Grin is a privacy-focused cryptocurrency, which implements the Mimblewimble protocol, named after the fictional tongue-tying curse from the popular Harry Potter novels. As the curse suggests, the network hides public addresses and the amounts involved in transactions.
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What Is Grin?
GRIN is a minimalist cryptocurrency that implements the scalability- and privacy-focused Mimblewimble protocol for an uncommon balance of privacy and scalability. There are no wallet addresses in the chain, no amounts, and no need to store the data of spent outputs.
Mimblewimble is a variant of the cryptographic protocol known as Confidential Transactions, aiming to achieve privacy and prevent double-spending by allowing for transactions to be obfuscated yet verifiable.
GRIN is a highly scalable, privacy-centric digital currency with robust privacy features. It enables global peer-to-peer transfers.
Grin's decentralized mining network enables users to make private transactions. Its secure nature makes it ideal for minimizing risk.
Grin Founders
Tom Elvis Jedusor placed the original Mimblewimble white paper on a bitcoin research channel in August 2016 and then disappeared.
In October 2016, Andrew Poelstra, a mathematician at Blockstream, implemented Jedusor's original idea in a precise paper and added further scaling improvements. A few days later, Ignotus Peverell started a Github project called Grin and began turning the Mimblewimble paper into something tangible.
Since then, Grin has grown into a working blockchain, without a formal work team or an official CEO, developed by various community members. It was launched in January 2019 without a pre-mine, ICO, or founders rewards and relies on donations by multiple companies and professionals to support the project's long-term development.
How Does GRIN Work?
Grin is a cryptocurrency focused on privacy created by developers around the world. The developers want Grin to be usable by everyone regardless of borders, culture, skills, or access.
Without address information or amounts stored on the blockchain, the chain is meant to be lean and scalable. Transactions can be trivially aggregated. To cover the origin of the newly created transaction, it's relayed among a subset of peers before being broadcasted.
The Grin network is a community-supported open-source project. Grin isn't managed by a single organization, and its development is funded by contributions. Everyone can discuss, influence, or work on its development.
The blockchain applies the Cuckoo Cycle consensus algorithm for the security and accuracy of the operations. Cuckoo Cycle is a memory-bound proof of work system that wants to help level the playing field for cryptocurrency miners. It does this by introducing artificial bottlenecks in the memory of mining machines.
The result is that Grin aims to have much more egalitarian mining than its competitor Beam does.
Grin's block time is 1 minute, with a coin base reward of 60 Gin. Its linear emission produces a constant expansion in supply and reduces inflation.
The use of the Mimblewimble privacy protocol is what sets Grin apart. Mimblewimble uses cryptography to erase past transaction data without compromising security. It avoids the burden of the data that needs to be stored on the chain to destroy Grin.
Where Can You Buy GRIN?
The top exchanges for trading GRIN are ZT, Gate.io, HitBTC, KuCoin, and BKEX.
