Since joining the incredible MWC project in January – that just three weeks from now, will launch MainNet – I have become increasingly confident MimbleWimble will become one of; if not, THE top crypto stories of 2020. The reason being, that as amazing as Bitcoin is, the 2017 scaling “victory” (when SegWit defeated big blocks) was just a minor step in advancing it to where it needs to be.
SegWit enabled Lightning Network; but LN itself (which by the way, is fully compatible with MimbleWimble) remains extremely nascent, with much uncertainty about the pace of its growth. More importantly, it doesn’t solve Bitcoin’s biggest scaling issue – the initial blockchain download – which will grow exponentially worse over time.
Moreover, Bitcoin’s privacy – and thus, fungibility – is in crypto terms, a “D” on a scale of A to F. Between “whale alerts”; “rich lists”; government tracking; and exchange address blackballs, Bitcoin’s ability to be a pre-eminent store-of-value asset faces significant hurdles that must be crossed.
In other words, if Bitcoin – and generally speaking, crypto – is to legitimately scale; and become a ubiquitous store-of-value asset; it MUST address scaling, privacy, and fungibility in the very near future. And given the pace MimbleWimble technology is advancing, I would be shocked if the toxic groupthink clouding the Bitcoin community’s denial of its existence doesn’t shortly dissipate.
According to MWC Lead Dev Chris Gilliard, many of Bitcoin’s top minds are migrating their coding efforts to MimbleWimble – KNOWING it is the blockchain protocol of the future…and perhaps, Bitcoin itself. One of them, Kevin Pan, CEO of the Poolin mining pool, understands exactly what Bitcoin MUST inevitably address – that unquestionably, MimbleWimble provides the best solution to.
He starts by stating “the real problem with Bitcoin may be privacy. There is no other big question if the privacy issue is solved” – and ends with “what is troublesome now is government and law enforcement departments creating blacklists of transaction addresses.” In other words, recognition that what is increasingly being known as the “privacy debate” – that more properly, is a privacy, fungibility, and (second) scaling debate – is inevitable.
Again, this is not “bad” for Bitcoin – as if it wants to IMPROVE, it needs to address these glaring issues. The debate may take several years to resolve – in terms of whether, and how, the Bitcoin community adopts MimbleWimble-based protocols. However, it WILL be vehemently discussed - and coins at the cutting edge of this revolutionary technology will unquestionably be at the forefront of crypto investors’ radar screens.
In MWC’s case, not only is it BY FAR the most investable (scarce, and dividend-paying), but is being given FREE to Bitcoin holders via airdrop – to enable them to benefit from MimbleWimble technology advancement…and potentially, provide a hedge against the possibility MimbleWimble gains store-of-value market share at Bitcoin’s expense. That is, if the BTC community opts against incorporating it, via the “taboo” hard fork that will be the focal point of the upcoming debate.
The MWC airdrop registration ended July 19th, with MainNet launch scheduled for November 11th, 2019, and claims on December 11th, 2019. A total of 148,474 Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.