<html>
<p>Hello Everyone. I welcome you all in my assignment which is for the professor <a href="https://steemit.com/@fredquantum">@fredquantum</a>. This lecture is about the Mimblewimble Protocol. Let's start my homework task.</p>
<h2>
<img src="https://cdn.steemitimages.com/DQmefhQh6HsohbF49sWYf3f3BaWd7hh3JKW8TXz23noidFD/Screenshot%20(2512).png" alt="Screenshot (2512).png"/><br/>
<a href="https://images.search.yahoo.com/search/images;_ylt=AwrExdn4dzxh0gsAwZOJzbkF;_ylu=c2VjA3NlYXJjaARzbGsDYnV0dG9u;_ylc=X1MDOTYwNjI4NTcEX3IDMgRhY3RuA2NsawRjc3JjcHZpZANrUGFGLkRFd0xqS05JUlouWUhPeE9BTFZNVEV4TGdBQUFBRHRseFZRBGZyA21jYWZlZQRmcjIDc2EtZ3AEZ3ByaWQDeF9xVG45S2FRSEtkQlRFcXVUdGMxQQRuX3N1Z2cDMTAEb3JpZ2luA2ltYWdlcy5zZWFyY2gueWFob28uY29tBHBvcwMwBHBxc3RyAwRwcXN0cmwDBHFzdHJsAzM0BHF1ZXJ5A2xpZ2h0JTIwYnJvdW4lMjBjb2xvciUyMGJhY2tncm91bmQEdF9zdG1wAzE2MzEzNTMyODk-?p=light+broun+color+background&fr=mcafee&fr2=sb-top-images.search&ei=UTF-8&x=wrt&type=E210US91213G91464&imgl=fmsuc#id=2&iurl=https%3A%2F%2Ffarm5.staticflickr.com%2F4139%2F4802261769_dbe6beeca8_o_d.jpg&action=click">Source</a>
<br/>
<br/>
<br/></h2>
<h2><strong>Q1. In detail, explain your understanding of the Mimblewimble protocol.</strong></h2>
<p></p>
<p>When in 2009, the bitcoin introduced to the world, the world got obsessed with its features. The immutability, security and transparency of the BTC were the features which make the BTC popular within short time duration. But there was some drawbacks like everyone was able to see the record which were stored on the ledger. </p>
<p>So to keep the transactions more secure nd private on the blockchain world, a new protocol was introduced named as the MimbleWimble. This protocol work efficiently to maintain the anonymity. The founder of this amazing protocol was the Tom Elvis Jedusor. Before this protocol, everyone was able to access the transactional data, even those people who do not belong to the transaction and blockchain. Even those were able to see the data stored on the blocks in bitcoin. </p>
<p>Moreover, when the new small coins were introduced, the scalability of BTC got disturbed. All these issues were solved with the Mimblewimble protocol. This protocol solve the anonymity and scalability issues. The people who do not belong to the transaction cannot see the transactional data. The sender and receiver address is keep hidden in MW protocol.</p>
<p> In MW protocol, the scalability issue is solve because here, not all the data about the transaction is stored on the blocks. Just input and out data is stored. The sender and receiver addresses are hidden and keep private. The person who is not belong and related to the transaction, cannot see the transactional detail. </p>
<p>The output of the transactions is stored as a single output which make it hard for any third person to get which is the output of an individual transaction. It is not possible for any third man to get the sender and receiver address. Thus this protocol provide the advance level security.</p>
<p>Moreover, The Fungibility is another feature of the MW which make it more attractive. So all these features and discussion held at above show how secure and useful this protocol is. It work efficiently to solve the scalability and anonymity problem. </p>
<p><img src="https://cdn.steemitimages.com/DQmehb8WJTRdc5MKoLfd27xDwWgDHDtpaNb29cwjTyYMvdW/Screenshot%20(2196).png" alt="Screenshot (2196).png"/></p>
<h2>
<br/><strong>Q.2 Discuss in detail how the Mimblewimble blockchain protocol works.</strong></h2>
<p>
<br/>This protocol work to keep the transactional data more secure and private. The sender and receiver address keep hidden. The output of the transactions are shown as single output which make it difficult for any third person to track a single transaction' output. The coinjoin algorithm is used in MW protocol to secure the information of the transactions. </p>
<p>The sender receiver address and the transaction amount is keep hidden. The verification of the transaction is also done but here the participant nodes verify the ownership of those who perform the transaction. They verify how much amount is in ownership of the person who send the amount and the person who receive the money. </p>
