Cryptocurrency Grin (Green): overview, course and schedule, description of the crypto project, prospects and forecast, mining, wallets and characteristics
GRIN is an open source cryptocurrency based on the MimbleWimble protocol. The main stated goal is to ensure maximum user privacy. “Smirk” (as the name of the coin is translated) now occupies the minds of many crypto enthusiasts. What is this – another hype or a potential leader?
- 1 Characteristics of the Grin cryptocurrency
- 2 Grin Price and Chart
- 3 Cryptocurrency GRIN – what is it
- 4 Description of the Green project, history of creation
- 5 Features of the Green cryptocurrency, technical implementation
- 6 Advantages and disadvantages
- 7 Wallets
- 8 Mining
- 9 Grin cryptocurrency outlook and forecast for 2019
Characteristics of the Grin cryptocurrency
As of February 2019, GRIN cryptocurrency has the following characteristics:
- Market Cap – $ 14,896,976
- Cryptocurrency rate to dollar – $ 4.83
- Current issue – 3.1 million
- Project website: grin-tech.org
- Browser: grinexplorer.net
- Mining Algorithm – Cuckoo Cycle
- Time between creating blocks – 1 minute
- Cryptocurrency exchanges for trading: Kucoin, Bittrex, Poloniex and others.
Grin Price and Chart
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Below is the real-time course of the Grin cryptocurrency. Online chart. The timeframe can be decreased.
Cryptocurrency GRIN – what is it
The project’s motto is electronic transactions for everyone. No censorship or restrictions.
GRIN enables anyone who wants to store or transfer digital money without fear of access to it by third parties or external control. According to the developers, it is stupid to think only about today, so they have foreseen the prospects for Green for decades to come. It is argued that with this platform, absolutely everyone will be able to use the cryptocurrency, regardless of place of residence, culture and skills.
✅ Confidentiality. GRIN has no concept of amounts or addresses. Transactions are easily combined. In order to hide where the transaction is from, it is individually relayed among the peers before it appears for all to see.
✅ Scalability. The MimbleWimble protocol cryptographically removes most of the information about past transactions.
✅ Openness. Green is distributed to all countries of the world, is openly developed and is not subject to the control of individuals, foundations or corporations.
In addition, it is mentioned that the distribution will be as fair as possible, although this does not mean that it is free of charge.
Description of the Green project, history of creation
The MimbleWimble protocol, aimed at absolute privacy, was invented in 2016 by someone who wished to remain anonymous. Symbolically, the name MimbleWimble comes from a similar spell from the Harry Potter saga. The effect of this spell is to impose on the enemy tongue, preventing him from speaking correctly.
The MimbleWimble architecture is based on the Bitcoin blockchain, however, scripts have been removed from it, instead, end-to-end transactions and anonymous payments have been added. In addition, MimbleWimble is fundamentally changing the scheme of transferring funds between network participants. It allows you to hide the amount of the transaction, this technology is called the “blinding factor”. Transaction verification is carried out using elliptic curves, as in Monero and Zcash.
At first, it was planned to introduce MimbleWimble into the Bitcoin blockchain, but this turned out to be fraught with various technical difficulties and therefore the plan was postponed for an unknown period. But the enthusiasts did not forget about the protocol and began to build two new projects on its basis – today they are known to us as GRIN and BEAM.
Features of the Green cryptocurrency, technical implementation
Enthusiasts from many countries of the world are simultaneously working on the GRIN cryptocurrency to create a powerful peer-to-peer network for conducting electronic transactions. It is noteworthy that the development is mainly due to donation, since there was no ICO, there were no other methods of monetization.
The community not only invests money, but also helps to technically implement the project, which can be seen on the official coin forum or on GitHub.
Of all the features, the most interesting of users is the payment system, which looks rather unusual. In it, you will not find the usual crypto addresses from a long combination of letters and numbers. The fact is that in the GRIN blockchain, the transaction “exit” data will always be unique and outwardly in no way related to the previous ones. Making a payment can be described as follows:
- Alice sends Bob a file containing the transaction.
- Bob opens the file and gives Jack access to it.
- When Jack signs the file and validates the transaction, Bob will receive his money.
As for scalability. Here MimbleWimble demonstrates a straightforward approach – eliminating old and unnecessary blockchain operations, thereby increasing efficiency. In particular, the size of the blockchain is greatly reduced by the interconnection of intermediary transactions with each other. The method is called Cut-through.
