What is GRIN?
Grin is a privacy-focused cryptocurrency that does not require censorship in Mimblewimble implementation. Grin’s source code is written in Rust programming language – famous for its ability to optimize speed and expand quickly in the development of system applications. Grin is mined through a Proof of Work (PoW) consensus mechanism similar to Bitcoin, but uses a different algorithm called Cuckoo Cycle.
Typically, a coin was originally designed to be ASIC resistant, but after a few years, it became compatible with ASIC. Grin also makes a small change at Mimblewimble to make it “quantum-resistant” and can mine Grin with a personal computer, increasing decentralization among miners. In addition, Grin also integrates the Dandelion protocol to increase the anonymity of transactions. The Dandelion protocol helps to resist intermediary attack theories in order to discover user identities by connecting IP addresses based on how information is transmitted from the original point.
Features of Grin
With the use of Mimblewimble protocol, GRIN will not display the number, address of sender and recipient wallet when the transaction is made. From there, it will ensure privacy and anonymity for users.
The Grin Blockchain stores only unspent outputs and a small Kernel for each transaction in a block. From there, it gives each block more space to store data.
Grin is developed by many developers around the world. Grin is not controlled by any individual, organization or company.
What is GRIN used for?
Block rewards: GRIN is used as a block reward for miners to ensure network security.
Gas fees: GRIN is used to pay transaction fees in the Grin Blockchain. This is also a benefit for miners to help the transaction be confirmed and completed.
Payments: Like Bitcoin, GRIN has a payment or exchange function, but anonymously.
Pros and cons
- Anonymity is the default component.
- Proven anti-ASIC technology.
- Save system resources when not saving all transaction information.
- Without a leader, the project is entirely community-driven.
- Inflation is controlled and spread evenly over a 10-year cycle.
- Miners are guaranteed long-term income.
- Grin using Mimblewimble technology is still new to the market, has not been tested for its effectiveness and ability.
- Grin does not yet have a mechanism to combat system analysis actions, which can result in a spontaneous node that will track and identify the trader.
The founder of the Grin project is anonymous, with the same purpose as Satoshi Nakamoto – the father of Bitcoin, the founder of Grin, also anonymously named Ignotus Peverell.
Grin was started as a freelance project by the community of overtime developers. To give them more time to spend on the project, the community contributed 55,000 dollars.
Grin is a newly launched cryptocurrency that promises a promising future and is an investment option for cryptocurrency lovers. It uses the private Mimblewimble protocol, which is extremely secure, unique and greatly scalable.
Grin was created to empower anyone who trades or saves modern money without fear of outside control or oppression. Grin wants to be used by everyone, regardless of boundaries, culture, skills or access.
You can check GRIN price here.