Grin is a relatively new project – it saw the light of day on January 15, 2019. It is, next to the Beam project, an implementation of MimbleWimble protocol, created by anonymous developers in 2016. Based on Grin’s own independent blockchain, it has attracted the attention of communities around the world just after it appeared. The project was written in the Rust programming language, developed by Mozilla Foundation. It works with the PoW algorithm, but unlike Bitcoin, it doesn’t have a public account. The network does not use addresses and encrypts all transaction amounts. The reason for this is that the project focuses largely on privacy and anonymity.
As with Bitcoin, the Grin creators remain anonymous. From the beginning, however, it has been possible to build a quite large community around the project. The goal is to develop the cryptocurrency towards simplicity of use and quick transactions.
Since the beginning of the year, a lot has happened in the project.
ANNOUNCEMENT: Grin + Grin Wallet 3.0.0 Released: @Yeastplume wrote: Grin and Grin wallet 3.0.0 have been released and are ready for use in advance of the upcoming hard fork in mid-January. The hard-fork is scheduled on… https://t.co/10PEe8qZKP #Announcements via grin-forum $GRIN
— ? (@grinMW) January 3, 2020
As it appears from the above tweet, a new version of the portfolio was made available, and a dozen or so days later a hard fork took place. As of 31 January, the Grin network is planned to be updated to version 3.0.0, and it is possible that this will happen earlier.
The speed of operation is ensured, among others, by extracting the block every 1 minute. The reward for the block is currently 60 GRIN, and this number will be reduced. At this point, every second 1 Grin goes into circulation.
The Mimble Wimble Protocol, on which the Grin is based, was created in August 2016. It all started when a user named “majorplayer” described MimbleWimble on the IRC channel as a private and scalable upgrade for Bitcoin. This was noticed by a group of programmers who took a deeper interest in the project. Among them was Andrew Poelstra from BlockStream, who prepared full documentation for the new protocol in 2017. Initially it was supposed to be Bitcoin’s sidechain. BTC limitations, however, prompted programmers to create their own cryptocurrency- Grin.
The Grin programmers try to remain faithful to the Cypherpunk movement, which promotes the use of cryptography as a path to social and political change. The project has been financed entirely by the community. The creators did not run the ICO or any other such collection. No pre-mining was used here either. The main developer, Igno Peverell, has a very ideological approach to the project development. The cryptocurrency was released to the public on January 15, 2019. It took place about 2 weeks after the launch of a competitive MimbleWimble implementation called Beam.
Unlike the Beam project, which is supported by corporations, the Grin is driven by the community – both in terms of programming and finance. The development is possible mainly thanks to grants from the fans. In November 2019, from a mysterious address inactive for 9 years, the project received a grant of 50 BTC. This may be a sign of great faith in this cryptic entity and its further fate. Undoubtedly, this amount, as well as other funds raised by the Grin, will enable the developers to focus on long-term goals. The team’s goal is, among other things, to create a fully functional currency, enabling everyday transactions, while Beam’s competitive project can be treated, just like Bitcoin nowadays, more as a “store of value”.
The price of Grin currently fluctuates around 1 USD, but given the ATH, which was over 19 USD, there is still much room for improvement. Of course, this will depend on project development and marketing activities. The past months in the project were a time when developers focused on technology development.
Growing interest and the subsequent grants received may cause some of the expenditure to be directed towards marketing. As we know, in the case of most altcoins, it is largely the driving force behind the growth, as we have seen with projects such as Tron (TRX).
Adding to this the strengthening foundations on which the decentralised community is working, the Grin may experience significant growth during the next boom. Of course, we cannot take this for granted, given the early, experimental phase, but it is undoubtedly a project worth a little attention. Especially considering the values that the creators are guided by, which were also close to the early users of Bitcoin and the first cryptocurrency