6/12 ANDY HOFFMAN (CryptoGoldCentral.com): MimbleWimble Is SERIOUS Technology, That Will Have a MASSIVE Impact On MWC, Grin, and Beam
When I regularly appeared on the World Crypto Network in 2017-18, very few crypto technologies were regularly mentioned. One was SegWit – that in turn, enabled the Lightning Network, RSK, and other second layer technologies to be implemented, in Bitcoin and other cryptocurrencies.
Another was Schnorr Signatures – which I believe is also a second-layer technology, not requiring a hard fork to implement. The way I understand it, Schnorr signatures would increase Bitcoin block capacity by about 25%, by enabling the consolidation of signatures from multi-party transactions. Yes, a scaling improvement – but hardly game-changing in the context of making Bitcoin globally ubiquitous.
Finally, there was MimbleWimble – which at the time, I knew nothing about, other than that it was often mentioned by crypto tech experts. In fact, it wasn’t until Chris Gilliard contacted me in January, to propose my participation in the MWC project, that I fully understand how radical, and game-changing, MimbleWimble is. So much so, Chris (and I) believe it MUST inevitably be incorporated into Bitcoin - given how DRAMATICALLY better it is than current, comparatively archaic blockchain technology.
Grin and Beam launched at year-end, with two working versions of the MimbleWimble code proposed by the pseudonymous Tom Elvis Jedusor on July 19th, 2016 – very much as Satoshi did in his 2008 Bitcoin white paper. Naturally, both versions were crude, given how complex, and radical, the technology is. And subsequently, the Grin and Beam dev teams have been hard at work improving it - as well as the MWC team, which was brought together in January, at the same time Grin and Beam were publicly launched.
Given the state of MW technology in January, it is near miraculous how much progress has been made since. I can’t speak for the Grin and Beam teams, but I know what I see here – and on a minimal budget, the amount of real breakthroughs the MWC devs have made are nothing short of amazing. Cumulatively, the efforts of the three teams have made SIGNIFICANT inroads in preparing MimbleWimble for prime time usage – and when it does, look out above!
While Schnorr Signatures proposes to improve Bitcoin scalability by 25%, MimbleWimble will expand it by 200% - and in the process, add mandatory privacy and thus, fungibility. Better yet, once MimbleWimble is incorporated into Bitcoin – likely, via an historically bullish hard fork – second layer technologies like the Lightning Network can be utilized within its protocols, too. In other words, MimbleWimble is by far, the most revolutionary crypto technology introduced since the blockchain itself.
When the Grin and Beam tokens launched – to so much hype, they were immediately listed on numerous exchanges – the prices peaked quickly, as investors rapidly learned of both coins’ hyperinflationary inflation schedules. However, due to this inflation, their market caps never materially declined. So, despite continued growth in their cumulative valuation, investors lost significant amounts of capital. In other words, one of the wackiest, most dysfunctional investment situations I have ever witnessed.
Consequently, MimbleWimble hype subsided, despite the fact that Grin and Beams’ cumulative valuation sat not far from its all-time high of around $37 million for several months, compared to ZERO in January. This, whilst Bitcoin stole the headlines by doubling from February through May, in a decidedly Bitcoin-centric rally.
However, now that Bitcoin dominance appears to have peaked; at least, for the time being; selected altcoin stories are regaining investor attention - led by Grin and Beam, which this week surged more than 60% cumulatively, to a new cumulative market cap of $59 million. Moreover, per what I stated above, MW technology has significantly advanced in just a few months’ time – in my view, making it likely investors will soon consider it ready for prime time usage.
https://twitter.com/Andy_Hoffman_CG/status/1138704902702501888
I have in recent articles given my (admittedly, non-objective) views that MWC is the superior coin – though anyone can see that a coin with scarcity, that pays a dividend and is distributed for FREE is superior to ones with hyperinflationary monetary policies, no dividends, and no free distribution.
Technologically, it remains to be seen which coin is “best,” but the fact is they are ALL MimbleWimble coins – and given the first mover advantages they enjoy, it will be nearly impossible for a new, material competitor to emerge.
In other words, VERY little capital has thus far entered the MimbleWimble space, despite the fact it may well be the most valuable technology to ever be introduced to crypto. So, irrespective of which coin does “best,” ALL will respond to what will likely be a dramatic inflow of capital into the MW space.
For the reasons stated above – particularly, as it is by far the most INVESTABALE – I expect MWC to be the biggest winner of all. However, I also expect Grin and Beam to perform exceptionally – with the three coins, potentially, being worth more than a $1 billion cumulatively in the not-too-distant future.
Think about it. Monero is worth $1.5 billion, but has the exact same scaling issues as Bitcoin – perhaps, more so, because privacy transactions take up a lot more space than non-private ones. Moreover, some believe Monero’s privacy protocol isn’t fool proof either. Conversely, MimbleWimble coins are vastly more scalable, and mandatorily private – with no potential loopholes. Yet, they cumulatively are worth just $59 million.
Heck, ZCash is worth $562 million – and not only has the same scaling issues as Bitcoin, but few ZCash transactions are used for privacy at all. Not to mention, the fact that there continue to be questions about whether the ZCash network was compromised at inception by the centralized management team that created it.
In other words, MimbleWimble is a SERIOUS technology – that could spur a massive FOMO rally just to reach the valuations of inferior coins - whose legacy valuations have been maintained, despite the inevitable usurpation of their technologies by MW coins like MWC, Grin, and Beam.
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