Upon MWC’s launch, I began writing a 4 part series on Mimblewimble. The first three installments were on scalability, privacy, and fungibility. Other priorities emerged and we were not able to release part 4. After being away from the project for a while, I had some time so I decided to work on part
Groundbreaking privacy and much improved user experience is coming to MWC! To improve the easy of use, the common user experience and further consolidate the privacy of MWC...
Version 4.2.0 of the MWC Node has been released. This release includes changes from the Grin rebase.
ONE FINAL distribution of the unclaimed fund is required in order to redistribute unclaimed coins from the last distribution.
Due to a recent DNS ownership change, the request and propogation of the transfer have created a delay that affects the registration of the wallet for some users. Because of the delay, we are extending the registration of the wallet to block 448,000. The distribution will start on block 451,000.
MWC was created as an experiment and from the time of the genesis block the goal was to be a testnet for Bitcoin with the idea of potentially implementing technology that may one day be used in Bitcoin. We discuss distribution of the remaining dev funds.
The mission of the MWC developer team is to match and exceed every other good in the market with regard to the ten primary monetary characteristics in order to produce a good that is the superior qualitative money. Good money in the Information Age is (1) recognizable, (2) scarce, (3) censorship resistant, (4) durable & indestructible, (5) extensible, (6) salable, (7) portable, (8) fungible, (9) private and (10) divisible.
Andrew Poelstra's 2016 San Fran BitDevs presentation on Mimble Wimble sent shockwaves through the Bitcoin developer community. Mimble Wimble provides an approximate 3x scalability improvement over legacy blockchain technology plus other benefits.
Three main properties of MWC transactions increase their privacy. All transactions on the base layer are CoinJoined with Confidential Transactions and signature aggregation. Consequently, there are no addresses, transaction amounts or intermediary inputs and outputs in blocks and all transactions are indistinguishable from one another. Unless you are a transaction participant then all inputs and outputs look like random pieces of data on the blockchain.
MWC transactions and block format transactions can be merged when an output is directly spent by the input of another and this can happen without being broadcast to the network. It is as if when Alice sends MWC to Bob and then Bob sends MWC to Carol then Bob was never involved and his transaction is actually never seen on the blockchain. All these features and yet the whole blockchain can be stored, downloaded and fully verified in just a few gigabytes or less.
The MWC development team seeks to innovate and bring out all of the MimbleWimble protocol benefits. The team has already created a fully functional GUI wallet, developed a method for secure offline cold storage of MWC, completed a MWC/BTC atomic swap on testnet and is working on mobile wallet and non interactive transactions.
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