How does mimblewimble improve the scalability of digital currencies?

3 answers

• Feb 17, 2022 · 3 years ago
  Sure! The mimblewimble protocol improves the scalability of digital currencies by implementing a compact blockchain design. It achieves this by combining several techniques such as Confidential Transactions and CoinJoin. These techniques allow for the aggregation of multiple transactions into a single transaction, reducing the overall size of the blockchain. Additionally, the protocol eliminates the need for storing all transaction history, further reducing the size of the blockchain. Overall, mimblewimble enhances scalability by significantly reducing the storage and computational requirements of digital currencies.
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• Feb 17, 2022 · 3 years ago
  Mimblewimble works its magic on scalability by leveraging a clever combination of cryptographic techniques. By utilizing Confidential Transactions, the protocol hides the transaction amounts while still ensuring their validity. This reduces the amount of data that needs to be stored on the blockchain, leading to a more efficient and scalable system. Additionally, the CoinJoin feature allows for the merging of multiple transactions into a single transaction, further reducing the blockchain size. With these optimizations, mimblewimble paves the way for faster and more scalable digital currencies.
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• Feb 17, 2022 · 3 years ago
  From what I understand, mimblewimble improves the scalability of digital currencies by implementing a more efficient transaction structure. It achieves this by removing unnecessary data from the blockchain, such as transaction inputs and outputs. Instead, it only stores the essential information needed to validate transactions. This streamlined approach significantly reduces the size of the blockchain, making it more scalable. Additionally, mimblewimble incorporates strong privacy features, which further enhances its appeal and potential for widespread adoption.
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