Speaking at a decentralized Internet conference, Edward Snowden has warned that Bitcoin’s public ledger is a “long-lasting flaw” that has large implications for the overall privacy of the cryptocurrency.
Bitcoin is built on a piece of technology called the blockchain, which is a record of transactions that’s available to view by anyone. It’s also decentralized, meaning that its data is held in multiple locations all around the world, without being in the control of one single organization.
The public ledger means that it’s actually possible for anyone to view the transactions (ammounts and addresses) that are taking place, even if the blockchain doesn’t tell you who each of its digital wallets belongs to.
Knowledge of amounts and addresses means a different agencies could, track a Bitcoin transaction from these addresses, and follow the transactions until they end up at an centralized exchange. It is also possible to track the IP addresses of a Bitcoin transactions if an entity runs a large amount of relay nodes on the network.
Such organizations are paying close attention to addresses with transfers of large sums of funds. And therefore the public ledger must hide real transaction amounts and addresses. Although there are Add-in methods of increasing the privacy of transactions on the blockchain uses at privacy coins (Bitcoin forks) such as Zcash and Monero, we sees more promise in cryptocurrencies built from the ground with default build-in privacy.
So in the Grimm blockchain, we use a different protocol than the bitcoin and its forks. The mimblewimble protocol. It’s idea was described in 2016 by a Tom Elvis Jedusor, pseudonymous developer in a Bitcoin developers’ channel. The idea mimblewimble to significantly improve privacy and scalability of Bitcoin and other cryptocurrency networks by creating an efficient, confidential Blockchain which ensures that transaction does not create surplus money and proof of Ownership is established through private keys. Essentially, the protocol addresses gaps existing in almost all current Blockchain implementations by building upon the twin concepts called “Confidential Transactions” and “Transaction Cut — Through”. To date, two projects supported the Mimblewimble and are developing this protocol in their projects. These are Beam and Grin projects. Tom Jedusor’s ideas fully reflect our vision for a dapps communication protocol in the near future.
What we see.
We see existing conditions and systems of control, not governed by logic or reason but by greed, corporatism, subversion, bureaucracy, censorship, and inefficiency. We have a strong distrust for inherently flawed and corrupt systems. Our value transparency, free speech, privacy, and real decentralization.
We designed Grimm so that it doesn’t depend on any one person. We don’t control it. Not financially. Not physically. How can decentralized work if only founders or entities controls the system? They accumulate taxes, head the richest lists in their projects, or play an unfair game with an unlimited extra coin emission. Grimm is a classic fork of Beam, open source, without founders rewards, ico, premine and other commercial shit. Privacy and scalability — two most prominent problems challenges bedeviling the existing Blockchain ecosystem today. So we chose the Mimblewimble protocol, which has fully addressed these problems initially. We are not in favor of mix decentralized projects with a commercial semblance of decentralization. Grimm’s got a different, absolutely decentralized way.
Our main point: “Cryptocurrency is a way to convey value from one person to another without a third party”. It’s not a commodity or a stock or a company, it is a method, a container, a protocol that people use to make purchases between themselves. Centralized exchanges it’s third party, that focused on personal gain. Full access to your money. Pressure regulators. Hacking capability. Influence on the market. Artificial volatility. Manipulation. Listing. Delisting. Relisting. Users don’t know what they’re buying. That’s why Grimm supported decentralized exchanges.
Den Novak & Andrew COP