Mimblewimble: all you need to know about this fascinating protocol

Mimblewimble (MW) is a privacy-oriented technology that caters to the security and scalability of cryptocurrencies. Litecoin has recently launched this protocol for its users.

Mimblewimble uses the main architecture of the digital assets, removes script from them, encrypts it as confidential transactions. Mimblewimble a tongue-tying spell from the infamous Harry Potter books series acts as a spell. The protocol offers a framework for the blockchain that offers a new space of potential in terms of privacy, fungibility, scalability, and crypto anonymity.

The discussed protocol allows users to remain completely anonymous while dealing with digital assets. This protocol is 1800 shift from the flagship currency’s pseudonymity where the amount of crypto, sender’s address, and receivers’ address are visible to everyone.

Mimblewimble vs Bitcoin:

Bitcoin blockchain contains the data from the start of the first block, meaning that anyone can download and verify its public history transaction by transaction. On the other hand, WM only keeps the essential information and provides more privacy.

Bitcoin has a scripting system that defines how transactions are structured. MW has removed this scripting system from its network which helped it be more scalable and private. The addresses can’t be traced at all and data is much smaller when compared to the Bitcoin blockchain.  MW uses a cut-through feature to reduce the amount of collected data. By removing unwanted data of transactions, lower computational resources are required for WM.

Source: Litecoin Foundation

Litecoin (LTC) has deployed this protocol on their platform and it will work along with the main chain of blockchain. Users will have the option to choose between the main chain or MWEB. Users can use such protocol to have financial privacy.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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