<p>The MW protocol solve the privacy issues along with anonymity problems. Here the scalability is ensure by cutting down the reductant transaction data. For example if a user A send 0.1 BTC to a receiver B and B send that amount to C. The C will not be able to see from where the B get that 0.1BTC.</p>
<p> Similar the B will not be able to get the information about the transaction through which A get that o.1BTC. MW protocol will hide the information of the transaction which is not related to the C. </p>
<p>
<br/><strong>Key points</strong></p>
<ul><li>Redundancies is removes in MW protocol through the cut-through feature. </li><li>The sender, receiver and transaction amount keep hidden with blinding factors. The person who do not belong to the transaction cannot get the private information about that transaction.</li><li>The Conjoin and confidential transaction concepts are used in MW protocol to solve the security and anonymity issues.</li></ul>
<h2>
<img src="https://cdn.steemitimages.com/DQmehb8WJTRdc5MKoLfd27xDwWgDHDtpaNb29cwjTyYMvdW/Screenshot%20(2196).png" alt="Screenshot (2196).png"/><br/><strong>Q3. Discuss in detail your understanding of Confidential Transactions (CTs).</strong></h2>
<h2></h2>
<p>This concept was introduced by the Adam Back in 2013. This concept work to ensure the privacy of the transactions. The transactional private data keep private with this concept.</p>
<p>This concept got popularity because of its functionality in short time and many crypto assets adopted this concept.</p>
<p>The Confidential Transactions work to secure the sender and receiver addresses. The sender and receiver address keep hidden from any third party. No one can access the wallet addresses of these two nodes. Moreover the transacted amount also keep confidential with blinding factors.</p>
<p>Transact amount is an important information. The malicious attacker can use this information for any wrong purpose. So CT keep this information private. </p>
<p>Blinding factors are some unknown number which are set by the sender. The privacy of the transaction is maintained because the transaction can only take place if the receiver use those unknown number which are set by the sender. If third party try to access the data, he must have knowledge about that blinding factors. Without knowing those numbers, no one can access the transactional data. So the transaction data, sender, receiver addresses and the amount which is transacted is kept private in CT. </p>
<p>We can say that this is a kind of encryption of the transaction. You can only decrypt the transaction data if you have the blinding factors. The blinding factors are set by the sender and only share with the receiver. Only the parties which are involve in the transaction can access the private data of the transaction. No third part can see that data. So the transactions are super secure and private. The security is maintain in this way in CT.</p>
<p>This protocol way introduced to enhance the security of the blockchain technology. The private data of the transaction is only accessible between the people who have participated in the transaction. The third party cannot decrypt the encrypted data of the transaction. </p>
<h2> <img src="https://cdn.steemitimages.com/DQmehb8WJTRdc5MKoLfd27xDwWgDHDtpaNb29cwjTyYMvdW/Screenshot%20(2196).png" alt="Screenshot (2196).png"/>
<br/>
<br/><strong>Q 4. How do you think Mimblewimble Protocol can be utilized on the Bitcoin Network to enable anonymity of transactions and improve scalability?</strong></h2>
<p>
<br/>
The Bitcoin network still not complete anonymous. If you visit the blockchain network, here you can get the data about any transaction. The information is not keep hidden in this network. You can get information about how much amount is sent by a user. The sender and receiver address are also there for anyone to access. </p>
<p>
