Mimblewimble could potentially be a solution to handling a huge amount of simple bitcoin transactions
One of the features of bitcoin which is regularly espoused by proponents of the cryptocurrency is the fact that it is anonymous, because bitcoins are transferred from one wallet to another without any other identifying information needed. However, because the bitcoin blockchain is a public ledger, every single transaction can be seen by everyone, meaning that purchases can be tracked.
While this all sounds great, there is one big stumbling block to incorporating Mimblewimble with bitcoin: It is incompatible with the current bitcoin code base."It would be very difficult to integrate into bitcoin, or at least in a bitcoin as we know it," Pieter Wuille, a bitcoin developer and co-founder of Blockstream, told Motherboard. "There are no addresses, no balances, no scripts, so I expect we certainly can't integrate it in any way except as a separate experimental 'area.'"This is a view backed by Chris Burniske, blockchain products lead at Ark Invest. "While the approaches of Mimblewimble are novel, there are other solutions to both privacy and scalability problems already, and Mimblewimble appears too much a deviation from the Bitcoin protocol to be implemented in the core software," he said.So how could this improve bitcoin?"The way that this would help bitcoin is if it were implemented as a sidechain so people could move bitcoin into Mimblewimble, use them, and when they need to do something that Mimblewimble doesn't support, they move it back to bitcoin or to another chain that would support those features," Poelstra said.
"I'm fairly confident that it works, but I haven't taken the time to write this down that would convince anyone else, so there is still a lot of work on the academic side"