Ethe name of GRIN, makes mention of a digital cryptocurrency recently developed in January 2019. His project is focused on the anonymity, Scalability and fullfilment of security requirements through protocol implementation MimbleWimble. This cryptocurrency allows for completely anonymous operations. Where the sender or recipient addresses and the amounts of the transactions carried out are not displayed.
The birth of GRIN
With a history very similar to that of Bitcoin, the GRIN cryptocurrency was created on January 15, 2019 (on the XNUMXth anniversary of Bitcoin) by an anonymous developer under the pseudonym of Ignotus peverell. Its operation is very different in several ways from the blockchain traditional we know so far. Since it is based on the protocol known as MimbleWimble.
The essence of this protocol is to build a blockchain totally anonymous, much more scalable, private and light. Without the need to keep a detailed and individual record of each of the operations carried out. In fact, all transactions are carried out through the direct interaction of Wallets. So they are done anonymously before they are registered on the blockchain.
Thus, GRIN is about an open source project and cryptocurrency, which allows for electronic transactions without restrictions. That since February 2019 has caused a positive response among his community. From a speculative / investment point of view, as has already happened in other cryptocurrencies, the holders of this cryptocurrency expect it to increase in value as it is adopted by more people, exchanges and services.
Currently (November 2019), there is a current supply of 25.837.560 GRIN coins at a value between $ 1,16 and $ 1,20 per unit. So the currency has a market capitalization of just $ 30.028.322, positioning itself at level 124 in the market.
We are talking about a relatively young cryptocurrency, with just a few months since its launch. Therefore, seeing the full development of its objectives and goals outlined in terms of privacy, scalability and decentralization it will take some time. But they will surely make GRIN one of the most widely used transactional currencies in the world.
Who created it?
The GRIN cryptocurrency was not developed by any particular company or company. But as we already mentioned, it was created anonymously by a cryptographer who hides under the pseudonym of Ignotus peverell. In addition to the direct collaboration of 6 more developers, they also remain anonymous and do not have public profiles. GRIN also has a considerable number of 79 taxpayers who are distributed throughout the world.
Due to this, GRIN does not have an official CEO or a formal work team. For its part, it has a considerable number of companies and professionals that support its development. Although none of them has control or direction of the project.
Objectives of its creation
The launch and development of this cryptocurrency is based on privacy. So it is located next to other cryptocurrencies like Monero y Zcash. On their official website, the GRIN developers specify that the goal is to create a cryptocurrency that can be used worldwide. Easy, simple, fast, secure, accessible to all and without borders.
Thus GRIN is a project that has multiple objectives to achieve, such as:
One of its foundations is that privacy should be a right not a privilege. For this reason, in order to offer a better privacy service, GRIN eliminates the need to keep track of the addresses and amounts of the operations carried out. Thus, transactions are made based on the interaction between two or more wallets that exchange data with each other. Instead of traditional transactions, where a public address is shared to carry out an operation.
This method eliminates the need to individually record each transaction, thus unifying all the operations carried out in a single block. Thus, they are reflected as a large transaction where no records of particular entries or exits are identified. And it greatly hinders the possibility that someone can identify and track a specific transaction.
One of the problems that many cryptocurrencies have faced is scalability. In the case of GRIN, The implementation of cryptography through the MimbleWimble protocol, allows the entire blockchain to be stored, downloaded and verified with just a few GB.
This process allows you to remove a lot of data from past transactions, so the need for large memory and storage is reduced. On their official page, the developers specify that this is created so that GRIN does not collapse in the future under its own weight. The GRIN blockchain scales in parallel with the number of users and not based on the number of transactions made.
Accessibility, openness and decentralization
With the creation and implementation of GRIN, developers seek to take these concepts to a higher level. GRIN is based on the open source philosophy, where nothing and nobody in particular has the power or direction of the project. In the same way, mining and currency distribution are organized under the principle of equity and decentralization. So the development of it is in the hands of the community.
For all these objectives, we can say that GRIN aims to become the true digital money in every sense of the word. Since it guarantees the protection of the data of both the sender and the recipient. In addition to not disclosing the amounts of the transactions; adding to these characteristics decentralization, globality and accessibility for all.
Consensus protocols used
El consensus algorithm employed by GRIN is known as Cuckoo Cycle, a type of the algorithm of Proof of Work (PoW) which helps maintain the security and validation of operations. But which in turn was specifically designed to be mining resistant by ASIC. Therefore, it offers greater resistance to mining of these equipment and favors mining with equipment. CPU y GPU more accessible to everyone.
This algorithm was developed by the Dutch computer scientist John tromp and it is one of the most promising in terms of ASIC resistance. It focuses primarily on memory usage, so solution time is related to memory bandwidth. Rather than being related to the processor or speed of the computer. Another feature of this algorithm is the low power consumption compared to other PoW protocols. the Cuckoo Cycle being linked to memory requires less energy.
However, we must not forget that GRIN operates with two variations of the Cuckoo Cycle algorithm.
- Cuckaroo29. This algorithm is ASIC mining resistant and allows mining with CPU and GPU equipment today. So it offers greater incentives and attracts users and retail investors.
- Cuckatoo31 +. This algorithm is compatible with ASIC architecture hardware. However, this mining will be gradually over the next 2 years when the network is ready for industrial mining. Meanwhile, mining occurs with Cuckarro29.