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What is MimbleWimble?

Jimmy Song, Bitcoin Core developer and a partner at Blockchain Capital, a venture capital company, talks about MimbleWimble, a privacy and fungibility focused cryptocoin transaction structure proposal. According to the project's website, its main differences to bitcoin: no scripts, cross-block mergeable transactions, confidential account balances. Current development is heading towards having an altcoin instead of a bitcoin layer/side-chain for now, the website adds.