Blockchain and Cryptocurrency Advanced - The Mimblewimble Protocol

In blockchain technology, the mimblewimble protocol is one of the popular terms when it comes to privacy in the blockchain and cryptocurrency world. The mimblewimble protocol is basically a new method of structuring and storing transactions. Similar to how Bitcoin was created and introduced, the mimblewimble blockchain protocol was introduced was back in 2016 by Tom Elvis Jedusor which is a pseudonymous name, and since then, the mimblewimble protocol has undergone a lot of improvements on its core concept.

It is a type of blockchain protocol that utilizes a different application of a PoW blockchain for improved and better privacy and scalability. In the Mimblewimble blockchain protocol, the transactions are completely private by utilizing a new type of security framework that differs from that of Bitcoin. What makes the Mimblewimble blockchain protocol unique is that there are no addresses and fully allows for complete private transactions. Also, the mimblewimble blockchain has a more compact distributed ledger compared to other blockchain.

In the world of blockchain and cryptocurrency, privacy is as also an important aspect and is very useful and beneficial. Unlike a lot of non-privacy cryptocurrencies that exposes the transactions and a lot of details and information of both the sender and receiver. However, with privacy coins is different because it keeps all the details like addresses of both sender and receiver, amount and other information about the transaction fully private.

One of the stand out characteristics of Mimblewimble is that there are no addresses. This is key to its privacy capabilities. Unlike every other blockchain that uses addresses to send and receive transactions, those addresses can be used to get all the details and information about the transaction, howevever, in mimblewimble, there are no addresses which means that it is impossible to get transaction details and information. Also, another benefit of mimblewimble protocol is that of improved network scalability. This is one of the drawbacks of a lot of blockchains and with mimblewimble, it improves scalability because it is a lot more compact, thereby making the blockchain lighter and more scalable.