MIMBLEWIMBLE PROTOCOL AS A GUIDING PRINCIPLE FOR BLOCKCHAIN SECURITY

Greetings and welcome dear readers who make daily life in this wonderful platform, continuing with the deliveries associated with blockchain, this time we will be addressing the mimblewimble protocol and its influence on blockchain.

For this we will make a series of deliveries that will allow us to understand the adaptation of the same in function of respecting the privacy of each of the users who perform operations at the blockchain level.

Therefore, it is necessary that readers become familiar with conceptual aspects such as scalability, immutability of data, transparency and speed of processing, as well as security in the transactions that we can perform under the blockchain technology, this type of aspect, are who in a way provides confidence to users to invest in this technological process.

In function of the above, the Mimblewimble Protocol plays a fundamental role, the mime is associated with terminologies extracted from the movie Harry Potter and although it seems not very credible, it is one of the fundamental bases in the processes that we develop on blockchains, this concept was coined to the blockchain world by Tom Elvis (pseudonym) has mediated of 2016, this achievement in a same protocol provide security and scalability of data that provides greater security for users.

The protocol is focused on achieving new technological patterns that allow to generate greater privacy in user transactions allowing for a better unwinding and respecting anonymity.

It is based on elliptic curve cryptography that allows to execute transactions using much shorter keys, generating greater speed and security based on anonymity, thus reducing the storage space from 80% to 10% which makes the process more effective at a conceptual and practical level.

Methodologically the protocol follows a basic guiding principle, where an asset can be transferred to different users, but only those who are directly related to the operation will have access to the information of the transfer process, so that redundant transactions end up being eliminated from the chain, thus generating a large volume instead of all small transactions.

In relation to the data, these can be verified and downloaded, without compromising the data of the transactions made, this access is only allowed to the parties involved, thus generating greater security and efficiency to the protocol, which translates into greater confidence for users.

In general terms, this type of protocol generates many benefits to the blockchain world, benefits that we will be breaking down and studying in depth in future installments, so if you want to learn more about it, I invite you to continue the series of publications on the MIMBLEWIMBLE protocol and its behavior at the blockchain level.

[1] Daniel Lehnberg. Factual inaccuracies of “Breaking Mimblewimble’s Privacy Model”. Article: Online Access

[3] cointelegraph. What is MimbleWimble?. Article: Online Access