How the mimblewimble Protocol Works?
Some days ago, I talked about how this Protocol works and some instances to clarify our understanding of the mimblewimble. It is an alternative to those who wants their transactions data to be hidden. Unlike the normal blockchain we know that discloses these information like timestamps, addressees, and number of transactions, the mimblewimble conceals these information. .
How does the Mimblewimble Protocol works? |
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To know how this protocol works, let's use for uses Bitcoin, Ethereum Steem and BNB which is why representing the amount used in the transaction. For transactions to actually take place in this mimblewimble protocol, the receiver and sender must have exchanged some verifying information such as address is phone number if necessary and some advice when sending to initiate the transaction.
- Ohkay, let's say Steem received X coins from Bitcoin and also received another X coins from Ethereum such that Steem now have a total of XZ coins in his or her wallet as a result of the combination of both coins from these parties. Let's assume Steem is now on a trade with BNB and needed to pay that XX coins he accumulated at first.
Steem and BNB exchanges verifying information before the transaction is initiated and the XX coins is sent out of Steem wallet. BNB who received it doesn't know where steem got the XX coins because it is known that BNB as a buyer is an outsider to the previous transaction Steem was involved. BNB only have the details of the ones involved.
To record the transaction in the mimblewimble block, I highlighted that transactions that are considered as redundant and are eliminated such that the inputs and outputs from Bitcoin, Ethereum, Steem, and BNB are not recorded entirely on the protocol rather a single pair of input-output is recorded in the block.
How does mimblewimble differ from the blockchain network? |
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If one opens a bitcoin block explorer, you will be able to verify all transactions that have taken place and also have excess data at all, mimblewimble. On the protocol, you can verify the transactions that look while the data involved are hidden because you are just an outsider.
Speaking of scalability, transactions that are redundant or removed from the mimblewimble protocol online the Bitcoin network where everything are recorded. In that way, scalability in this protocol is improved compared to the Bitcoin network as it only requires less computational resources which is a great advantage over the Bitcoin network. Note that the blockchain size of the mimblewimble protocol is waste smaller than the Bitcoin blockchain which improves the scalability we're talking about. Let's take a quick look at this protocol
The mimblewimble block explorer and the blockchain explorer itself is used to compare block details of the mimblewimble protocol to bitcoin's. From the above image we would be exploring the 2112532 block to see the block's details. As shown above, the block is revealed whole without the transaction of the block being displayed.
This shows how transaction data are concealed from outsiders on mimblewimble to improve scalability and privacy. Let's see the Bitcoin block explorer we are used to. From the screenshot above, we will consider block to details of the block.
From the specified block, we can see the details such as number of transactions timestamp and Merkel root displayed. Now let's look at the block transactions as recorded in the block. This whole illustrations bring to mine how transaction details are hidden from outsiders on the mimblewimble protocol as contrary to the blockchain block explorer we are used to shown in the pictures above which display important informations like the addresses involved, amount, timestamp and the likes of them which are the limitations of the transactions.
In conclusion, the member window protocol is an alternative with Innovations to enhance scalability and ensure privacy of transactions data from being revealed to outsiders. This protocol has used various cryptographic protocols to achieve these privacy and improved scalability.
Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have
Dear @bossj23 ,
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I recommend that you make use of different topic titles or you indicate which part they are...e.g part1, part2 etc
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Wow...Thank you very much Boss