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Grin, Beam and Mimblewimble, The future of Bitcoin Privacy

Alan Muli

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January 2019 will see two of the most anticipated cryptocurrency projects Grin and Beam launch. Both platforms have been deemed to be the future of privacy in cryptocurrency and their launches are anticipated with a lot of excitement among cryptocurrency and Bitcoin enthusiasts.

Grin and Beam will use Mimblewimble, a cryptography platform that facilitates private transactions. Of the two platforms, Grin has attracted a lot of attention from crypto-observers than Beam. Grin’s success will pave way for other platforms to adopt similar technology. Bitcoin core and Bitcoin cash are just but some of the platforms that have been deemed to benefit from Grin’s success.

Grin’s team remains largely anonymous, there are no founders’ rewards and it fosters a community spirit that is reminiscent of the early days of Bitcoin where service was more important than profit. The talking point of the platform will be its technology. “Grin has neither amounts nor addresses,” read a statement from its website in anticipation of the launch. It went on to further read, “Transactions can be trivially aggregated. It is not controlled by any company, foundation or individual. The coin distribution is designed to be as fair as possible.”

The role of Mimblewimble

Mimblewimble derives its name from the famed J.K. Rowling fantasy series Harry Potter. In the 7 part series, the name translates to a tongue-tying curse that prevents an opponent from casting a spell. Mimblewimble enables blockchain’s past transactions to be removed. The platform was proposed by developer Tom Elvis Jedusor.

The platform uses Dandelion technology, originally designed for Bitcoin, to obscure transactions by routing them through a series of networks. Bitcoin is designed in a decentralized fashion, its network upgrades are few and far between. Mimblewimble obscures conventional addresses and thus sender and receiver have to agree on a transaction before their actions can be broadcasted on to a network. This makes it difficult for third parties to interfere with a transaction.

The introduction of privacy-enhancing technology in cryptocurrency has been a long time coming. It is no surprise that the launch is highly anticipated.

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