MimbleWimble testnet launched

The "testnet1" of experimental protocol of Bitcoin launched 
17 November 2017   1574

The creators of the experimental protocol called "MimbleWimble" launched test network "testnet1" and Grin tokens to search and eliminate possible bugs, reports CoinDesk.

There's still a lot of work, but it's a big milestone for us. We hope to have as many bug reports as possible, so we can start fixing issues we've overlooked. At this point, one can still expect failures that would be a complete nightmare on a mainnet.

Ignotus Peverell
Lead Developer, MimbleWimble

While developers are testing the mining and node operation, users can also connect to the Grin network by installing special software. In addition, test participants can exchange artificial Grin tokens. 

This is our first testnet, so we're testing everything that has been developed so far. That includes the peer-to-peer network, the core consensus rules, the cryptography required to run a mimblewimble chain, the wallet software.

Ignotus Peverell
Lead Developer, MimbleWimble

According to Peverell, there will be a lot of interesting features in the future, in particular, "script-free scripts", which will allow the introduction of additional functionality in Grin, including the Lightning Network protocol. It is not yet known when the full-fledged launch will take place: the team plans to enter this stage "sometime in 2018". 

MimbleWimble offers a radical reduction of the bitcoin protocol, which is not only designed to significantly enhance privacy and solve the issue of plasticity of transactions, but also provides much more opportunities to scale the network than the existing architecture.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   311

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.


People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.