Crypto space and privacy: the mimblewimble protocol can crypto be fully decentralized?

Bitcoin isn't just a mare digital currency or A peer to peer electronic cash system as most users limits the digital asset to, for some its a driving force propelled by decentralization. The sole idea behind bitcoin for most people is decentralization anonymity of bitcoin creator still remains a mystery, most crypto enthusiast suggest avoiding regulatory challenges made it creator to remain anonymous till date. For a seamless decentralized nodes of network to keep running without disruption there's full need for decentralization to play a key role.

Full privacy means not relying on any centralized entity, thus this has been a core reason why there will be backlash between the two space getting freedom means being self-custodial over all your monetary assets freedom of expression which decentralization is here to offer with the inception of crypto digital currency bitcoin.

But a good question remains unclear for some reason can we have a fully decentralized space? This isn't a question to be deliberated and summarise in just a single article, the idea of full decentralization is just a utopian as most believed its impossible for this to be achieved.

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The mimblewimble protocol blockchain

The creator of this blockchain protocol still remains anonymous till date and goes by the name Tom Elvis jedusor we only know he's a developer and created mimblewimble protocol in 2016 solely for privacy purpose.

Mimblewimble is a blockchain protocol that allows for a completely private transaction platform through a unique security framework that is markedly different from that of the pseudonymous Bitcoin cryptocurrency. In Mimblewimble, there are no addresses and transactions are fully confidential.
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Mimblewimble is best known as a privacy orientated blockchain, the blockchain uses cryptographic feature, like the Cut-through mechanism, elliptic curve cryptography and coin join cryptographic encryption to process users transactions.

The blockchain core features includes providing anonymity and fungibility for users. This protocol completely makes users transactions anonymous on its blockchain by storing multiple transactions in one block making it near impossible for any user to track transactions on it public Ledger, its scalability feature makes this blockchain protocol quite unique with its cut-through mechanism it can reduce transaction load size on its blockchain by cancelling out transactions which have the same input and output.

If you're privacy inclined and looking more to stay decentralized in the crypto space then this blockchain protocol best suit you, with complete anonymity users remain a step ahead of centralized privacy users who want to track every bit of transactions on the chain.

Unpopularly decentralized

There's always a price to pay and for mimblewimble protocol its paying the price of being unpopular in the crypto space its quite intriguing how few people even know about this privacy token it price transaction records seem untracked by market trakers on coingecko there's $18 24 trading volume although the coin price range between $0.89 with its circulation supply data Unknown.

Quite a number of privacy based token in the crypto space like monero (XMR), Dash and Zcash are still quite unpopular because of their privacy centred features totally seem like users are avoiding these tokens on purpose because of their decentralized nature.

More reasons why these tokens will continue to stay unpopular are because of regulatory scrutiny as they are claimed to be used for illegal transactions purposes, we have also seen popular exchanges delisting privacy based token in fear regulatory clampdown the lack of exchange listing will affect most of these token trading volume and number of their transactions this leave us the the question.

Can we go fully decentralized?

Decentralization aims to reduce reliance on centralized space achieving this can be quite complex since basically there's no full on ramp decentralized service, we need centralized on ramp means of exchange to carry out financial activities in the crypto space until this mechanism have been fully put in place or achieved the idea of denuclearisation still remains a complex piece of puzzle.

Although some people view decentralized world beyond the scope of mare financial services its most likely what you intend to do with blockchain technology that will define ones idea of decentralization but looking at a broader perspective and usecase which is financial services against centralized system I guess there's still more to be done for us to achieve full decentralization this is a continuous complex process that will keep evolving with time.

From the regulatory viewpoint decentralized is still battling to have a solid ground amid regulatory challenges there's no way through regulation as the as devicing means of keep decentralized space under the radar with its adoption being a gradual process its quite difficult to say for sure if we can achieve full decentralized in next decade with that been said achieving full decentralization remains a long term complex goal.