<br/>The MW protocol make it more anonymous. The MW protocol cut the redundant information. You cannot get access to the information about the transaction where you have not participated. Like if someone send me 5 dollar, i would not be able to get to know from where that person got the 5 dollar. Who send him that amount. I can only access the data of the transaction in which i participated. The redundant transactions are cut down in MW protocol using the cut-through feature which make this protocol more attractive</p>
<p>The MW protocol cut the redundant information and thus enhance the scalability of the network. </p>
<p>Let explore the BTC network using the <a href="https://blockchain.com/explorer">blockchain.com/explorer</a>.</p>
<p><img src="https://cdn.steemitimages.com/DQmbZz9URa1k1q2nRUph1cgNXNcvnVpuFPT72VohGzo1doZ/Screenshot%20(2507).png" alt="Screenshot (2507).png"/></p>
<p>Let's explore the latest block</p>
<p><img src="https://cdn.steemitimages.com/DQmSxrpnjn58RhSzNtP4896QxpqJWcGWQuWTg5wwnCt6app/Screenshot%20(2506).png" alt="Screenshot (2506).png"/></p>
<p><img src="https://cdn.steemitimages.com/DQmdXRiLf1MFQCVwKgyor5ev5TPoduQnVZuFh11xVQtKH8y/Screenshot%20(2505).png" alt="Screenshot (2505).png"/></p>
<p><img src="https://cdn.steemitimages.com/DQmcUCWxvrdVVdGLu8aT8rCXmV71DsUcoiPA19xfMYinzM2/Screenshot%20(2504).png" alt="Screenshot (2504).png"/></p>
<p><img src="https://cdn.steemitimages.com/DQmWSCV4RRdNWKRtuV6QQrJqrMKBX38zxVHGBFD2ttZyj44/Screenshot%20(2502).png" alt="Screenshot (2502).png"/></p>
<p><img src="https://cdn.steemitimages.com/DQmbLAtngWESmHpZszeSCHu3dwqJhUTXRaGtDH73oGg9apX/Screenshot%20(2500).png" alt="Screenshot (2500).png"/></p>
<p></p>
<p>In the above screen shorts, we can see that all the information about sender and receiver is visible for all. Any one can access and see the information. The amount of transaction is also visible and all other data about the transaction which is not good for security. </p>
<p>If we apply the MW protocol in BTC network, then the sender, receiver and the transaction amount will be hidden. Only sender and receiver will be able to access the transaction information. Thus the system will become more secure.</p>
<p></p>
<p><strong>Now let's see a transaction on MW protocol.</strong></p>
<p>Let's suppose i explore the latest transaction by visiting theย <a href="https://explorer.mwc.mw/">Mimblewimble Explorer</a>
. You can see that here the sender and receiver information is hidden. The transacted amount is not shown to all</p>
<p><img src="https://cdn.steemitimages.com/DQmZdgZSWrCwraWvGsMFwBbnSxzDqCeo3A8i3cC19D5R5JJ/Screenshot%20(2499).png" alt="Screenshot (2499).png"/></p>
<p>The MW protocol keep the transaction very secure and private. The network become more secure. The Blinding factors are use to keep the sender and receiver information private. These are the unknown number which the sender set and share with only receiver. The transaction amount is also keep private. </p>
<p><img src="https://cdn.steemitimages.com/DQmPQdChTeQ6c4sbAhS9L2AQXwP6g6Z5SmLi1PwtdMS8WBt/Screenshot%20(2498).png" alt="Screenshot (2498).png"/></p>
<p><img src="https://cdn.steemitimages.com/DQmccc7G6fuT6wT8XAG1P8nV2TSwsgunUAktRiQX46PYzVQ/Screenshot%20(2497).png" alt="Screenshot (2497).png"/></p>
<p>The redundant transactions are cut down which enhance the scalability. You are not able to see the information about the any other transaction. If someone has transacted you some amount, you cannot track from where the sender received that amount. </p>
<p>The Conjoin algorithm is use in MW protocol to combine all the transaction information so that no one able to track the individual transaction. <br/>
</p>
<p><img src="https://cdn.steemitimages.com/DQmehb8WJTRdc5MKoLfd27xDwWgDHDtpaNb29cwjTyYMvdW/Screenshot%20(2196).png" alt="Screenshot (2196).png"/></p>
<h2>Q. 5) State the Pros and Cons of the Mimblewimble protocol.</h2>
<p>
<br/>
</p>
<div class="text-center"><p><strong>Advantages</strong></p></div>
<p>The MW protocol enhance the network security</p>
