An Insight into MimbleWimble Protocol and Confidential Transactions!
MimbleWimble is a relatively new block protocol that was introduced in 2016 (and presumably created) by someone under the pseudonym of Tom Elvis Jedusor with the main objective of returning the possible realization of confidential transactions in a block of blocks, transactions to the that can only be accessed. To your data the participants of the same.
The curious of this protocol and what makes it special is its operation, a block chart that this protocol uses very differently, that is, instead of registering the data individually, which show the instructions of the transactions for example, where Any user can verify the status of it, the amount or addresses of the parties involved, in a block chart that operates under the information of the Mimblewimble protocol is hidden for the public, this is achieved by grouping the information, teaching the Users who explore block only one set of random data and without any sense.
These confidential transactions are encrypted for third parties and only understandable for users, the only information that could be understood by a third party are digital signatures, this because as we know to validate transactions in a block chart, it is necessary that the signature of the issuer with Your private password, this so that the system can corroborate that is the one that really sends it.
Then, in this protocol, the network only validates the transactions that contain an equivalent amount, between the information that comes out and the one that goes, also clearly that said information, is signigated digitally as explained, thanks to all this, the expense is avoided . , and as a highly simple process where space is saved thanks to the fact that the transaction information is grouped, it is achieved that the network that this protocol uses contains a high scalability of its transactions.
How the Blockchain protocol of MimbleWimble works?
As I am already explaining, the particularity of this type of network is found that the information registered in the network is grouped, that is, unlike the Common Block Table, in one that works under the Mimblewimble protocol, it is not possible to follow up Of some fact in particular (quantity, addresses, etc.) of some transaction of some third party you want to observe. For this entity, a series of random data will be visible and that will not feel for him.
The revolution of this protocol is that it is not necessary to store a large amount of information about the network, in addition to achieving the confidentiality of users, a significant improvement of scalability is achieved thanks to this.
The operating process would be the following.
Imagine that there are three people, A, B and C, where I send an amount "x" of coins that B ends up sending c, it happened that a coins ended in possession of C, since it really does not need to process the information of the transaction of A A B, at the time of processing all this, the network that operates under the Mimblewimble protocol only increases this series of transactions and combines it in one; In the block box, it can be displayed as a series of inputs and outputs that have the digital signatures of each transaction, where only transactions that contain equivalent information in the number of entries and outputs are validated.
Confidential transactions
This type of transactions are possible thanks to a Privacy Protocol that carries this same name, in a Blockchain that works under this protocol is allowed that the amounts in cryptocurrencies of the transactions are encrypted, at the same time as the container and receiving addresses also, Since it is necessary that these be verified by the network, and clearly by their nodes, a complicated process called purse-sugar commitments applies.
These so-called disruption commitment are responsible for the transactions carried out to be validated under the use of multiple signatures, which makes the information of a transaction between two parts, only those involved will share the signatures of their transaction and only They will be able to verify the relevant details to it.
Then the transaction is validated without the need for the directions of the same and only using a series of verifiable firms by the network.
An example of a confidential transaction would be the following:
Imagine that you want to send money to B, so that this is possible on a network that uses this protocol to spend all the coins you own, then if you want to send a smaller amount to B you should send them all at once Same back the change (amount you do not want to spend) Of course the network commission is subtracted. Then under this process only A and B will know how much it has been really spent in this operation.
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