Find me on Steemit: www.steemit.com/@heiditravels
Twitter: @blockchainchick
Instagram: @hheidiann
Bit.tube: RealCryptoTips

Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef

Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828d

Step up your game and Check Out Binance too: https://www.binance.com/?ref=10080191

Join the Robinhood app and invite your friends to Robinhood and win free stock. Here’s my invite: http://share.robinhood.com/heidic1

LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
Igno Peverell replies to Jackson Palmers intro video: https://www.reddit.com/r/Mimblewimble/comments/7x1cpc/crypto_explained_what_is_mimblewimble_grin/
Andreas Antonopoulos briefly explains: https://www.youtube.com/watch?v=qloq75ekxv0
Grin: https://grin-tech.org/
Grin GitHub: https://github.com/mimblewimble/grin

Privacy for Bitcoin is an important feature that is only gaining in importance. Considering the kind of freedom that Bitcoin has introduced to us, with it being borderless and peer-to-peer, and all it would be a real shame if it lacked fungibility. This could be a big problem down the road, and it’s an excellent reason why privacy features should be taken into consideration. There is one way that privacy and scalability can be added to Bitcoin’s list of attributes, it’s got a silly name but it comes with promising implementations, so let’s get into it.

It’s called Mimblewimble and the entire project is tom riddled with Harry Potter references. (See what I did there?) But seriously though, mimblewimble has a really interesting way of tackling two major issues, that is privacy and scalability and it all has to do with the way transactions are recorded, or in mimblewimbles case, summarized.

I found a video where Andreas Antonopoulos briefly goes over mimblewimble which can help you understand it, but there’s an even better video created by Jackson Palmer who really does a great job of breaking down how mimblewimble works and how it addresses both of these issues. I’ll provide the links to both of those videos down in the description.
In case you’re not going to be checking those out, and you just want a brief synopsis, be warned that this is a shallow explanation and I think it would be good of you to take some time to familiarize yourself with these concepts.

Anyway, basically, mimblewimble allows for end of transactions to be summarized in a way that reduces the size of the blockchain but is still independently verifiable. That’s how it helps a blockchain scale.
It tackles privacy by essentially removing addresses and instead requires two parties to interact with each other.
Initially I believe both parties needed to be online at the same time for a transaction to occur, which creates some obvious limitations, but this is no longer a requirement, although it would certainly be the fastest way to make transactions. So because there are no public addresses in the Mimblewimble system, only the parties who are a part of the transaction know the details of that transaction.
This also sets it apart from other privacy focused cryptocurrencies which require you to mix your coins to achieve anonymity because a blockchain built with mimblewimble will have privacy built into the actual design of the blockchain.

I hope this has piqued your interest and you’ll be digging deeper into this one. For those of you who are interested in learning more, here’s the kicker!
Mimblewimble has been floating around the Bitcoin space for a couple years now and apparently it could be implemented as a soft-fork or as a side chain to the Bitcoin blockchain. Since these kinds of changes are usually pretty slow to manifest for Bitcoin, wouldn’t it be cool to see how this actually works on a real live network? Well the best you can get at this point is to check out Grin. It’s not exactly live as it only has a testnet to offer, but here are some other aspects to Grin that I think make it worth paying attention to:
It is a proof of work blockchainThey’re committed to a mining algorithm that will keep ASICs irrelevant.
They seem to have a strong dev team
It’s written in the programming language Rust which further facilitates speed and scalability.

source

RELATED ARTICLESMORE FROM AUTHOR

29 COMMENTS

  2. Grin is a testbed for tech that is a candidate ingredient (among many) to be used securing privacy for BTC transactions. Naturally BTC can't implement this until it is thoroughly screened, battle tested and deemed the optimum solution before committing it to code. Code is law. It must be trustworthy, it must be infallible. BTC can't gamble, remember that the cypherpunks wagered Bitcoin against the house. The House is banker and it would love to see it lose the bet. It wants it to fail in the right way so the encombents can add their spin to the quash discontent. It is watching every step looking for weaknesses to exploit and then bring it down in full public view. The person behind the curtain will speak via the media: "Beware false idols!" they will say, "We are your master, we know what is best so you should serve only us. We allow you to live; so think of no escape from our machinations". 🙂 LOL I will have my middle finger ready and yes be grinning!

  5. Hello Heidi. This is my first time but your channel is looking helpfull for my new crypto world. I am reading all comments and i saw some other crypto money names except Bitcoing and Ethereum which are old fashion and over poppular. Neblio has been attracted my attention. Hadji Hamal has been mentioned it. Do you have any information about it ? Could you please record a video for Neblio ? It could be so helpful for me to get deteailed information about it. I have heard about they had their own Blockchain Solution

  6. Hey Heidi, just another topic suggestion.. I question a lot of coins because their price instability. I think in many projects the price volatility will cause damage to those projects. On the other extreme we have these stable coins backed by the US dollar, but as Roger Ver mentioned recently, then you are simply back to a coin with no cap and so we are right back to the same issues as we have with US dollars today. I wonder if there will be a new approach along the lines of token bonding curves (but obviously different from that) or coins that only trade OTC, or coins that embed code to slow volatility. Those are just two potential examples, but might there be other ideas. I think solving this issue is critical but I'm not sure a stable coins are taking us all down the right path as the tradeoffs I think in many cases is too great.

  8. I'm happy i found your channel, great interesting videos and like many already said you are really pretty and i love your voice. Thanks for sharing your knowledge with us. A good friend of mine adviced me to try Neblio and only hear good things about it like already worth more than 17 times their ico price and they also got their own blockchain solution. So i assume it got a great potential, but i'm pretty new to this whole thing. You seem to be a professional, so it would be great to hear your opinion. Would be great if you could do a review about Neblio!

  18. Many believe Bitcoin is a rigid dinosaur. Litecoin came along as a *faster option. Then Ethereum offered a *smarter alternative. Now there is a 1,000+ alt coins that allegedly do different things, most of which are built on the back of Ethereum, and almost all will never move beyond the conceptual stage. In the meantime there have been 10's of projects that are workarounds to Bitcoin's antiquity. I know it's laborious and less exciting, but it seems like the most intelligent thing to do is to build a system from the ground up that addresses all of the known issues and limitations plaguing cryptocurrencies today. Essentially I am describing the Cardano (ADA) project which has all of the benefits of Bitcoin and Ethereum, but is also infinitesimally more scalable and can not be corrupted due to concentrated hashes because of its randomized staking process. ADA is less sexy because of their five year road map. Their scientifically peer reviewed papers, however, are the backbone to their project, and likewise my confidence in them. Cardano, and projects like them, are likely the best path forward to the mass adoption of all things crypto.

  23. That's cool and all, but that name ??‍♂️ Why bring the stigmatism of a silly name to a space we are trying to mature and expand? Imagine trying to convince a friend that a cool new invention called Poopy Doopy will change their life. People name their children crazy things and expect them to have a normal existence, too. Well good luck at that job interview Shamidrapenis.

  29. nothing more than mumbojumbo and the silliness of the name attacks the very credibility of the crypto space. can u just see and hear the fools at SEC and the fake mass media just rolf ing at this?

LEAVE A REPLY

Please enter your comment!
Please enter your name here