MimbleWimbleCoin

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Discover MimbleWimbleCoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is MimbleWimbleCoin?

MimbleWimbleCoin (MWC) is a cryptocurrency native to the Mimblewimble protocol. It is a pure proof-of-work-based crypto that enables greater network scalability, privacy, and fungibility. MWC has a provable supply cap of 20,000,000 units, with 10,000,000 units created in the genesis block and another 10,000,000 units to be mined using proof of work. The Mimblewimble protocol provides a 3x scalability improvement over legacy blockchain technology and ensures privacy through features like CoinJoin, Confidential Transactions, and signature aggregation.

How is MimbleWimbleCoin used?

MimbleWimbleCoin (MWC) is a cryptocurrency that utilizes the Mimblewimble protocol to enhance privacy, scalability, and fungibility. Here's how it is used:

Mining and Consensus
  • Proof of Work (PoW) Consensus: MWC is powered by a PoW consensus algorithm, where miners compete to validate transactions and earn rewards.
  • Mining Process: Miners solve complex mathematical puzzles to validate transactions and update the blockchain. The block time is 60 seconds, and the block reward is 0.6 MWC.
Transactions and Privacy
  • CoinJoin and Confidential Transactions: All transactions on the base layer are CoinJoined with Confidential Transactions and signature aggregation, making them indistinguishable from one another. There are no addresses, transaction amounts, or intermediary inputs and outputs in blocks.
  • Atomic Swaps: Transactions can be merged without being broadcast to the network, enhancing privacy. For example, if Alice sends MWC to Bob and then Bob sends MWC to Carol, Bob's transaction is not seen on the blockchain.
Wallets and Storage
  • GUI Wallet: A fully functional GUI wallet is available for users, which includes features like atomic swaps and secure offline cold storage.
  • Mobile Wallet: A mobile wallet is being developed to expand accessibility.
Trading and Exchange
  • Exchanges: MWC is traded on various exchanges, including Hotbit, TradeOgre, Bitforex, Tokok, Whitebit, Biki, and Bithumb Global.
  • Price: The current price of MWC is $2.913, with predictions of reaching $14.50 by 2028.
Additional Features
  • HODL Programme: The protocol rewards MWC addresses with zero negative movements during a predetermined period, encouraging users to store their coins without movement for longer periods to generate more profit.

Overall, MWC is designed to provide a secure, private, and scalable cryptocurrency experience, leveraging the benefits of the Mimblewimble protocol.

How do I store MimbleWimbleCoin?

To store MimbleWimbleCoin (MWC) tokens, you can use the official GUI Wallet provided by the MWC development team. This wallet is available for both desktop and mobile devices, ensuring you can manage your MWC tokens securely and conveniently. Additionally, the team has developed a method for secure offline cold storage of MWC, which is ideal for long-term storage and added security.

How to buy MimbleWimbleCoin?

To buy MimbleWimbleCoin (MWC) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable cryptocurrency exchange that supports MWC trading. You can find a list of exchanges where you can buy, sell, and trade MWC on websites like Coinlore.

  2. Create an Account: Register on the chosen exchange by providing the required personal and payment information. Verify your account as per the exchange's requirements.

  3. Deposit Funds: Deposit the desired amount of funds into your exchange account using a supported payment method such as Visa, Mastercard, or other cryptocurrencies like Bitcoin or Tether.

  1. Navigate to the Buy Section: Go to the Buy or Trade section on the exchange platform. The exact location of this section may vary depending on the exchange.

  2. Select MWC: Choose MimbleWimbleCoin (MWC) as the cryptocurrency you want to buy.

  3. Set the Amount: Enter the amount of MWC you want to purchase or the amount of your deposit you want to use for the purchase.

  1. Confirm the Purchase: Review the details and confirm the purchase. The MWC tokens will be credited to your exchange account.

  2. Store Your Tokens: You can store your MWC tokens in the exchange's wallet or transfer them to a personal wallet for added security.

For more detailed guides, you can refer to resources like BitScreener or Gate.io.

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History of MimbleWimbleCoin

MimbleWimbleCoin (MWC) is a digital currency that implements the MimbleWimble protocol, a blockchain design that was anonymously shared in July 2016. The MimbleWimble protocol was first presented by Andrew Poelstra in a 2016 San Francisco BitDevs presentation, which generated significant interest in the Bitcoin developer community.

MWC was created in February 2019 as a fork of Grin, with the goal of creating a scarce MimbleWimble-based coin. The MainNet of MWC launched in November 2019. The initial supply of MWC was created in the genesis block with 10,000,000 units, and another 10,000,000 units will be mined using proof of work over a period of approximately 100 years.

The MWC development team aimed to create a superior qualitative money by matching and exceeding the ten primary monetary characteristics, including recognizability, scarcity, censorship resistance, durability, extensibility, salability, portability, fungibility, privacy, and divisibility. The team has been actively innovating and incorporating new features into the wallet, such as multisig transactions and atomic swaps.

In terms of distribution, 20 million MWC will ever exist. Of these, 10 million will be mined, 6 million were distributed via an airdrop to Bitcoin holders, 2 million are held in an escrow wallet for "MWC HODL" dividends, and 2 million are dedicated to the development of the coin.

