MWC is an in-progress implementation of the MimbleWimble protocol. Many characteristics are still undefined but the following constitutes the first set of choices:
- Clean and minimal implementation, and aiming to stay as such.
- Follows the Mimblewimble protocol, which provides hidden amounts and scaling advantages.
- Cuckoo Cycle proof of work in two variants named Cuckaroo (ASIC-resistant) and Cuckatoo (ASIC-targeted).
- Relatively fast block time: one minute.
- Fixed block reward over time with a decreasing dilution.
- Transaction fees are based on the number of Outputs created/destroyed and total transaction size.
- Smooth curve for difficulty adjustments.
Scarcity, Scalability, Privacy,
Fungibility & Security
With a provable supply cap of 20,000,000, MWC is a scarce pure proof of work Mimblewimble based coin that enables greater network scalability,privacy, and fungibility than legacy blockchain protocols. All transactions on the base layer use Greg Maxwell’s Coin Join with hisConfidential Transactions and signature aggregation.
The MWC network was launched in November 2019 and has functioned flawlessly with 100% uptime. The MWC Team considers the protocol ossified and currently sees no need for a future hard or soft fork unless a defensive action were required to protect the network.
Since discovery in 2016, Mimblewimble technology has rarely been discussed and largely ignored. For example, Andrew Poelstra’s 2016 presentation to SF Bitdevs, the topic’s most viewed video, had less than 18,000 views three years later when MWC mainnet launched.
In the 2018 paper titled Aggregate Cash System: A Cryptographic Investigation of Mimblewimble, Fuchsbauer, et. al. concluded, “In this paper, we provide a provable-security analysis for Mimblewimble. We give a precise syntax and formal security definitions for an abstraction of Mimblewimble that we call an aggregate cash system. We then formally prove the security of Mimblewimble in this definitional framework. Our results imply in particular that two natural instantiations (with Pedersen commitments and Schnorr or BLS signatures) are provably secure against inflation and coin theft under standard assumptions.”
There is a deficiency of high-quality information, plenty of ignorance and the result is significant asymmetric knowledge.
Nevertheless, MWC is the technologically superior ghost money.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.