Back in August of 2016, a paper named after the Harry Potter movie series called “Mimblewimble” was proposed to the bitcoin community. The concept aims to offer “near complete” bitcoin transaction anonymity and the project has intrigued many cryptocurrency enthusiasts for quite some time. The development team behind the project has announced that an early version of the Mimblewimble platform is now being tested on the Bitcoin testnet.
Bitcoin Testnet Developers Deploy The Privacy Focused Mimblewimble
One of the holy grails for many bitcoiners is transacting with the decentralized currency in a completely private manner. There are many projects being built on the Bitcoin network, and within the altcoin space that attempt to provide stronger anonymity such as Tumblebit, and other methods of privacy. Last year a developer who uses the pseudonym, “Tom Elvis Jedusor,” introduced the Mimblewimble paper which supports the concepts of both Coinjoin and Confidential Transactions.
Essentially the protocol adds a cryptographic ‘blinding factor’ to a bitcoin transaction’s input and output values which obfuscates the transaction’s destination and the sum of funds sent. Now the development team has announced that Mimblewimble is being trialed on the Bitcoin testnet and developers can build their own nodes which connect to what’s called the “Grin network.” […]