<p>The system become more anonymous because only sender and receiver can access the transaction information. No third party can see the transaction data.</p>
<p>The sender and receiver addresses are keep hidden</p>
<p>The transaction amount also keep private. So no third party can use it for wrong purpose.</p>
<p>The redundant transactions are cut down. Because of this, the scalability get better.</p>
<p>The MW protocol provide the advanced feature, fungibility.</p>
<p>The MW protocol reduce the block size. This make the network more secure and enhance the scalability. The reductant transactions cut down which reduce the block size. </p>
<p>
</p>
<div class="text-center"><p><strong>Disadvantages</strong></p></div>
<p>The sender and receiver addresses keep hidden. This is a good point but sometime, it cause the problem. There are some case when the illegal transactions occur . No one can see the sender and receiver information so third party can perform the illegal transactions.</p>
<p>This is a bit slow. The validation of block take much time which make this protocol a little slow.</p>
<p>The transaction rate is low in MW protocol. Because of the confidential transaction, the transaction output process get slow. It take much time in completing the transaction. </p>
<p>
The Protocol relies on the digital signature which enhance the chances of malicious attacks. </p>
<h2>
<img src="https://cdn.steemitimages.com/DQmehb8WJTRdc5MKoLfd27xDwWgDHDtpaNb29cwjTyYMvdW/Screenshot%20(2196).png" alt="Screenshot (2196).png"/><br/>
<br/>
<br/><strong>Q6. Discuss in detail at least a Crypto that uses the Mimblewimble protocol.</strong></h2>
<h2>
</h2>
<div class="text-center"><p><strong>Grin</strong></p></div>
<p>Multiple cryptocurrencies have adopted the MW protocol. Grin is one among them. This project was launched in 2019 and the proof of work is used in Grin to ensure its security. This is the first coin which implement the MW protocol and enhance the scalability and make it more anonymous. This make the Grin project more private and secure.</p>
<p> The transactions are merge together and make the system secure because no one can separate the transaction. The transactions are not able to track. No one can access the sender and receiver address. The transacted amount also keep hidden.</p>
<p>The Grin is scalable and more secure. No one, except the sender and receiver can see the transaction information. This project is fast and can perform the transaction in low time.</p>
<p>This coin is ranked at number 662 in the crypto market. The market capitalization of Grin is
<br/>
$30,324,786
and price is 0.3614$. The circulating supply of the Grin is 83,920,500.00 Grin. </p>
<p>
<img src="https://cdn.steemitimages.com/DQmPaWLY3h92HP4LRknzBcyBsubFg3Hk7BTKWtFra53r5xN/Screenshot%20(2510).png" alt="Screenshot (2510).png"/><br/>
<br/>
<img src="https://cdn.steemitimages.com/DQmeg9gmyHuqkRYitK127WenJ9zoLd1W2WvtewTNrk7ZBfM/Screenshot%20(2509).png" alt="Screenshot (2509).png"/><br/></p>
<h2>
<img src="https://cdn.steemitimages.com/DQmUftuacXZoq58cZYVVZxkLZYKAgRFT1VQSunoB9hBKAdH/Screenshot%20(2508).png" alt="Screenshot (2508).png"/><br/>
<br/></h2>
<p>
<img src="https://cdn.steemitimages.com/DQmehb8WJTRdc5MKoLfd27xDwWgDHDtpaNb29cwjTyYMvdW/Screenshot%20(2196).png" alt="Screenshot (2196).png"/></p>
<p>
</p>
<div class="text-center"><h2><strong><br/>Conclusion</strong></h2></div>
<p>
<br/>The Mimblewinmle protocol enhance the scalability and make the network more anonymous. The protocol introduce to reduce the security issues. This make the network more secure by hiding the information which is not relevant to the common people on the network. The sender, receiver addresses and transacted amount is keep hidden. The redundant transactions are cut down which make the system more scalable and secure. SO irrelevant user can access the private information of transaction. </p>
<p>The MW protocol in BTC make the network more secure and reliable. The CT concept use to secure the system. </p>
<p>I thank to the professor @fredquantum for this amazing and informative lecture.</p>
<p>
<br/></p>
</html>