When the MWC project launched in January, Beam and Grin had just commenced trading. MimbleWimble technology was VERY nascent and crude – but functional enough to speculate on. Very few actual MimbleWimble transactions occurred, aside from exchanges moving balances between investor wallets and developers testing the blockchain.
For example, one of the first issues the MWC engineers had to deal with was that in January, only MacOSX and Linux wallets existed, not Windows – and the technology was raw, and difficult for layman to use. Moreover, there was no way to securely store MimbleWimble coins offline, in cold storage.
As I have written all year, the vast majority of the crypto community knows NOTHING about MimbleWimble – in large part, because many leading Bitcoin influencers either shun or spread misinformation about it, knowing full well it could ONLY be implemented by a hard fork, or other invasive form of upgrade; i.e, what the Bitcoin community fears most, ESPECIALLY when the fork is caused by a new,SUPERIOR technology.
There is a small subsector of the crypto community that understands MimbleWimble’s potential – who have invested in Grin and Beam, only to see their investments heavily diluted by extremely low stock-to-flow ratios. However, that subsector is growing – as evidenced by roughly 1% of the entire BTC float having registered for the MWC airdrop. That said, essentially no one, outside developers, have actually executed MimbleWimble transactions - or understand how rapidly the technology is advancing.
To wit, consider that until the MWC devs implemented the first MimbleWimble cold storage system a few months ago, ALL exchange-held coins were stored in hot wallets. Likely, most exchanges haven’t updated their platforms yet with the new cold storage technology – but when they inevitably do, MimbleWimble coins will be significantly safer.
More importantly, it’s unlikely more than a tiny percentage of Grin and Beam investors actually hold their private keys – given that 1) legacy MimbleWimble wallets are VERY complex; and 2) as noted above, until recently, there were no Windows-enabled versions.
However,also VERY recently, these issues have been overcome – in large part due to the MWC team, which rewrote “GrinBox,” a Grin application to make it more functional and secure. Specifically, on Windows, Grinbox does not encrypt the data it sends across the wire. This is a security issue, because anyone in between the wallet and the Grinbox server could potentially see who is transacting with who, as it is published in clear text.
Anyone who has downloaded an MWC wallet (miners, and those preparing for the December 11th airdrop) realize how smoothly it works, as easy as Electrum or Trezor. However, they likely don’t understand just how complex the technology is, or that it was just recently developed.
To that end, many – likely, most - exchanges are not yet equipped to enable withdrawals with the updated wallet technology. Thus, most investors have no idea how simple it is, or how amazing it is to send and receive a coin with no addresses, or amounts shown in the blocks.
The way I see it, this is extremely material information - that few have experienced first-hand, because the technology was not yet upgraded). However, very shortly, ALL will. And when they do, I strongly believe the “MimbleWimbleTrinity”coins – MWC, Grin, and Beam – will be dramatically revalued, to much higher levels. Use this information wisely, and do your due diligence!
The MWC airdrop registration ended July 19th and MainNet launched November 11th– with airdrop claims scheduled to commence December 11th. A total of 148,474 Bitcoin registered –roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41…and currently, it trades at HotBit.io. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.
Join us on MimbleWimbleCoin Telegram, too!