Blockchain and Cryptocurrency Advanced - Pros and Cons of The Mimblewimble Protocol

Pros of Mimblewimble protocol

• Improved privacy is one of the pros and benefits of the Mimblewimble protocol. Transactions contents are kept private such as the address and the amount of coins transferred and only the transaction participants can know the amount of coins sent and received.

• The block size is small which helps to improve speed, efficiency and scalability.

• The use of addresses are eliminated, hence increasing privacy and anonymity of transactions.

• Doesn’t require very large node capacity.

• It is more cost effective and makes it possible for anyone to become a miner on the network.

• Fungibility is also another pros of the Mimblewimble protocol because it preserves the value of the coin since there is no way for the origin of the coin to be tracked. Also it allows the any coin to be substituted while still retaining its value.

• Another pros of the Mimblewimble protocol is that is faster to download. Also because of its smaller block size, there is a higher speed of synchronization and verification on the network.

• Another pros of the Mimblewimble protocol is that it eliminates redundancy in the network through the cut-through feature. This helps to decrease block data.

Cons of Mimblewimble protocol

• One of the cons of the Mimblewimble protocol is that the rate of adoption is very slow. While it has shown to be a viable solution to some of blockchains problems, it is still not widely used.

• Another cons or drawback of the Mimblewimble protocol is that it can be vulnerable to malicious attack. This is because of the digital signatures that it relies on. Quantum computers can be used by the bad actors to carry out the malicious attack.

• Slow transaction output is another cons of the Mimblewimble protocol. This is caused by the confidential transactions.