Transactions For ALL. No censorship 🚫
Transactions For ALL. No censorship 🚫
Grin MimbleWimble News #42
Electronic transactions for all. Without censorship or restrictions. Designed for the decades to come, not just for tomorrow. To be used by anyone, anywhere.
Recipe for Simple Money
MimbleWimble began in July 2016 by anonymous developers who published a text file in the IRC channel #bitcoin-wizards titled "MimbleWimble" containing design for a new blockchain protocol that promised to return Bitcoin to its cypherpunk roots.
The basics of Grin Mimblewimble blockchain protocol;
Grin has no amounts and no addresses.
Fungibility: All Grin coins are indistinguishable from one another.
Scalability: Grin Mimblewimble reduces the size of the blockchain and speeds up transaction processing by using methods like pruning and compact block headers. Because of this, it might be more scalable than Bitcoin, which is having problems with scalability because of its massive and constantly expanding blockchain.
Decentralization: Grin Mimblewimble is a decentralized cryptocurrency, meaning that it is not controlled by any single entity. This makes it resistant to censorship and restrictions.
Grin is open-source code, and its development is carried out by a grassroots community of developers from all over the world.
Simplicity and security are two other important Grin MimbleWimble features that are often overlooked.
As the software grows in complexity, it becomes extremely difficult to control. Bugs will always find their way in.
Even, open-source software, like Bitcoin, occasionally had bugs. While most problems are easily fixed, occasionally bugs and errors can lead to unexpected risks and issues.
Design simplicity that makes it easy to audit and maintain over time;
Simple emission
Simply fair. Simply disinflationary. Decentralize the wealth.
Simple block interval
   One minute. 60 seconds. 60 coin subsidy.Simple consensus
Proof of Work. Most cumulative difficulty wins.
Simple protocol
   In (pure) Mimblewimble, outputs are Pedersen commitments r*G+v*H
   combining value v and blinding factor r into a single curve point.
   The blinding factor serves both to hide the value and to control ownership.Simple audit
   Σ unspent-outputs = Σ kernel + offset * G + height * 60e9 * H
   Each kernel is a provable commitment to 0 (as is offset * G)
   height * 60e9 is the expected number of nanocoins emitted in height blocks.Simple PoW algorithm
   Cuckatoo Cycle. Find a 42-cycle in a huge random graph. Instantly verifiable in 42 lines of code.Simple Difficulty Adjustment
   diff’ = diff * 4-hours / (4-hours - 60-seconds + last_block_time)Simple mixing
   CoinSwap can non-interactively mix thousands of self spends each day or hour.Simple scripting
   No scripts, aka scriptless scripts.
   Supports nearly all Bitcoin script functionality, with none of the complexity:
  multi-signatures, atomic swaps, discreet log contracts, bidirectional payment channels, etc.Simple implementations
   Small Rust and C++ codebases.Simple security
   Complexity is the enemy of security. Keep it simple to keep it secure.
Credits: Cuckoo algo inventor and core developer J.Tromp
Running since 15 January, 2019…
Best wishes for coming 2024 years, stay secure & ツ Grin !
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Github: https://github.com/mimblewimble
Forum: https://forum.grin.mw/