GRIN, New Cryptocurrency

3 Interesting Facts about GRIN, the New Cryptocurrency

Grin is the new digital currency project centred-around privacy, scalability and fungibility which is built by using a MimbleWimble blockchain with a few optimizations.

MimbleWimble is an enthralling stripped down blockchain protocol which was proposed by Tom Elvis Jedusor in July 2016 and has got the traction among several Bitcoin as well as privacy proponents.

On the other side, GRIN is an open-source project offering a refreshing list of things which it won’t do, many of which are opposing the ongoing developments in the digital currency market.

What is GRIN?

Debuted on January 15, 2019, GRIN is a cryptocurrency implementation of MimbleWimble created to provide privacy, scalability and fungibility. Explaining GRIN from a technical perspective, it contains substantial overlap with the previously mentioned MimbleWimble.

Thus, it’s good to emphasize other components like a consensus as well as monetary policy.

GRIN retains the fungibility and privacy features of MimbleWimble where there aren’t any addresses, transactions amounts, where transactions can be merged removing all intermediary data.

Moreover, blocks in GRIN contain no transactions and the block just seems to be one big transaction.

All spent outputs in GRIN can be safely removed, that allows a drastically reduced size of the blockchain. Users can download and verify the blockchain majorly faster than other digital currencies.

Ultimately, GRIN can scale with the number of users, instead of the number of transactions.

You May Also Read: 5 Things You Should Know About Blockchain

3 Interesting Facts about the New Cryptocurrency, GRIN

1. MimbleWimble: From Hogwarts to Cryptocurrency

Doesn’t this name, MimbleWimble, sound familiar to you? Well, one of the most promising crypto protocols, MimbleWimble, got its name from the Harry Potter universe.

A tongue-tying spell which refuses someone from talking about a particular subject. MimbleWimble serves a similar ability as its counterpart, that fuses transactions so that they become unreadable by a third party.

What is even more interesting is that the anonymous founder of this unique protocol was known as tom Elvis Jedusor, aka famous, unspeakable villain “Lord Voldemort” from the same fantasy world.

In late November 2016, another cryptographer name Ignotus Peverell, who’s also a character from Harry Potter series, released the first implementation of MimbleWimble.

And, the GRIN was born!

2. Privacy On Top Priority

GRIN prides itself as an exceptionally foreseen privacy coin. Unlike most of the other digital coins, all transactions values with GRIN are anonymous, untraceable and non-transparent on its secure P2P system.

The trading wallets communicate with one another to exchange information so that only participating parties could see the information.

And, parties don’t necessarily have to be online at the same time amid the transaction.

3. Go Smaller

Since GRIN uses a different data storage method, it makes it very scalable than Bitcoin. It needs just about 10% of the Bitcoin network for keeping track of the blocks.

The MimbleWimble tech compresses the size of the blockchain by exterminating the output of the first transaction and the input of the second transaction, leaving just one input and one output.

Hence, users can not just download but also verify the blockchain significantly more efficiently than ever.

Here are a Few Articles for you to Read Next: