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Grin and Mimblewimble for Bitcoin and its privacy
Smile it will be the first network to use Mimblewimble technology, which could have very important implications for privacy and shape the future of Bitcoin. The Beam project will also use Mimblewimble to improve privacy in space.
Grin has attracted the attention of Bitcoin fans. One of the main reasons is that the new privacy protocols could pave the way for Bitcoin to adopt similar technologies. Grin works with an anonymous team and no rewards from the lenders. 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, a foundation or an individual. Furthermore, coin distribution is designed to be as fair as possible. Mimblewimble is a name given to a spell in the Harry Potter books which is also known as Tongue-Tying Curse. This spell prevents opponents from casting more spells.
According to an article written by Jordan Clifford, Mimblewimble uses a modified version of Confidential Transactions where balances are stored as cryptographic commitments rather than publicly visible amounts. He also explains that all transactions in a network are compressed within a single block.
Smile and beam have a lock time of 1 minute. However, they are different in many different ways. Grin has an inflation of 60 Grin per block and Beam has a limit of 263 million units. While Grin has no reward for the founders, Beam has 20% of the coins mined for the first five years.
The origins of Mimblewimble it can be traced back to Bitcoin because it uses a technology called Dandelion. This technology has been specifically designed for Bitcoin in order to obfuscate transactions. However, Bitcoin network updates take a long time because the network is decentralized.
Although there is still a long way to go for Bitcoin to implement privacy enhancing technology, this may not happen at all. There is a lot of pressure from institutional investors and regulators who would never accept Bitcoin with anonymous functionality.
The Beam mainnet it should be launched during this month while Grin will be launched in January 2019. These two networks would provide an idea of how Mimblewimble can be implemented and how it would work.
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