Exploring the Key features and drawbacks of the Mimblewimble protocol.

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Hello guys! It super cold here, how is it over there? Well am really catching the cold here as I make this post. Hope you got value from my last post...welcome back again to this space and do enjoy what I have to dish out for today.

Yea, as you can clearly see from the topic, I want to go much deeper into the discussion I started in my previous post on the Mimblewimble protocol. I was able to define the term and also discussed how it works.

Today we would be looking at the key features of this protocol which should also double as it advantages and then we would also look at the drawbacks of this protocol. Let's get into it guys.

Introduction

The Mimblewimble protocol just as discuss in my previous post is one that prioritizes confidentiality/anonymity coupled with security and scalability. So many project have actually bought the idea and have implemented it, while some are still considering it, some are even proposing it for the bitcoin network.

It's also interesting to mention that the Mimblewimble has it own native coin called MWC. The very first project to theorize the use of Mimblewimble was GRIN, a popular privacy-preserving digital currency in 2016, it was reported that they laid the groundwork for the implementation of Mimblewimble into their project in year 2016 but eventually launched in 2019

Another notable project was BEAM who fully embraced the Mimblewimble concept just like Grin. It also important to mention that BEAM has Confidential Decentralized finance ecosystem of decentralized Dapps for diverse use case.

Key features of the Mimblewimble protocol

These key features are what makes Mimblewimble stands out amongst other protocol. These feature also doubles as it advantages. Let's explore together.

• Scalability: Stability has always been a long standing issue in the crypto space but with Mimblewimble, several transaction can be handled per second this alone makes it suitable for mainstream.

• Transaction privacy/Confidentiality: Transaction carried out using Mimblewimble are always private and confidential which make it difficult for it to be traced. The parties involved in the transaction (sender/Receiver) and the amount involved is hidden.

• Censorship resistance: The Mimblewimble protocol is also resistant to censorship. You just cannot hop in or gain some kind of privy access to transaction information as all transaction are cryptographically verified and recorded on the Blockchain using the Elliptic Curve Cryptography approach (ECC).

• Decentralized storage: it's also interesting to know that Mimblewimble allows for data storage on the Blockchain with less storage space which in turn reduces network congestions which other Blockchain networks suffers.

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• Reduced blockchain size: Mimblewimble have not only achieved the less storage feat but has also achieved the feat of having a smaller blockchain size compared to the traditional Blockchain size, making it more efficient, cost effective especially in the area of storage, transmission and maintenance.

• Ease of use: The design and make up of the Mimblewimble protocol is for ease of use such that those who ain't really familiar with Blockchain technology can easily flow along with it.

• Security: Mimblewimble protocol has been tested and trusted by so many project out there and of course they are also recommending it use to other mainstream project out there. I won't be surprised if Bitcoin eventually incorporate it into their network.

Drawbacks of the Mimblewimble protocol

• Maintenance challenge: Maintenance performance efficiency might just be one major problem in the long run as a result of increased resource requirements for verifying transaction.

Users who verify transaction on the network would need to download and maintain a full copy of the Blockchain which tends to grow larger with time, this then becomes a challenge for an average user.

• Cover for Illicit activities: Since transaction details are highly confidential and private, malicious players and terrorists could use it to sponsor their illegal activities since they are completely anonymous and not pseudonymous like that of Bitcoin and other crypto network, they would then be very difficult to trace.

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• Regulatory challenge: The Mimblewimble privacy/confidential feature do not really sit down well with most regulatory body as it could be used to cover several illicit activities that these body are up against and this might lead to some sort of friction and disagreement.

• Adoption: Mimblewimble could face the challenge of wide adoption by users and merchant as it not as popular as the Bitcoin network and also because it's still in it early stage of application. People would not really jump into what they are not sure would stand the rest of time

Bottom Line

So far we can tell that the advantage of the Mimblewimble protocol far outweighs it drawback. We might just see this innovation ravage the crypto space in years to come.

There you go friends.I would love to wrap it up at this juncture. I want to believe you've gotten so much from this piece. As my usual custom is, I would always encourage that you DYOR to be sure of every financial step you would want to take as I won't be liable for any form of loss encountered by you.

Feel free to share with me your thoughts in the comment section. Thanks for your time once again. Gracias!

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^{Disclaimer: This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your own research and consult a financial advisor.}

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Regards
@lhorgic♥️

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