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How MimbleWimbleCoin works

MimbleWimbleCoin (MWC) is a cryptocurrency that operates on the Mimblewimble blockchain protocol. This protocol is designed to enhance privacy, scalability, and fungibility compared to traditional blockchain networks like Bitcoin. Here's how MWC works:

Key Features
  1. Anonymity: Mimblewimble ensures complete anonymity by not revealing the sender's address, the amount of crypto sent, or the receiver's address. This is achieved through the integration of technologies like CoinJoin, Confidential Transactions (CTs), Dandelion, and Cut-Through.

  2. Fungibility: The protocol's untraceable nature makes it highly fungible, meaning that users can freely exchange any cryptocurrency on the Mimblewimble platform without the risk of the coins being "tainted" due to association with illegal activities.

  3. Scalability: Mimblewimble overcomes scalability issues by implementing CoinJoin and Cut-Through protocols, which eliminate unnecessary transaction information and reduce block sizes, resulting in a compact and efficient blockchain.

Transaction Process
  1. Inputs, Outputs, and Kernels: Each MWC transaction consists of three sets: a set of inputs, a set of outputs, and a set of kernels. The kernel serves as proof of the transaction's validity by confirming that the transaction hasn't lost any coins or created new ones and proving that the transaction is authentic.

  2. Verification: Transactions are verified without requiring individual details. Instead, groups and records are united in a single large transaction that can be verified without revealing any specific information.

Mining
  1. Proof-of-Work (PoW): Mimblewimble is based on the PoW concept, which requires a feasible amount of effort from network members to solve an arbitrary mathematical puzzle to prevent frivolous or malicious uses of computing power.

  2. Mining Process: Crypto miners validate transactions, update the blockchain database, and receive small amounts of crypto as compensation. Mimblewimble coin mining is available on two algorithms: Cuckarood29 and cuckAToo31, with a block time of 60 seconds and a block reward of 0.6 MWC.

HODL Programme
  1. Rewards: The HODL programme rewards MWC addresses with zero negative movements during a predetermined period. This encourages users to store their coins on the wallet without any movement for longer periods, generating more profit.
Overall Functionality

MimblewimbleCoin (MWC) operates as a privacy-oriented cryptocurrency that ensures complete anonymity, fungibility, and scalability. It uses advanced security measures and a unique transaction process to maintain user privacy and efficiency.

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MimbleWimbleCoin's strengths

MimbleWimbleCoin (MWC) has several strengths that make it a unique and attractive cryptocurrency:

  1. Scalability: MWC is based on the Mimblewimble protocol, which provides a significant scalability improvement over traditional blockchain technology, allowing for more transactions to be processed efficiently.

  2. Privacy: MWC transactions are highly private, as they are CoinJoined with Confidential Transactions and signature aggregation. This means that there are no addresses, transaction amounts, or intermediary inputs and outputs visible on the blockchain, making transactions indistinguishable from one another.

  3. Fungibility: MWC ensures that all coins are interchangeable and indistinguishable, which is essential for a currency to be widely accepted and trusted.

  1. Security: The Mimblewimble protocol is designed to be highly secure, with features such as proof-of-work (PoW) consensus and advanced cryptographic techniques to protect transactions and user data.

  2. Durability: MWC is designed to be durable and indestructible, ensuring that transactions are permanent and cannot be altered or deleted.

  3. Portability: With lower transaction costs, MWC is more portable than many other cryptocurrencies, making it easier to use for everyday transactions.

  1. Divisibility: MWC can be divided into smaller units, allowing for microtransactions and greater flexibility in its use.

  2. Atomic Swaps: MWC supports atomic swaps, enabling secure and trustless exchanges of assets between different blockchain networks.

  3. Decentralized Atomic Swap Marketplace: The MWC wallet includes a decentralized atomic swap marketplace, further enhancing the ease and security of asset exchanges.

  1. Mobile Wallet: MWC has a fully functional GUI wallet for Android mobile devices, expanding its accessibility and usability.

These strengths position MWC as a robust and versatile cryptocurrency, well-suited for a wide range of applications and use cases.

MimbleWimbleCoin's risks

MimbleWimbleCoin (MWC) carries several risks. Firstly, it has a high risk score, indicating that it is a relatively high-risk investment. This score is based on the amount of money required to move the price over the past 24 hours, recent changes in volume and market cap, and the potential for manipulation by limited trading.

Another significant risk is the potential vulnerability to quantum computer attacks. Mimblewimble's reliance on digital signatures makes it susceptible to de-anonymization if quantum computers can solve complex puzzles and figure out encryption keys.

Additionally, MimbleWimble has lower transaction speeds due to the data size required for Confidential Transactions, which can impact its usability and efficiency.

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MimbleWimbleCoin’s team

The team behind MimbleWimbleCoin (MWC) includes:

  • Tom Elvis Jedusor: The creator of the Mimblewimble protocol, known for his pseudonym inspired by the Harry Potter series.
  • Georg Fuchsbauer: A renowned cryptographer collaborating with the MWC team to assess the mathematical viability and security of Non-Interactive Transactions (“NIT”) for Mimblewimble technology.
  • Michele Orrù: Another prominent cryptographer working with the MWC team on the security and viability of Mimblewimble technology.

These individuals, along with other contributors, form the core team driving the development and innovation of MimbleWimbleCoin.

Whalee AI

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