Nowadays, the amount of information is increasing 2 times annually. Enterprises are constantly introducing new software, workflow is constantly growing. All this leads to an increase in costs, since it is necessary to constantly update software, store a large amount of data on servers, and protect confidential information.
In the 21st century, the confidentiality of information is one of the most important tasks for both ordinary people and companies of any kind of activity. Since now in the digital age, the vast majority of the world's population is constantly online. Therefore, it is so important to find a platform that provides greater scalability, confidentiality and functionality of the network compared to legacy protocols, to be sure that your personal confidential information remains under reliable protection.
MWC protects and empowers users by protecting their personal information from prying eyes. Other cryptocurrencies, even privacy coins, require users to reveal their identities in various ways. But MWC will allow you to buy and sell cryptocurrency, request and send payments. All with complete anonymity.The Mimblewimble protocol uses blinding factors of balancing inputs and outputs in a commitment scheme as private keys. Sender and receiver must interact to construct a joint signature to authorize a transfer of funds. Blocks in Mimblewimble have all their constituent transactions aggregated into one giant transaction, erasing the original transaction boundaries. The initial block download further benefits from cut-through, in which all spent outputs cancel against corresponding inputs, erasing most of the blockchain history.
Three main properties of MWC transactions increase their privacy. All transactions on the base layer are CoinJoined with Confidential Transactions and signature aggregation. Consequently, there are no addresses, transaction amounts or intermediary inputs and outputs in blocks and all transactions are indistinguishable from one another. Unless you are a transaction participant then all inputs and outputs look like random pieces of data on the blockchain.
The introduction of blockchain technology, end-to-end encryption and decentralized applications (DApps) should have led to complete freedom and protection of your privacy. In practice, at the moment, the achievement of this goal is at risk, since each transaction in the public blockchain can be traced on the Internet and, if necessary, in principle, you can find out the name of the person.
As far as communications are concerned, we protect data much better — the real content of what we send — but there are still huge metadata leaks: who you talk to, where, when and for how long. Governments use this to create an amazingly complete picture of your life.
For MWC, the main task is to return full control to ordinary people - simply, safely and completely anonymously.
The mission of the MWC developer team is to match and exceed every other good in the market with regard to the ten primary monetary characteristics in order to produce a good that is the superior qualitative money. Good money in the Information Age is recognizable, scarce, censorship resistant, durable & indestructible, extensible, salable, portable, fungible, private and divisible.
The MWC network was launched in November 2019 and has functioned flawlessly with 100% uptime. The MWC Team considers the protocol ossified and currently sees no need for a future hard or soft fork unless a defensive action were required to protect the network.
MWC is currently listed and trading on: Hotbit, TradeOgre, Bitforex, Tokok, Whitebit, Vindax and Coinfield.
In order to buy an MWC token on the Whitebit exchange, you must follow these steps:
1. Register on the site https://whitebit.com/
2. Confirm registration via mail
3.Go to your profile settings and select security
4. Connect 2FA
5. Go to the "my balance" tab
6. Choose to trade MWC token
7. Transfer the MWC to your trading account.
8. Now you can start trading.
The MWC project offers the following mining pools:
You can view the complete guide on how to set up the mining process on this page:
You can withdraw your earned tokens both to your wallet and to the exchange wallet. Read more about how to do this here:
Solo mining setup:
- Firstly, you have to download the node and the client wallet.
- Then launch the node first and wait for it to synchronize
- Launch a command prompt and go to the folder where the mwc-wallet.exe is located
- Enter: mwc-wallet.exe init
- Once your wallet created, open your files and go in: C:\Users\YourUser\.mwc\main
- Open the file mwc-server.toml
- Search: enable_stratum_server = false
- Replace “false” by “true”
- Save the file and close it as well as the node and the wallet
- Reopen the node and wait for it to synchronize
- When the node is synchronized, launch a command prompt and go to the folder where the mwc-wallet.exe is located
- On your command prompt type: mwc-wallet listen
- Now, you need to download the miner
- Open the file of the miner and create a text document
- Type that to mine on the cuckaroo D29 algorithm: miner.exe — algo cuckarood29 — server 127.0.0.1 — port 3416 — user YOURUSERNAME
or that if you want to mine on the cuckatoo 31 algorithm:
miner.exe — algo grin31 — server 127.0.0.1 — port 3416 — user YOURUSERNAME
- Now do “save as” and type miner.bat
- Now, launch the miner.bat
Congrats ! You’re mining !
You can type this in a command prompt if you want to know how many MWC you got: mwc-wallet.exe info
Near term (0-3 months):
- MWCMQS support in mwc-wallet.
- TOR support in all wallets and nodes.
- Start work on Mobile wallet.
- Additional Grin rebases (if applicable).
Medium term (3-6 months):
- Website content.
- Email list updates.
- Website notifications.
- BTC/MWC atomic swaps.
- QT wallet integration.
- MWC 713 integration.
- Block explorer updates.
- 235,000 Unclaimed Airdrop Funds to be distributed
Long term (6+ months depending on priority):
- Decentralized exchange.
- Mobile wallet.
- Lightning network.
- Coin shuffle.
- Hardware wallets but requires hardware manufacturer support.
Difference of MWC from the main privacy coins:
Zcash, ZClassic, ZenCash.
All of these coins use an encryption technology known as ZK-SNARKS (or Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). The first thing to note about this class of coins is that they use a different set of cryptographic functions than Bitcoin, while Mimblewimble uses the same ECDSA cryptographic functions and BulletProofs which uses the same logarithmic cryptographic assumption that Bitcoin uses. Bottom line is that Mimblewimble uses cryptography that's a lot closer to Bitcoin than the Zcash family. ZK-SNARKS also require what's known as a "trusted setup". That means the developers of Zcash along with some outside volunteers were required to destroy certain random numbers they used in the setup. If the developers did not properly do this, they might be able to compromise the system for instance by creating unlimted zcash coins for themselves silently. Mimblewimble has no trusted setup.
It uses a technology known as Ring-CT (or Ring Confidential Transactions). The ring refers to the ring signatures that are used as part of the transactions. One of the best parts of Monero is that it has an anonymity set that crosses different blocks. That means that if I get coins in block a, and anyone in my ring set spends coins in block b, the network doesn't know if it's me spending them or another user. This provides good privacy even if there are few transactions per block. In Mimblewimble, the anonymity set includes all transactions in a block only. There is no possibility of future decoy transactions in another block. Some would argue this makes Monero more private than Mimblewimble, but given large scale use (like the volume in Bitcoin blocks for instance) the anonymity set of Mimblewimble may be sufficient to offer the same level of anonymity set in Monero or at least close enough. Even at lower volumes it's a massive improvement over the legacy blockchains. The main benefit of Mimblewimble over Monero though is its scalability. It is roughly 10 times more scalable than Monero which was covered in the last article.
So, in summary Mimblewimble offers very formidable privacy. And while this may not be quite as strong as Monero (and the other coins in the crypto note family), Monero suffers from scaling issues and that's one of the areas that Mimblewimble excels at.