Bitcoin’s Cryptocurrency Privacy Features In Grin And Mimblewimble Are Coming Soon
Grin And Mimblewimble For Bitcoin And Its Privacy
Grin will be the first network that will be using Mimblewimble technology, which could have very important implications for privacy and shape Bitcoin’s future. The Beam project is also going to use Mimblewimble so as to improve privacy in the space.
Grin has been attracting the attention of Bitcoin enthusiasts. One of the main reasons is that new privacy protocols could pave the way for Bitcoin to adopt similar technologies. Grin works with an anonymous team and no funders’ rewards. At the same time, there is a community that is following the developments behind this proposal.
This project is also capturing the attention of other players because it will not be controlled by a company, foundation or individual. Additionally, the coin distribution is designed to be as fair as possible. Mimblewimble is a name given to a spell in Harry Potter’s books that is also known as the Tongue-Tying Curse. This spell prevents opponents from casting other spells.
According to an article written by Jordan Clifford, Mimblewimble uses a modified version of Confidential Transactions in which balances are stored as cryptographic commitments rather than publicly visible amounts. Additionally, he explains that all the transactions in a network are collapsed within a single block.
Grin and Beam have a block time of 1 minute. However, they are different in many different ways. Grin has an inflation of 60 Grin per block and Beam is capped at 263 million units. While Grin does not have founders’ reward, Beam has 20% of the mined coins for the first five years.
Mimblewimble’s origins can be traced back to Bitcoin because it uses a technology called Dandelion. This technology was specifically designed for Bitcoin in order to obfuscate transactions. However, Bitcoin’s network upgrades tend a long time to happen since the network is decentralized.
Although there is still a long way for Bitcoin to implement privacy-enhancing technology, this is something that might not happen at all. There is a lot of pressure from institutional investors and regulators that would never accept Bitcoin with anonymous features.
The Beam mainnet is expected to be launched during this month while Grin is going to be launched in January 2019. These two networks would provide an idea of how Mimblewimble can be implemented and how it would work.