Hello and welcome to this blog post about Grimm White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Grimm white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Grimm (GRIMM).
I can ensue you that, you will be able to understand every bits and pieces related to Grimm (GRIMM) after going through the Grimm white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Grimm White Paper
Grimm white paper will be going to provide you, all the information that is needed to get started with Grimm (GRIMM), including the inspiration for creating, the problem it is trying to solve and the solution proposed by Grimm (GRIMM).
Speaking at a decentralised 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 decentralised, meaning that its data is held in multiple locations all around the world, without being in the control of one single organisation.
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.
White Paper Link: Grimm White Paper
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