Do you know what happens to all the ASIC-miners at the brink of of being dumped? We have an answer that may surprise you. Their owners think twice and make them mine Grin Coin! Yes, that very new black MimbleWimble blockchain coin with a funny logo. If you’re not into mining or have never heard this name, we’ll tell you about all the hype.
What is GRIN Coin?
In 2016, Tom Elvis Jedusor published the white paper of MimbleWimble (later in 2016 the white paper was reworked and enhanced by Andrew Poeltra), another protocol that aspired to be better and cooler than the Bitcoin blockchain was. Surprisingly, it’s not the scalability issue (well, maybe a little bit).
The protocol idea was partially based on the concept of Confidential Transactions, first introduced by Gregory Maxwell, a Bitcoin core developer. CT (Confidential transactions) suggested encrypting the transaction amounts and hiding the transaction entries, however, it was too heavy in terms of data processing and data storage.
The creator explained the name MimbleWimble as follows,
“I call my creation Mimblewimble because it is used to prevent the blockchain from talking about all user’s information”.
So one of the project’s major ideas was to hide transaction details to keep users’ financial deals private and to make it less subject to scrutiny by big brother.
What is MimbleWimble?
The MimbleWimble blockchain does not store the transaction inputs. This leads to lighter nodes and greater decentralization, as well as to greater privacy; you cannot match the input and output of the transaction since there’s no input = no transaction “roots”.
The most unusual thing for a common crypto person is that MimbleWimble has no wallet addresses, and the two participant wallets exchange the transaction info directly. The information exchanged is not reusable.
That surely sounds impressive, but what is Grin, then, you might ask.
Grin Coin is the direct implementation of the MimbleWimble protocol with some upgrades. It’s not controlled by any organization, was developed openly and survives on supporters donations. As expected, it features an extremely fast blockchain download and verification speed.
The mainnet was launched only one month ago, long enough to state that the rush is going to linger — at least that’s what Lumi thinks.
Interesting fact, Grin’s proof of work algorithm has been designed to be resistant to ASICs for the first 2 years which means that a hardfork will happen every 6 months to avoid malversation by ASIC manufacturers.
Will Lumi Support Grin?
Tell us what you think: if enough people support this aspiring and impressively independent cryptocurrency, we’d be happy to also support them too.