Mimblewimble news

A proposed alternative lightweight blockchain protocol that uses confidential transactions and CoinJoin.

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MimbleWimble Explained

Privacy is a MUST. MimibleWimble is privacy protocol that is used by coins Grin, Beam and Epic Cash. Originally proposed for Bitcoin, MimbleWimble is a hot technology because of it's ability to privately send coins without revealing the address of the sender. We compare it to other privacy coins like Monero, Zcoin and Zcash. 👍🏻Subscribe to Boxmining for Cryptocurrency Insight and News: https://www.youtube.com/c/boxmining Latest Crypto Updates and Insights on Website: https://www.boxmining.com/ Recommendations ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Enjin Wallet: http://boxmining.co/enjin 👍🏻Unstoppable Domain: http://boxmining.co/unstoppable 📲Binance Exchange : http://boxmining.co/binance Boxmining Community ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Facebook Community: https://www.facebook.com/groups/CryptoSpartans/ Telegram Discussion Group: https://t.me/Boxdatamining Telegram Announcements: https://t.me/boxminingChannel ♨️Social (Add me on Social Media!) ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Instagram: https://www.instagram.com/boxmining/ Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining Steemit: https://steemit.com/@boxmining ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
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Despite the Litecoin Foundation receiving “hundreds of thousands of dollars” in donations, its reliance on Charlie Lee continues to be an overhang

After The Block’s report examining the Litecoin Foundation’s shrinking reserve balance, members of the foundation have since come out with a few announcements to ease the public’s concerns over the organization’s financial situation and usage of funds. These include: Foundation received “hundreds of thousands of dollars worth of donations” in 2Q19 Foundation members took pay cuts in 1Q19 The foundation is working with Grin Developer David Burkett to develop Mimblewimble privacy tech on top of Litecoin The foundation plans to implement a project-based crowdfunding system to more effectively manage the usage of funds Although these announcements are encouraging, I believe the foundation’s main issue still remains: its financial dependence on Litecoin founder, Charlie Lee. Join Genesis now and continue reading, Despite the Litecoin Foundation receiving “hundreds of thousands of dollars” in donations, its reliance on Charlie Lee continues to be an overhang!
The Block Crypto

