![]() Within the MimbleWimble protocol, Transaction Kernels and Transaction Cut-Through are two key components that we will leverage.Ī transaction kernel consists of three main parts: A prerequisite to understanding this proposal is to firmly grasp the current MimbleWimble protocol. We also provide a rationale for using extension blocks to implement MW. In this section, we will briefly discuss key aspects of MimbleWimble (MW) that will be relevant later on in the proposal. This proposal would allow making the initial validation burden in the extension block grow largely with the numbers of users (the UTXO set), as opposed to having it grow strictly with the transaction history. We would prefer the burden on new users to be minimal. This means that on-boarding new users requires a long process of initial download and validation. However, it is possible for transactions to be selectively disclosed by proving knowledge of the blinding factor.Īnother disadvantage of these types of ledgers is that validating them requires processing the entire history of transactions. Not only does this provide financial privacy, it also allows for plausible deniability. hiding the amount sent within a transaction. One solution to this problem is to create private transactions i.e. This hinders Litecoin’s functional fungibility in a government regulated merchant world. ![]() This results in some businesses treating these coins as “tainted” and then sending them back to the owner, or worse yet, shutting down their account. Also services, such as chain analysis, provide risk-scores based on whether or not any addresses that they have blacklisted appear in its transactional history. Personal identifiable information collected from IP address, exchanges, or merchants can be leaked then tied to your addresses. This hinders Litecoin’s fungibility in several ways. Old clients will only see the coins ending up in the anyone-can-spend address and they will not be aware of the EB side.įinally, MimbleWimble will have a switch commitment to Elgamal which can be activated via miner signaling once quantum computers are deemed to be a viable threat.ĭue to the nature of a transparent ledger, transaction history can be publicly traced. MW with EB can be softforked in via version bits. This special address will hold all the coins that represents coins on the extension chain. Coins in the EB can also be pegged-out back to the canonical blockchain and will be sent out of this special address. This results in the redemption of the equivalent amount of MW coins inside the EB. Coins on the canonical side are sent to a specially marked anyone-can-spend address. To transition coins from the canonical side into the EB, it must be pegged-in. Users can opt-in to using MW by moving their coins in and out of the EB through an integrating transaction. Inside the EB is where MW transactions occur. Extension blocks run alongside main chain canonical blocks at the same interval of 2.5 minutes on average. This LIP introduces opt-in MimbleWimble (MW) as a new transaction format through extension blocks (EB). What a non-upgraded, non-MW node can not do.What a non-upgraded, non-MW node can do.Rationale for Switch Commitments to Elgamal.
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