GRIN is one of the newest cryptocurrencies that have emerged in the crypto world and that has attracted attention due to its interesting working scheme, high scalability and focus on privacy.

Symbol
GRIN
Logo
GRIN logo
Algorithm
Cuckaroo29
Cuckatoo31
Consent
PoW

Ethe name of GRIN, makes mention of a digital cryptocurrency recently developed in January 2019. His project is focused on the anonymity Scalability and the 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 Bitcoin's XNUMXth anniversary) by an anonymous developer under the pseudonym of Ignotus peverell. Its operation is very different in several ways from the traditional blockchain that 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. So it will take some time to fully develop your goals and targets for privacy, scalability, and decentralization. But they will surely make GRIN one of the most widely used transactional currencies worldwide.

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:

Privacy

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.

Scalability

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 But by the full GPU acceleration tech 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.

  1. 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.
  2. 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.

Technical characteristics of GRIN

This project has unique characteristics that position it in a solid place in the cryptographic ecosystem and that allow the cryptocurrency to fulfill the objectives of its creation. Let's see what they are:

  1. High privacy: Thanks to the protocol MimbleWimble cryptocurrency can provide and guarantee privacy to its users. Transactions can be validated and verified, but details of user information (sender, recipient, amounts) are hidden. So it is difficult for a person to track specific transactions.
  2. Scalability. Instead of scaling based on the number of transactions made, GRIN scales based on the number of users in parallel. So space is saved on your blockchain.
  3. Organic release. GRIN was launched without prior mining or ICO. Nor is a portion of the mining rewards assigned to developers or another organization. The entire project works thanks to donations from the community and a team committed to it.
  4. Decentralization. GRIN is not controlled by any particular organization or individual. And the distribution of their currencies is done under the concept of equity so that it is as fair as possible. At the rate of 1 coin per second.
  5. Transactional. The nature of GRIN's design is entirely transactional, that is, its blockchain cannot be used for the development of smart contracts or decentralized applications, as is the case with Ethereum. In turn, this cryptocurrency cannot be used as a safeguard of value like Bitcoin. Since its developers decided to discourage speculation and hoarding with the creation of an infinite supply of currencies and with an inflationary tendency.

Other particularities that we can mention about GRIN are:

  1. The generation of a block takes an estimated time of approximately 1 minute.
  2. Transaction fees are not based on the amount of the operation, but on the number of products created and the total size of the transaction.
  3. Just as the cryptocurrency has infinite emission, it will not have an halving. So the reward miners receive will remain stable at 60 GRIN.
  4. In GRIN's design, the supply curve is inflationary. By having an infinite and constant emission, the supply will always be growing and inflation will be constant.

Links of interest

Official Website

GRIN - GRIN

Official Website

Go to the official website

White Paper

GRIN - GRIN

GRIN White Paper

Go to the GRIN white paper

Official Twitter

GRIN - GRIN

Official GitHub

GRIN - GRIN

Official GitHub

Go to the GRIN github

Reddit thread

GRIN - GRIN

Bitcointalk Forum

GRIN - GRIN

Block Explorer

GRIN - GRIN

Block Explorer

Go to block explorer