What is Grin (GRIN)?
GRIN is a cryptocurrency designed in January 2019. The project is focused on the scalability of anonymity and meeting security requirements through the implementation of the MimbleWimble protocol. This cryptocurrency allows you to perform completely anonymous operations, where the addresses of the sender or recipient and the amounts of transactions performed are not displayed.
In many ways GRIN is different from the traditional blockchain that we have known so farsince it is based on a protocol known as MimbleWimble.
The essence of this protocol is to create a completely anonymous, more scalable, closed and lightweight block chain. Without the need to keep a detailed and individual record of each completed operation. In fact, all transactions are carried out through the direct interaction of wallets. Thus, they are executed anonymously before they are registered in the blockchain.
Thus, GRIN is an open source project and a cryptocurrency that allows you to make electronic transactions without restrictions. This caused a positive response in the community.
Who created Grin (GRIN)?
The GRIN cryptocurrency was not developed by any particular company. It was created anonymously by a cryptographer who hides under the pseudonym Ignotus peverell. In addition to direct cooperation, 6 more developers took part in the project, also remain anonymous and do not have public profiles.
In this regard, GRIN does not have an official CEO or an official working group. For its part, its development is supported by a significant number of companies and professionals. Although none of them controls or manages the project.
What is the uniqueness of Grin (GRIN)?
The launch and development of this cryptocurrency is based on confidentiality. Thus, it is located next to other cryptocurrencies, such as Monero and Zcash. On their official website, the GRIN developers indicate that their goal is to create a cryptocurrency that can be used around the world. Easy, simple, fast, safe, accessible to everyone and without borders.
The uniqueness of the project is that confidentiality should be a right, not a privilege. For this reason, in order to offer a better privacy service, GRIN eliminates the need to track addresses and the number of operations performed. Thus, transactions are made based on the interaction of two or more wallets that exchange data with each other, instead of traditional transactions when a public address is used to perform an operation.
How many GRIN coins are in circulation?
If there is no maximum offer, currently the current supply of GRIN is - 98,212,860, there is no mo, at the price - 0.075703 USD. Thus, the asset has a market capitalization of 7,435,008 USD, with a daily trading volume of 70,774 USD.
How is the Grin network protected?
The consensus algorithm used by GRIN is known as Cuckoo Cycle, a type of Proof of Work (PoW) algorithm that helps maintain the security and validation of operations. The network is also protected by the MimbleWimble protocol.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.