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MIMBLEWIMBLE: THE GOOD AND THE BAD
"No matter how long you have been in the crypto space, you probably have come across “MimbleWimble” which is a winking reference to the tongue-tying spell from Harry Potter. But, what is MimbleWimble in crypto exactly? And what's magical about it?
MimbleWimble, or MW in short, is an approach that was proposed by an anonymous developer to improve the privacy features of Bitcoin. Some people really liked the idea of MW and saw it as a simple and reasonably effective way to achieve transaction privacy. However, because the MW approach required significant changes to Bitcoin, it was largely dismissed by the Bitcoin community. Since then, MW did not see significant discussion or development until it came to the front page of crypto with Grin.
Grin is a cryptocurrency project that tries to achieve multiple goals. These goals include fair launch with no initial premine, ASIC-resistance, long-term monetary policy and finally transaction privacy through the implementation of MW. Grin also has the secret sauce of having an anonymous founder. Other projects are also working to implement MW as their chosen privacy technique like Beam Privacy. Many articles have already highlighted the advantages of Mimblewimble without shedding enough light on the downsides. In this article, I discuss if MW can deliver the perceived privacy guarantees. I also compare MW, on a high-level, to other privacy techniques like zk-SNARKs."