What is Grin? Review

Academic
By February 15, 2019 22:39

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The beginning of 2019 was remembered by the launch of an interesting blockchain project Grin. The appearance of Grin caused a storm of discussions regarding his ideas and technology. There are also a lot of questions about the prospects of this coin. Is it worth investing in it? Today we will try to answer all the questions.

The main idea and goal of the Grin project is to achieve maximum privacy of network users and its scalability. To achieve this, the project team is going through the blockchain protocol MimbleWimble. The idea of ​​this protocol was first published by Tom Elvis Jedusor in July 2016. Since then, MimbleWimble has been the subject of much discussion among supporters of Bitcoin and privacy.

What is MimbleWimble?

MimbleWimble carries some innovative solutions for the implementation of structural changes in Bitcoin transactions and due to the reduction in block size. The main objectives of the protocol is to achieve maximum confidentiality and scalability of the blockchain. To achieve this, MimbleWimble uses cryptographic algorithms based on elliptic curves.
The idea of ​​MimbleWimble does not provide for the existence of open transaction addresses in the system. During the transaction, information is exchanged between users when the recipient creates and sends the address to the sender. Moreover, all these transactions are visible only to the subjects of this transaction.

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Cryptocurrency features Grin

Grin is a cryptocurrency operating in the MimbleWimble blockchain, which should realize all the ideas and benefits of a new technology. Grin retains features such as confidentiality and interchangeability. This can significantly reduce the size of the blocks, removing from them the addresses, the amount of the transaction and other intermediate information. The transactions themselves are combined into one common one and the block thus constitutes one large transaction.

This approach can significantly reduce the size of the blockchain, making it faster. Users can spend significantly less time checking the information they need on the network. All this will allow Grin to scale not with the number of transactions, but with the number of users, which solves one of the key problems of the Bitcoin blockchain.

No new consensus algorithm has been implemented by Green developers. Instead, the Cuckoo Cycle algorithm was used. The cuckoo-style PoW was chosen to make the network more resilient to the emergence of ever more powerful hardware, as happens with ASIC miners in the Bitcoin network. The complexity of mining in the network is based on the current hash power and is calculated on the average fast blocking time of about 60 seconds. Full information about the algorithm can be found here.

Perspectives

Since the amount of Grin is unlimited, this coin is not very suitable for long-term investment. We can say that for a steady growth rate, it is necessary that it really enjoyed. But given the interest generated by Grin, it’s still worth the wait. The factor of great interest from investors, miners and adherents of anonymity can play a key role in the movement of the price of cryptocurrency. We can say that at the moment it is the second most interesting coin after Bitcoin.

Academic
By February 15, 2019 22:39