Pros and Cons on the mimblewimble protocol and how it works on Grin asset.

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I'm back again with the final part of this Mimblewimble Protocol which has actually provided an alternative to those who feel their transactions should be in private other than the transparency blockchain in general offers. Are there actually advantages and disadvantages of using this protocol? Check out this post.

The mimblewimble protocol largesse makes it completely divergent against inflation. It's ensures high privacy of transaction data that's why users who feel their transaction data or information should be kept in private such as the name and address of the sender, timestamp and other information use the protocol.

• This protocol also gives the system an additional layer of security against coin theft under standard settings. This occurs minimally because of this protocol.

• It also enhances the fungible status of coins who is origin cannot be traced.

Disadvantages

• Its disadvantage is that vulnerability through quantum device attacks are likely to occur because the protocol relies on digital signatures.

• Most protocols that uses the privacy transactions usually have a lower longer transaction output.

• It can be used to defraud someone since informations are hidden but cases of such are rare.

A crypto that uses the mimblewimble protocol is the Grin. There are some crypto assets that uses the memo wimble protocol to ensure privacy of transactions and this asset includes litcoin, Grin and Beam, even the mimblewimble itself. I'll be talking about a particular crypto asset that operates on the mimblewimble protocol. This crypto asset is the Grin.

The Grin crypto asset was launched some years back having full adoption of this protocol with an open source private cryptocurrencies system. It is widely known as an open source, private and scalable crypto asset due to its full adoption of the protocol. It was designed to solve the age-long scalability and limited privacy lacking in the top one coin which is Bitcoin. The green selected Rust as its programming language.

To understand how this Grin system works, we need to have a good knowledge to know how they UTXO works in the Bitcoin blockchain. The UTXO leverages three important features which are the availability of liquidity, no existence of transactions using same funds and signature as well.

These features are implemented by the use of the Upsent transaction outputs model which takes into a count the modus-operand of the protocol before transactions are carried out. The Bitcoin is seen to have multiple signatures required for each transactions to be executed while the Grin generates a multi signature for all transactions to be executed without having to create multiple signatures for each of them.

This facilitated to the use of a blinding factor instead of addresses which gives both parties knowledge about the transaction details and amount involved in this transaction which is the ultimate stands of the mimblewimble protocol. The blinding factor its facilitates instead of addresses is the zero knowledge, a profit system of the cryptographic transactions.

It encrypts all output and inputs cryptographically in a transaction which act as a private key for each transaction executed. This private wallet key isn't shared. The knowledge of this blinding factor entails one claims and spend the fun as validation done follows a routine i.e

• verification of sum of input subtracted from sum of output which is and should be zero
• ownership of private key as access to the wallet.

Grin has an organized governance system that allows regular developmental meeting and bi weekly meeting that take place in glitter. It can be found in some of the top exchange listing such as coingecko coinmarketcap, hotbit kucoin etc it's current price is $0.05 and it has a market rank and market capitalization of $5M.

In conclusion, mimblewimble adoption in some of the crypto ecosystem has shown improvement with litecoin which was launched already. This has shown the importance of privacy and scalability at the center of the crypto ecosystem.

All screenshots are from my Coinmarketcap

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