The full launch of the main Grin token network took place recently – January 15, 2019, but before that, the project had already managed to attract the close attention of the crypto community. The underlying technology, MimbleWimble, so named after a spell from the Harry Potter series of books, was originally developed for implementation on the Bitcoin blockchain. As conceived by the creators, it was supposed to help the first cryptocurrency in solving the problems of scalability and privacy, but subsequently, the programmers decided to use their achievements in a separate project.
It’s hard to call Grin a “commercial” token: the creators from the very beginning abandoned the idea of an initial coin offer (ICO). Instead, they announced donations, and initially, for a very modest amount – the necessary $ 30,000 was supposed to go to support the
programmer Michael Corner (another pseudonym referring to Harry Potter), which several months voluntarily combined development with daily work.
And such an “ideological” approach has already managed to gain the trust of both many crypto enthusiasts and large exchanges that have added Grin to the listing. The developers themselves describe their project as “Electronic Transactions for Everyone, Uncensored or Restricted.” As stated on the project’s official website, Grin “gives anyone the opportunity to make transfers or keep money without fear of external control or oppression. Grin has been designed for decades to be used by anyone, regardless of boundaries, culture, skills or access. ”
Key Benefits of Grin
Confidentiality. There are no sums or addresses in the Grin blockchain, and all transactions can be easily aggregated. To hide where the freshly created transaction came from, it is first transmitted privately through a “random route” before being publicly disclosed.
Scalability. The MimbleWimble cryptographic model allows you to delete most of the data about previous transactions. This ensures that Grin “does not collapse under its own weight” in the long run.
Openness. Grin is being developed as an open-source application, and programmers from around the world participate in its creation. Blockchain is not under the control of any company, fund or private individual. The coin distribution mechanism was originally created in such a way as to be as honest as possible (but not free).
It is worth noting that such large cryptocurrency exchanges as Bittrex and Poloniex have already announced the support and listing of Grin. In addition, the Bitcointalk forum began accepting tokens as a payment, and Sapphire announced the Radeon RX 570 Nitro + video card, created specifically for Grin mining.