Grin is a secure and privacy-focused scalable cryptocurrency that works on Proof of Work consensus mechanism. The platform supports electronic transactions without scalability issues, censorship, and other restrictions. Grin Coin is based on the Mimblewimble protocol and proposes a private and lightweight blockchain. GRIN aims to become a less storage-intensive privacy coin.
This short guide will explain what Grin is designed for, the team behind it, the way it works, and the various uses and applications.
What Is Grin Designed For?
Grin is a young project and was designed to be one of the highly-anticipated privacy coins. All transaction values on the Grin network are kept anonymous, non-transparent, and untraceable as compared to other digital assets. This is done through a secure peer-to-peer system.
Trading wallets on the Grin network communicate with each other to exchange data. This allows only participating parties to access data and information. The best part is that the parties do not need to be online at the same time to perform the transaction.
The coin is aiming to solve scalability and privacy issues that are rampant in Bitcoin. The altcoin is a proposed improved alternative to Bitcoin and is intended to be used as a means to exchange.
Who Is The Team Behind Grin?
There is no CEO, CTO, or board of directors where Grin is concerned since the project was not developed by a single company or entity. There is no official team with heads in Grin. While numerous companies are backing the project, none of them control the course of direction. This allows for a higher level of decentralization as compared to other popular coins that just claim to be decentralized.
There are 79 contributors to the Grin project as per their Github account. All of these are volunteers who are both funded and unfunded through donations from other community members. The vast majority of donations have been provided by six different individuals who choose to remain anonymous. There are no public profiles available anywhere.
How Does Grin Work?
GRIN coding is written in Rust. It uses two different versions of the Cuckoo cycle in its PoW algorithm. One of them is ASIC resistant while the other is friendly. There is no public ledger unlike Bitcoin, and the network has no addresses to encrypt amounts. Grin relies heavily on Bitcoin’s CoinJoin method to achieve privacy and scalability.
The Grin team has gotten rid of references to transaction amounts and address-based system in a bid to improve user privacy. In this approach, rather than using a known address when a user wants to send GRIN coins, transactions are carried out based upon the interaction of two wallets exchanging data.
The best part about Grin is that these transactions can be aggregated or fused in a single block, with no intermediary information on individual transactions. This allows transactions to become indistinguishable, making it harder to locate specific transactions.
Mimblewimble protocol allows cryptographic architecture in Grin to remove the majority of data for earlier transactions. This makes intermediary transactions instantly invisible on the blockchain. The output on Grin’s blocks can be spent by the input of another. This ensures that there is no risk to the system. It also allows for maximum privacy by storing only a fraction of data.
What Are Current and Future Applications of Grin?
Grin is created on the Mimblewimble protocol and is, in fact, one of the very first implementations of the privacy-focused platform. The mission of this coin is clear to be used as a transactional coin, which allows for scalability and privacy.
Grin developers have reached out to their strong community of volunteers to get things on the road for 2020. Surprisingly, even without a team and various titles, the project is on track with some features that surpass the most popular altcoins.
One of the more notable features that the Grin development team is hoping to add in the coming months is Atomic swap development, which will facilitate off-chain transactions between BTC, ETH, and GRIN. There have also been talks of implementing a lightning network on top of GRIN.
GRIN has a great chance at mass adoption as long as the other blockchains and crypto-assets continue facing issues with scalability and privacy. However, the project faces stiff competition in the crypto space, especially where privacy is concerned. There are numerous other projects, like Monero who have had a huge headstart. Then, there are projects such as Litecoin that are light years ahead of Grin, with plans of implementing Mimblewimble protocol.