Grin GRIN

A new cryptocurrency that implements the MW protocol was released without investors, bonuses, ICO and founders remuneration. The Grin development team made a choice in favor of the open source management model, relying on donations, that enable development realization. However, despite their own expectations, community members simply refused to give money to a spinning up project. Now team seeks for financing in order to continue the race towards the top of cryptocurrency market. At first, a newly launched platform was wrapped in obscurity. The project was created by the team, that works on a no-name basis: in case someone would like to find full details about team members, everything that he will find is their aliases only. MimbleWimble developers borrowed the main architecture from Bitcoin, eliminating scripts from it and adding confidential transactions and the concept of pass-through transfers. As a result, they got a compressible and opaque blockchain.The specific characteristics of above mentioned protocol are operations safeguarding and participants, together with function capability and scaling efficiency of the distributed ledger. Digital transactions in MimbleWimble can not be called transparent, moreover, all the addresses and transaction data are completely protected from another entities.
Fast fact: the name MimbleWimble is taken from the Harry Potter books, where Lord Voldemort used it as a spell to prevent cheating. And the very MimbleWimble is intended to prevent the blockchain from disclosure private information about users. Quite symbolic, isn’t it? The core idea of this is fair transactions, facilitated procedure of operations, and a critical point - complete data security. Data is available for two users only - information about addresses is shared between the sender and the recipient. Only two parties can see this data, moreover, there is no need to have an access to Internet at the same time. For conducting transactions, a user can apply several methods, including email address. The transaction is based on text information, which indicates the number of coins transferred and the transaction code. The receiver accepts and uses collected information to generate a response code, which is transmitted to the sender. The transaction is considered completed after the sender finalizes it through his application, which is confirmed in the blockchain.
To transfer funds, in addition to e-mail or other methods of transferring sources, trader can use the binding to Ip, as well as DNS addresses.
The hallmark of MimbleWimble protocol lies in its principle of effective increasing scalability, which is much more concise and direct than existing complicated second-level solutions for increasing throughput in a chain. In order to increase efficiency and improve the performance of blockchain MimbleWimble uses the technology of eliminating old unnecessary transactions from the blockchain. Like discard rubbish to allow system demonstrate higher performance. Within Grin network new blocks are generated every minute. The system is operating on the hashing algorithm called “Cuckoo Cycle”, which is considered to be resistant to hacking due to the usage of quantum computing. The Grin team also claims, that they will carry out hard forks on a regular basis in order to confront ASIC-miners who pose a threat to the ideology of decentralization.
A constantly reducing size of the blockchain makes the platform more productive, as there is no outdated unnecessary data in it.
What technical performance characteristics is concerned, the description of Grin completely coincides with the description of the foregoing algorithm.
Thereafter, Grin's blockchain does not save the information about participant’s addresses and the amount of coins that were transferred to another users. In addition, Grin doesn’t save the history of transactions within a block, they look like one separate big transaction. As we mentioned above, all needless output data is safely removed out of Grin. The platform uses Dendelion Protocol to boost data protection within the network. It can be achieved through enhanced methods of distributing messages while conducting trade operation.
The team of this cryptocurrency sought to create an asset that would act as a currency for providing transactions, but not as a mean to accumulate value. At the meantime, they created opportunities that make the currency firm and more stable.
Unlike Bitcoin, Grin cryptocurrency is aimed at using as a means of payment, and not for investment. It is aimed at the future, when cryptocurrencies will come into use as a means for payments. It is possible that then it will become an alternative to modern leaders of the cryptocurrency market, such as Bitcoin, Ether, Ripple and others. Also blockstream mathematician Andrew Poelstra previously mentioned that it may be possible in the future to bind Grin to the Bitcoin protocol using a mechanism which is on the stage of development under his control.

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