GRIN Coin – SIMETRI Research Digital Asset Report

Grin Market Opportunity Grin is a privacy focused coin, which places it in the same sector as Monero, Zcash and the like. By protecting, sender, receiver, and transaction data information, the project aims to become digital cash in the true sense of the term. This is a $36.8T market. Just like its privacy brethren, Grin has a chance to impact the $52T shadow economy as well as the traditional payments and remittance markets ($689B). These are exciting numbers, but given the state of the blockchain industry as a whole, for now, they remain long-term targets. In addition, Grin will have to compete for user attention with more established privacy and payment projects such as Monero, Zcash, and Bitcoin itself. This will not be easy. Monero, for example, offers many of the same intrinsic qualities, privacy by default, decentralization, community funding, but has a much bigger community and a head start on merchant integration. The more centrally governed projects, like Zcash or even the MimbleWimble alternate Beam, are able to drive development and adoption at a quicker pace in the short term. Furthermore, as Bitcoin attains more and more privacy features, it becomes a looming threat to the entire privacy space. With its dominant network effects, it could make many of the smaller alts irrelevant. In the absence of a strong catalyst, this leaves Grin at a major disadvantage. The mitigating factor is that most privacy projects don’t appear to be going after one another (Monero vs Zcash is a separate story) and look to be on friendly terms, if not outright cooperating. The Beam team has even donated funds to support Grin development. The Grin team appears to be friendly with its counterparts from Monero, and the space as a whole looks to be collectively growing the pie instead of trying to divvy it up just yet.   Grin Underlying Technology As a privacy coin Grin’s core USP is its anonymity and security. It offers private-by-default transactions that don’t overblow the size of the blockchain. Minimal information gets stored by the network, while the PoW algorithms help maintain the security and validity of operations. However, while the technology offers plenty of theoretical benefits, poor UX/UI and a lacking infrastructure are preventing the community from experiencing the full benefits of the project and limits its potential. Privacy is enabled using the MimbleWimble protocol, which relies on Elliptic Curve Cryptography to structure transactions based on the verification of zero sums and possession of private keys. This approach verifies inputs and outputs of the transaction without revealing any amounts while also obfuscating the transaction trail. In addition, the project utilizes rangeproofs to prevent users from spending what they don’t have, and cut-through to reduce the amount of information required to be stored on the blockchain. None of these instruments are unique to the project, what makes Grin special is its elegant combination of these tools in a way that balances privacy and scalability.     The concept is very promising, but is difficult to realize in a user-friendly way. For instance, in order to make transactions more lightweight, MimbleWimble does not utilize addresses. This forces senders and receivers to communicate off-chain in order to create a transaction. This could be done by sending a transaction file using a messaging service or via a running HTTP wallet listener. This complicates the core use-case for the cryptocurrency and raises the entry barrier for an average end user. Furthermore, it exposes a potential vulnerability of the network. In theory, a spy node could record all inputs and outputs before a block is mined. This would enable the perpetrator to build and analyze transaction graphs of the network and possibly discover sender IP, compromising privacy. To mitigate this issue Grin uses Dandelion. It is a broadcasting delay mechanism by which transactions are first sent through a series of randomly selected peers and then diffused to the entire network. The bigger the peer pool the more difficult it is to link inputs to transactions. Given the currently small user base and a high entry barrier due to UX complexities, Grin’s privacy features could be suspect. The UX/UI issues are not insurmountable and are currently being addressed. Wallet development and integration have been progressing, and solutions like Grinbox offer signs of improvement. The project has an active GitHub. It launched the network in January of 2019 and has already pushed a major update, Grin v. 2.0.0, which includes improvements for the bulletproof rewind scheme, Node and Wallet APIs and more. It also helps that Grin is currently ASIC resistant, due to its Cuckaroo29 PoW algorithm. It has been shown that ASIC resistant network offers more decentralization incentive and attract retail users. However, many acknowledge that in the long run ASIC dominance is inevitable. Grin has chosen to gradually migrate over to an ASIC friendly Cuckatoo32 over the next two years. This will enable the network to enjoy the bootstrapping benefits of the ASIC resistant algorithm while the network is still fragile and then gravitate towards industrial scale mining once it is ready. Still, this will put the onus on ecosystem development in the short term. In about a year the network will have 50% ASIC penetration and if the ecosystem does not rapidly mature by that time we could start to see a significant drop off in active addresses, similar to how it happened when ASICs were introduced to the Zcash network. Ultimately, Grin technology is solid but its infrastructure is still raw. The core technology and its continued development show thought and care. However, without significant UX/UI improvements, the project will continue to lack appeal to all but the hardcore enthusiasts, which will impact core USPs and ecosystem growth as a whole. With the mainnet now live, Grin needs to evolve from an R&D project into a commercially viable network. Grin Ecosystem Development Grin’s nascent ecosystem is its greatest weakness, but also the biggest source of potential catalysts for growth. For the longest time, it has been buoyed by hype and unrealistic expectations. Its community was made up of overly eager investors and speculators looking to catch the last lottery ticket of 2017-2018 alt boom. As the expectations have died down the ecosystem has been exposed for lacking both in quantity and quality of connections due to a basic lack of vital infrastructure and the alpha of operational processes. Still, these issues are not unfixable and if components and tools continue to hit the market Grin will start to gain awareness for its utility. This should give the project a solid chance for growth and adoption. Grin started as an R&D exercise back 2016, when an anonymous developer posted a file in the IRC channel #bitcoin-wizards describing MimbleWimble (reference to Harry Potter) as a private and scalable upgrade for Bitcoin. Several cryptography researchers took notice of the proposal and collaborated to launch Grin mid-2017. In many ways, the backstory shaped the development path of the project. Striving to replicate Bitcoin’s path to adoption, Grin wanted to entice hardcore enthusiasts and long-view miners. However, the launch attracted many VC investors, and nearly $100M was invested into special-purpose investment vehicles to mine Grin. This made Grin’s genesis block one of the most expensive in history and ballooned expectations. Unlike Bitcoin, Grin did not have years to quietly develop in the shadows, it quickly drew the attention of speculators. Lacking powerful influencers and whales Grin has not been able to match ecosystem growth with the hype. There simply was not enough time to build up infrastructure and awareness and achieve meaningful on-chain activity.      (Review date: July 29th, 2019. This is a partial report. For early access and the full assessment, click below.) The post GRIN Coin – SIMETRI Research Digital Asset Report appeared first on Crypto Briefing.
CryptoBriefing

