What is Grin Cryptocurrency?
Grin is an open source cryptocurrency based on the MimbleWimble protocol.
What are the key features of Grin?
- Increased privacy: cryptography based on elliptic curves and one of the implementations of the commitment scheme (Pedersen Commitment) allows you to create opaque transactions that can be checked for correctness. This features are even better than bitcoin mixing service.
- Blockchain: a small size (~300 MB), has a simple device that allows you to gradually increase the amount of data and scale depending on the number of users, and not on the number of transactions. The number of users is equal to the number of unrecorded outputs, so there is no need to include individual transaction data in each block.A block in the Grin blockchain consists of a header, a list of inputs after “cutting through”, a single core for the entire block and a core for each individual transaction in the block. “Cutting through” means the process of collecting the inputs or outputs of transactions into a single set, after which they are added to the network.
- The MimbleWimble protocol: allows you to verify transactions by hiding information about the user and the amount.
- Launch: Grin was launched without a premine and ICO. Developers do not receive part of the reward for mining. The project is being developed on donations.
- Mining: Cuckoo Cycle (“Cuckoo Cycle”), the Grin mining PoW algorithm, is the simplest of the known PoW algorithms and allows you to distribute the reward for mining depending on the type of devices used, including ASIC and GPU.
How does Grin work?
The Grin protocol does not support scripts, it is impossible to implement smart contracts or decentralized applications (dApps) in it. At the same time, the technology of “Scriptless Scripts” allows the use of such constructions as multi-signatures, atomic swaps and payment channels.Grin has an unlimited issue, but inflation decreases annually due to an increase in the total number of coins in circulation.
Until January 20, 2020, the inflation rate will be equal to 7,500%, in 2020-21 – 100%, in 2021-22 – 50%, in 2022-22 – 33%, in 2023 – 25%, in 2024 – 20%, in 2025 – 17%, in 2026 – 14%, in 2036 – 5.6%, in 2050 – 3.1%.
Addresses and amounts are hidden in transactions. Two transactions can merge into one in a block – all intermediate information is hidden.Each Grin transaction consists of three components:
- A set of inputs that indicate and spend previous outputs.
- A set of new outputs.
- Transactional core.
Within this scheme, only the direct participants of the transaction see its inputs and outputs. To someone who is not directly involved in the transaction, the inputs and outputs appear to be a chaotic and meaningless set of data.
Who develops Grin?
Grin is developed by a board of seven/eight developers and numerous volunteers.
According to the Git repository on Github, 141 developers have been involved in development since 2016. Six people made a significant contribution to the project, two of whom are anonymous.
Spark Pool and bminer mining pools, exchanges donated funds to the project Gate.io and Polonius, as well as the Qtum project.The costs of protocol development are covered from the Grin General Fund. This fund is managed by the Grin Technical Council – all spending decisions are public.
In the history of voluntary financial support for the project, two transactions of 50 BTC can be noted.
How does GRIN emission and storage work?
- The frequency of blocks in the network tends to 1 block / minute.
- The reward for a block is 60 coins.
- The average emission rate will remain unchanged – 1 Grin/sec.
- Users have access to the official Grin wallet and the Grin713 wallet based on the official.
What are the further goals of the Grin project?
In terms of overall development efficiency, Grin ranks 35th among cryptocurrencies.
According to the roadmap for 2020, the developers intend to focus on the development of atomic swaps for off-chain transactions between Bitcoin, Ethereum and Grin, as well as implement the Lightning Network.