Grin is a relatively new project - it saw the light of day on January 15, 2019. It is, along with the Beam project, an implementation of the MimbleWimble protocol, created by anonymous developers in 2016. Based on its own independent blockchain, Grin attracted the attention of the community from around the world shortly after it appeared. The project was written in the Rust programming language, developed by the Mozilla Foundation. It runs on the PoW algorithm, but unlike Bitcoin, it has no public ledger. The network does not use addresses and encrypts all transaction amounts. The reason for this is that the project focuses heavily on privacy and anonymity. Development of the project As with Bitcoin, the creators of Grin remain anonymous. However, since its inception, they have managed to build a pretty large community around the project. The goal is to develop the cryptocurrency towards ease of use and fast transactions. Since the beginning of the year, a lot has already 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 the tweet above shows, a new version of the wallet was released, and a hard fork took place several days later. Grin is scheduled to update to version 3.0.0 on January 31, and it's possible that it will happen sooner. Speed is ensured by, among other things, mining a block every 1 minute. The reward per block is currently 60 GRIN, and this number will be reduced. At the moment, 1 Grin goes into circulation every second. History of the project The Mimble Wimble protocol, on which Grin is based, was created in August 2016. It all started when a user nicknamed "majorplayer", on an IRC channel described MimbleWimble as a private and scalable upgrade for Bitcoin. This was noticed by a group of developers who took a deeper interest in the project. Among them was Andrew Poelstra of BlockStream, who put together full documentation for the new protocol in 2017. Initially, it was intended to be a sidechain of Bitcoin. The limitations of BTC, however, prompted developers to create their own cryptocurrency - Grin. Grin developers are trying to stay true to the principles of the Cypherpunk movement, which promotes the use of cryptography as a path to social and political change. The project was funded entirely by the community. The developers did not conduct an ICO or any other such fundraising. No pre-mining was used here either. The main developer - Igno Peverell approaches the development of the project very ideologically. The cryptocurrency went public on January 15, 2019. This was about 2 weeks after the launch of a competing implementation of MimbleWimble called Beam. Unlike the corporate-backed Beam project, Grin is community-driven - both in terms of programming and funding. Development is made possible primarily through donations from fans. In November 2019, a donation of 50 BTC was received by the project from a mysterious address that has been inactive for 9 years. This may indicate a lot of faith in this cryptocurrency and its further fate. Undoubtedly, this amount, as well as other funds raised by Grin, will allow the developers to focus on long-term goals. Among other things, the team's goal is to create a fully functional currency that allows for daily transactions, while the competing project Beam, can be treated, like Bitcoin currently is, more as a "store of value". Grin exchange rate The price of Grin is currently oscillating around $1, but given the ATH, which was over $19, there is still plenty of room for growth here. Of course, it will depend on the development of the project and the marketing efforts. The past few months in the project have been a time for the developers to focus on technology development. .cp-widget__footer--0::before{width:381px;}GrinGRIN0.39 usd (-2.32%)Rank 438ATH19.21 -97.95%Volume 24h5.25 M -5.62%Market cap29.38 M -2.21%powered bycoinpaprika.com Growing interest and more grants received, may cause some of the effort to be directed towards marketing. As we know, for most altcoins, this is largely what drives growth, as we have seen very well with projects such as Tron (TRX). Add to that the strengthening foundations that the decentralized community is working on, and Grin could experience significant gains during the upcoming bull market. Of course, we can't take this for granted given the early, experimental stage, while it is undoubtedly a project worth paying some attention to. Especially considering the values guiding the creators, which were also close to the early users of Bitcoin and the first cryptocurrencies Tags
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