Overview

04/04/19 05:00 UTC-4

Mimblewimble encryption – anonymous cryptocurrency transactions

Mimblewimble encryption technology for anonymous transactions
Mimblewimble encryption technology for anonymous transactions

Mimblewimble technology was developed and introduced in 2016. A new way to encode information (scaling) in the blockchain was presented by the Blockstream developers. Mimblewimble White Paper is dated July 19, 2016.

 

What is Mimblewimble?

The name "Mimblewimble"   is closely related to the Harry Potter books. There, "Mimblewimble" is a spell that prevents a person from speaking. By the way, the pseudonym of developers in the White Paper of technology is listed as Tom Elvis Jedusor (real name of Volan de Mort).

The main function of the Mimblewimble technology is additional encryption in the blockchain so that it cannot be identified. Mimblewimble was developed for the Bitcoin network, although other cryptocurrencies are used today (for example, the Grin coin).

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According to the developers, the technology is aimed at increasing the privacy, scalability and interchangeability of Bitcoin network tokens with the possible imposition of the Lightning Network protocol.

 

Confidential transactions in Mimblewimble

Mimblewimble technology allows you to hide the number of coins sent. At the same time, information about the transactions made cannot be decrypted, neither according to the data of the block, nor in the White Paper.

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Encryption of transactions is realized through the so-called "blinding factor." That is, the recipient and the sender can independently generate a chain of random numbers that "bind" the information to the blockchain (of course, subject to proof of the "reality" of the coins being sent). Roughly speaking, absolutely all details and conditions about transactions are hidden, addresses cannot be decrypted for reuse.

Editor: Jerg Wos

#Mimblewimble #additional encryption #cryptocurrency #blockchain #transactions

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