The introduction of the world’s first Blockchain-based digital currency has led to the creation of several projects that are based on Blockchain technology. One of such projects is the Mimblewimble.
We created Mimblewimble protocol in 2016 with the goal of using the project to improve scalability and privacy of Bitcoin and other Altcoins. We tend to achieve this by creating a confidential and equally efficient Blockchain with the tendency to create reasonable money.
The objective of the Mimblewimble protocol is to address some of the existing problems in practically all Blockchain implementation. We intend to achieve this lofty goal by building Mimble on two major concepts: Transaction Cut-Through and Confidential Transactions.
- Confidential Transactions
We implemented confidential transactions via a cryptographic commitment scheme with binding and hiding properties, its two major properties.
Mimblewimble Blockchain uses two basic properties for transactions validation. These are verification of zero sums, a concept that implies that the sum of the entire outputs minus the entire input must be equal to zero. This is to prove that during the transaction, new funds are not created.
Possession of private keys is another principle that is used for transactions validation. This concept implies that whoever possesses the ECC private keys is the owner of transaction outputs.
- Transaction Cut-Through
Mimblewimble uses this property to improve its Blockchain. The property enables Mimblewimble to be extremely scalable. This is due to the possibility of eliminating the majority of transaction data over time while the security of such data remains intact.
It also removes and mixes data to increase anonymity as well. This helps users to use the protocol without revealing their identity to the third party. That’s an assurance of optimum users’ privacy.
We created Hermione on the Blockchain technology through the power of smart contract. The project was based on the Mimblewimble protocol. The Hermione project leverages the power of Mimblewimble to offer users alternatives for individuals who are passionate about cryptocurrency mining or using digital currencies for transactions.
Hundreds of transactions may be stored on a single block; this is in addition to tons of pieces of information that are to be stored on the Blockchain as well. The Cut Through feature allows such a huge volume of data to be compressed into smaller sizes. This makes it possible to remove a substantial part of the information from the block while the Blockchain’s security is not compromised.
We leveraged the unique abilities of the Mimblewimble protocol to create the Hermione project.
Hermione is a unique opportunity for cryptocurrency users to get better results from using Bitcoin and other Altcoins. It also offers users the unique opportunity to transition from mere users to stakeholders in the industry, especially, with mining companies.
The platform also has HERM, its own token. This is an ERC 20 token that will be converted to HERM coin once we launch Minnet. We will launch the platform without pre-ICO, pre-mine, or any development coins. This is because its operations will be funded with funds generated from its blocks during its first five years of existence.
The several unique features of Hermione that make it stand out among its competitors are:
- Better privacy: Your personal information is not needed on the platform. No information about the receiver or sender of a transaction is stored on the Blockchain technology as well.
- Uncensored transaction: Hermione offers users absolute freedom when using the platform. The goal is to allow such users to enjoy all the benefits that blockchain offers without being subjected to any form of control.
- Open source: Hermione is absolutely open source. It is not controlled by any entity: foundation, company, or individual. Thus, equality and fairness are the principles behind token distribution done on the platform.
- Scalable chain: Through the Transaction Cut-Through feature, Mimblewimble doesn’t have the need to remove some of the past transaction. Thus, the Hermione platform runs faster because it is lighter too. The scalability also means that the platform can conveniently handle frequent user activity.
- Multiple transaction types: This platform also supports a wide range of transaction types. This includes escrow transactions, atomic swaps, and time-locked transactions, among others.
- Ease of use: The platform is pretty easy to use. You are not required to create a setup to use the Hermione platform.
When users sign up to Hermione, they have the opportunity to participate in a project that has what it takes to become a market leader in the foreseeable future.
The numerous attributes of Hermione ensure that you will get nothing but a memorable experience while using the platform.