Mimblewimble: A Stripped-Down Bitcoin Version Improves Privacy, Fungibility and Scalability
A slimming down of the bitcoin protocol called Mimblewimble generates a blinding factor that can prove ownership of bitcoins, making private keys unnecessary, and offering a solution to the need to balance bitcoin privacy against fungibility while also improving scalability, according to a white paper that appeared mysteriously on a bitcoin research site authored by a person using a pseudonym, according to Nasdaq. Privacy and fungibility are at odds in bitcoin because anyone can trace transactions over the blockchain, and as the number of transactions increases, the verification cost can....
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All (full) Bitcoin nodes verify all transactions on the network. This allows the system to be entirely trustless and decentralized, but also presents significant drawbacks. Privacy and fungibility are at odds, because public transactions allow anyone to trace the flow of bitcoins over the blockchain. Meanwhile, verifying a growing number of transactions adds to the cost of running a node, which could be a centralizing force. But perhaps these drawbacks can be tackled. Last week, a new white paper was somewhat mysteriously dropped on a Bitcoin research channel, written by the pseudonymous....
Rootstock (RSK) developer and Coinspect security consultant Sergio Lerner praised the development of privacy-focused proposal Mimblewimble after revealing his plans to integrate it into Rootstock 2.0. At the Scaling Bitcoin conference in Milan, Italy, a variety of scaling and privacy-related solutions were introduced with a common theme to “make Bitcoin great again.” What is Mimblewimble? On the first day of the event, Blockstream and Bitcoin Core developer Gregory Maxwell’s Confidential Transaction-based and CoinJoin-inspired Mimblewimble was introduced as a solution for the enhancement....
Work is advancing on a highly anticipated bitcoin project originally proposed by an anonymous cryptographer going under the French name of Harry Potter's nemesis. Named after one of the book series' spells, MimbleWimble has quickly became one of the more anticipated bitcoin R&D initiatives, since it is believed it could help improve upon the scalability and fungibility of bitcoin in a unique way. One of the major downsides of the original design, however, was that despite granting greater privacy and scalability, it looked like it might not support many of bitcoin's more complicated....
Mimblewimble is a spell that literally ties the target's tongue to keep them from exposing information on a given subject. It is well-known among Harry Potter enthusiasts. What is Mimblewimble? Mimblewimble is a privacy-oriented decentralized protocol that uses a novel way of structuring and storing transactions on the blockchain. It was designed and introduced by an anonymous developer who went by the name Tom Elvis Jedusor, who was a French counterpart for “Voldemort” in mid-2016.How does Mimblewimble work?Taking its name from the Harry Potter books series’ well-known tongue tying spell....
An innovation called TumbleBit that improves the privacy and fungibility of bitcoin transactions was presented at the Bitcoin Scaling conference in Milan, reports NASDAQ. TumbleBit builds on the CoinSwap intermediary solution with added layers of cryptography to improve both the privacy and fungibility of bitcoin transactions. The fact that the transaction history of each bitcoin is traceable puts all bitcoins’ fungibility at risk. “Tainted” bitcoins can be valued less than other bitcoins, possibly undermining bitcoin’s value proposition as money. A key problem for fungibility and privacy....