Introduction

Greetings dear friends, I have found enough coinciding information where it is suggested that in order to achieve the desired mass adoption of blockchain technology, it is necessary to implement new protocols that have the ability to be combined with existing ones, specifically that can be combined with the protocol used by the Bitcoin network.

While this means developing more generalised protocols that provide greater privacy, scalability and fungibility, one advantage for the time being will be to use the Mimblewimble protocol in the Bitcoin network in order to allow for anonymity of transactions and enhance the three aforementioned features.

Source / Author: Geralt, 2013

However, based on the research, being able to use the Mimblewimble protocol to preserve anonymity and improve the scalability of the Bitcoin network is not as easy to achieve as many users may think, due to the marked difference between the privacy, scalability and fungibility indexes of both protocols.

The above involves a lot of development and coupling work to enable the Mimblewimble protocol transaction model to run on the Bitcoin network.

However, as everything in life is a matter of challenges and achievements, it has been theorised that the Mimblewimble protocol could be adapted to the Bitcoin network in the form of a sidechain or soft fork, i.e. by incorporating updates that are compatible with the Bitcoin network version.

In order to guarantee anonymity, these updates would have to incorporate a combination of the cryptographic protocols CoinJoin (mentioned in the lecture) and Blinding Factors (based on blinding techniques) to certify confidential transactions.

Source / Author: Geralt, 2018

In terms of scalability, it would have to incorporate the one-way aggregate signatures handled by the Mimblewimble protocol, which would allow the Bitcoin network to eliminate unnecessary transactions that currently require the use of large storage space, an element that would be a great step forward as it would save space and create more speed in the execution of each transaction.

SOURCES CONSULTED

➊ Arjun Balaji MimbleWimble: History, Technology, and the Mining Industry. Link

Link

OBSERVATION:

The cover image was designed by the author: @lupafilotaxia, incorporating image background: Source / Author: Designwebjae, 2018

Trending topics

New to Nutbox?

Interesting People

Discover more people

lupafilotaxia75

The Bitcoin network protocol can be combined to allow for the anonymity of transactions

lupafilotaxia
75