Crypto Projects Are Doubling Down on User Privacy through New Measures

The biggest concern on the internet today is privacy. From banking systems to tech giants, no company has been able to find the perfect answer to the privacy of user data. Crypto projects are adopting a proactive approach to help bring more trust in their systems. Why is crypto privacy unique? Cryptocurrencies can be used to make payments across the world. They could also be used as assets or traded like securities. This makes them a unique asset class in their own right. However, this uniqueness is also what scares regulators and drives them away from digital coins. Consequently, several digital coins and crypto companies are operating from the shadows, in regulatory grey areas. Despite the challenges, they are trying to fight for the basic idea of blockchain technology- transactional anonymity. One such project is Suterusu that is bringing a new age of inter-chain privacy for the users. It achieves this goal by employing zero-knowledge proofs which allow for the transfer of assets between different blockchains. Though it is a relatively new project Suterusu is gaining attention from privacy advocates, mostly because interoperability will be the future of blockchain. Privacy coins add additional privacy Beam, privacy-focused cryptocurrency using mimblewimble has already created its first hard fork. It has a new mining algorithm which can be used for activating confidential assets. The unique algorithm uses cryptography to verify the security of a transaction without revealing the assets in the transaction. It also ensures that no additional assets are created in the process, preserving the integrity of the transaction. Beam could also bring private transactions on the Litecoin network soon. But not every blockchain wants to import privacy solutions from other networks. For instance, Decred wants to adopt a new solution called crypto mixing in PoS systems. It will use a mixing technique called Coinjoin and partner with Coinshuffle to mix regular transactions and provide privacy and anonymity to its users. Bitcoin Cash, on the other hand, will depend on Cashshuffle, which allows users to commingle their transactions, making it hard to define their source. It will be a non-custodial solution to coin mixing. With new and unique privacy methods being adopted by crypto companies across the globe, it becomes difficult to ascertain which one is the best. However, it highlights a stronger focus on privacy in the crypto worlds, which is missing on the internet, especially with tech giants becoming subject to numerous scandals. The post Crypto Projects Are Doubling Down on User Privacy through New Measures appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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ESSENTIAL

Monero fees plummet to a couple of cents, as the privacy-centric cryptocurrency releases Beryllium Bullet, a highly anticipated system-wide software upgrade. The core change in Monero 0.13.0 includes the introduction of bulletproofs, a breakthrough cryptographic technology that restructures the verification of Confidential Transactions, the technique that helps Monero obfuscate transacted amounts

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ESSENTIAL

Mimblewimble is an extremely lightweight blockchain protocol that can implemented as both an upgrade to Bitcoin or an independent chain. By taking elliptic-curve cryptography several steps further than Bitcoin, Mimblewimble builds upon a number of techniques such as Confidential Transactions, CoinJoin, and One-way Aggregate Signatures and strips down blockchains of all unnecessary data to bring unprecedented scalability and absolute anonymity

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Banks are Feeling Threatened of Bitcoin and for Good Reason, Tim Draper

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Ripple Consolidates its xRapid, xCurrent and xVia Features Under One Network; RippleNet

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