of two plus three then the Output is Five then the results in the equation two plus three minus five equal to zero.

Inputs 2+3 ---> Output 5, results in the equation 2 +3 - 5 = 0

Because the net balance is zero, we know no new coins are being created, and also just as a side note there's something called range proof that you can look into further if you want that prevent negative values from being introduced to the equation that could be used to mint new coins out of the air then they introduced a secret blinding factor let's say it just 20 so you multiply everything by 20.

2x20 + 3x20 = 5x20 => 40+60=100

So, You don't know the amounts that are being transacted and this kind of public and private keys is used between the two different parties So, you can prove to the network that these keys will be used to authorize the transaction without actually revealing them.

3. How I Understand Confidential Transactions (CTs).

These ideas have been floating around in cryptography for a while and it is the idea that you can hide the amounts transferred so long as the inputs and the outputs they subtract to zero so as long as you know that particular bit of information and mathematics of this is just really complicated but as long as you know that bit of information you can hide the amounts transferred.
Confidential Transaction simply means that in the middle of sender and receiver as many the number of bitcoins being transferred will be known only to sender and receiver In addition, the details will not be published anywhere, the details will not be public anywhere. Confidential transactions are such that whatever bitcoin you are sending, the amount you are sending is encrypted by using some random values these random values are known as the Blinding factor. So, Sender will Choose which random value of the Bitcoin transaction be encrypted It is sent after it is encrypted. Now in a MimbleWimble transaction, the confidential transaction is executed from which the sender is encrypted. In MimbleWimble transactions, the receiver randomly picks in a center range of binding factors or chooses to encrypt the transaction with any binding factor.

4. How I think Mimblewimble Protocol may be utilized on the Bitcoin Network to help with anonymous transactions and improved scalability?

The two significant issues that resist the Bitcoin network is low scalability and anonymity of transactions Although Scalability was the big problem. As You Know, Bitcoin uses a Scripting System for transactions, A script is basically a list of instructions recorded with every exchange that depicts how the following individual needing to spend the Bitcoins being moved can access them. So, When the Scripting System is Removed The Bitcoin Network will be more scalable. For Anonymity, We will be called transaction Anonymous if no one knows who you are Transactions should be made anonymous By Confidential Transaction, Confidential Transaction simply means that in the middle of sender and receiver as many the number of bitcoins being transferred will be known only to sender and receiver So, Mimblewimble Protocol can be utilized on the Bitcoin Network to enable anonymity of transactions and also improved scalability.

5. Advantages and Disadvantages of the Mimblewimble protocol.

6. Example of a Crypto that uses the Mimblewimble protocol.

There are a number of cryptos that use the Mimblewimble protocol that is Beam, Grin, LiteCoin Etc I Will Discuss About Grin.

Source

Grin has been known about ever since February 2018. Grin is that the first project that implements a Mimblewimble blockchain to supply extremely good scalability, privacy, and fungibility, by counting on strong elliptic curve cryptographic primitives. And it is a purely community-driven project, just like Bitcoin. It is primarily research focused to bring MimbleWimble Protocol to life by creating an implication. Grin is open source and crowdfunded.
Grin has no amounts,no addresses and transactions are often trivially aggregated to hide where a newly created transaction comes from it gets relayed privately among peers before it's publicly announced now this is incredibly unique now, when a coin is minted on the blockchain there is an output that is created and it is tracked in the blockchain forever that is one of the few pieces of information that this blockchain keeps it also keeps the latest transactions linked to that output which means if I were to mine a block of grin so I would receive 60 60 grin on the blockchain it would show the creation of those coins and then the latest output linked to that which would be my address for example which isn't actually an address it's just a signed transaction but it makes this interesting to explain but anyways I would have that 60 grin now If I sent those to another individual it would show on the blockchain those coins being created and then the latest output it wouldn't show that I ever received those coins it would just show that the coins were created and the latest output is George for Example You'd never know it is George But you get the idea it's quite unique but the point is that any data in between the coins being created and being transfers to other individuals anything in between is not there it is not present on the blockchain. The Blockchain doesn't keep that information and that's the size of the Bitcoin blockchain is 300Gigabytes or something like that whereas, for a grin, it's basically nothing income it's nothing in comparison to the bitcoin blockchain.

As I Visit CoinMarketcap

At The Time of Doing My Homework The Current Price of a grin is $0.3183.

Conclusion

Thank you professor @fredquantum for this informative and insightful lesson.

Respected mention

@fredquantum

Regards,

@elyon