The end-to-end transactions in the MimbleWimble block are represented as the core of each transaction, and all outputs look the same on the outside – just very long numbers.
Here’s what the creators write on GitHub:
“As with transactions, all you need to check in a block is proof of ownership (which is taken from the transaction cores) and that the entire block has no excess money supply. On this basis, inputs and outputs can be safely eliminated, since their contribution to the total amount has already been compensated. Note that the order of outputs and inputs does not matter anymore. However, the sum of all outputs in the block is still guaranteed to be zero. “
This type of pruning makes the protocol more scalable, allowing it to sync faster.
Advantages and disadvantages
Pros of Green cryptocurrency:
✅ An innovative approach to interacting network participants. This is both a combination of transactions and the elimination of familiar addresses. Technically, everything is simplified to such an extent that two Green crypto wallets exchange data with each other, and they can do this even when one is offline. One wallet sends a randomly generated code and information about how many coins to transfer. The second starts a transaction by reading the message and generating a code in response. Actions take place automatically, and the dynamic internal commission is paid with GRIN tokens.
✅ High level of privacy. Confidential transactions prevent third parties from knowing what amounts are being transferred. From the outside, it looks like there are no transactions in the system at all. However, the mechanism strictly monitors that the amount of incoming data is always equal to the amount of outgoing data. In addition, to confirm the authenticity of transactions, GRIN does not refer to the personal information of users; the main thing for it is that the zero balance is not violated.
✅ Double spend protection. The mechanism described above for the mathematical justification of the zero amount of transactions simultaneously acts as a protection against double spending, which would violate the zero balance.
✅ Improved scalability. Increases throughput by removing unnecessary and old data.
✅ Alternative mining algorithm. Cuckoo Cycle is designed primarily for mining on processors. Bitcoin at one time set a good arms race for ASIC manufacturers, and the developers of Green decided to resist this trend. Of course, you can also mine on video cards. The issue is unlimited, the reward for the created block is 60 GRN.
The Green cryptocurrency also has a number of disadvantages:
✅ Strong competition from Zcash and Monero, which also emphasize privacy, but announced themselves much earlier.
✅ There are doubts about the decentralization of the project. Despite the fact that there was no pre-mining or ICO, it turned out that programmers collected a large share of donations from users. Now there is an opinion that development depends more on managers than on donators.
✅ Due to the lack of emission restrictions, it will be difficult for the coin to rise to a high rate. Of course, the developers deliberately wanted to create a crypt that would not be just a trading tool for making money on the price difference, but would be used to conduct transactions. However, from the point of view of investors, the more interesting are those coins that are stable in price growth due to limited release.
✅ As soon as it appeared, the currency had already managed to collapse in value. At the time of its appearance on the BitForex exchange, the rate was almost $ 10, then it grew to the level of $ 14, and then fell sharply. Experts believe excessive emissions are to blame. About 90 thousand GRN are mined every day.
Storing the GRIN cryptocurrency is still problematic – the crypto wallet is under development. You can store it on exchanges for now, many of which have already included the coin in their listing.
From a technical point of view, it doesn’t matter at all what the transaction will be through, since it comes directly from person to person, even if one of them is offline. Text information is transmitted containing information about the number of coins and codes for confirming the transfer.
Despite the fact that the Cuckoo Cycle algorithm is suitable for processors, mining the GRIN cryptocurrency on them almost immediately became unprofitable – there are too many people with mining farms who immediately got down to business. Therefore, today, in order to efficiently mine Green, you will need at least one 5.5 Gb video card. It is important that the latest graphics drivers are installed. Also, before starting the process, it is recommended to disable the antivirus or exclude the folder with the miner from the scan list.
The GrinGoldMiner pool has shown itself well; owners of video cards who want to mine the GRIN cryptocurrency should connect to it. The pool charges 2% of the earnings to the developers.
Grin cryptocurrency outlook and forecast for 2019
At the moment, the best way to make money on GRIN is with miners. Traders are out of work yet due to the low liquidity of the coin. For miners now, the release of promising new cryptocurrencies is a real salvation against the background of a difficult previous year. Moreover, mining Green is now even more profitable than Ether. For miners, especially solo miners, it is now important not to waste time. There is a possibility that in the fall of 2019, an ASIC from Innosilicon will be released.
It is difficult to draw any specific conclusions on the currency, it is still too young. However, popularity continues to grow rapidly. During the first month of its existence, the daily trade turnover exceeded $ 20 million. Serious investors are staying away from Green for now.