Work is advancing on an expected bitcoin project initially proposed by a nameless cryptographer going under the French name of Harry Potter’s nemesis. Named after one of the book collection’ spells, MimbleWimble has become one among much anticipated bitcoin R&D projects, because it is believed it is able to assist improve upon the scalability and interchangeability of bitcoin in a completely unique manner.
One of the main downsides of the unique design was that in spite of granting greater privacy and scalability, it looked like it won’t support lots of bitcoin’s more complex scripts, which permit customers to apply more advanced transactions.
However, it seems to be progressing on that front. Blockstream mathematician Andrew Poelstra supplied the update at the MimbleWimble mailing list, in which he dives into the opportunities of the proposed change.
For the non-technical, the gist is that it might be possible to plug many of modern abilities of bitcoin into the brand new type of transactions. The proposed change quantities to adding assist for hash pre-images, a cryptographic tool that might permit some fancier transaction kinds.
Moreover, the plan is probably to enforce it as another cryptocurrency or a side chain. Poelstra went into some more information about a number of the abilities MimbleWimble should probably support, including zero-knowledge contingent payments, which permit customers to shop for data privately, and cross-chain atomic swaps, which allow customers exchange cryptocurrencies in a decentralized manner.
However, it is a brand new idea, and none of the details is set in stone. Poelstra mentioned that this would require a small change to MimbleWimble, but that it might be worth a full paper with more detail.