Grin (GRIN)

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Grin coin is an implementation of the MimbleWimble protocol. Grin aims to be a scalable privacy coin that has no addresses, no amounts, and is therefore less storage intensive than other privacy coins and digital currencies.

Joke Name

Grin = Scalable Privacy

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (GRIN)

Coin or Token

Circulating Supply (5 Million)

Market Cap Ranking

Review

Grin coin is an implementation of the MimbleWimble protocol. Grin aims to be a scalable privacy coin that has no addresses, no amounts, and is therefore less storage intensive than other privacy coins and digital currencies. The coin has an anonymous founder, has been developed by the community, and Grin is slated to have a fair proof-of-work launch in Q1 2019. Its mining algorithm is currently ASIC-resistant, meaning you can mine Grin with your laptop. The MimbleWimble protocol is a design for a blockchain-based ledger where there are no addresses and the data storage required is minimized. It is a private-by-default blockchain that is also scalable and uses elliptic-curve cryptography that has been tested for decades. When compared to Bitcoin, MimbleWimble only needs to store 10% of the data requirements which means that it is more scalable, less centralized, and significantly faster.

Key Features:

  • Privacy
  • Scalability

Privacy

Transactions in MimbleWimble are opaque but can still be validated appropriately despite there being no addresses and the amounts transacted are entirely hidden. MimbleWimble relies on the properties of Elliptic Curve Cryptography (ECC) to structure transactions based on the verification of zero sums and possession of private keys.

Verifying transactions with Mimblewimble requires that the sum of transaction outputs minus the sum of the inputs is always equal to zero. This is accomplished using Confidential Transactions that prove a double-spend or creation of new funds did not occur with a transaction while concurrently obfuscating the actual amounts in the transaction. MimbleWimble derives their concept for this from Confidential Transactions (CTs) by Greg Maxwell.

Ownership proof in MimbleWimble relies on blinding factors which are essentially the private keys of the users and excess values that are part of the transaction kernel. This blinding factor can be leveraged to prove ownership of the value in a transaction without revealing its values.

Scalability

The approach that MimbleWimble takes to scalability is much more direct than more complicated layer two solutions or increasing on-chain throughput capacity. Instead, MimbleWimble relies on eliminating old and unnecessary transactions on the blockchain to improve efficiency.

Specifically, the protocol removes spent inputs on the blockchain over time by aggregating intermediary transactions together so that the size of blockchain is drastically reduced. The protocol uses a method called cut-through. A MimbleWimble transaction consists of the following components:

  • Set of inputs that reference and spent a set of previous outputs
  • A set of new outputs
  • Transaction Kernel which contains a kernel excess and the transaction signature.
    In a MimbleWimble block, cut-through transactions are only represented by their transaction kernel, and all outputs look the same because they are just large numbers that are impossible to differentiate.

Problems:

One of the main issues of the Grin infrastructure is that nodes need to be online to transact. Also, the coin faces some well-established coins as competition, some having million dollar capitalizations like Monero, BTC, ZEC, BCH and so on.

Conclusion:

Grin already released its Testnet V4, and the cryptocurrency is expected to launch sometime in 2019. Grin has flown under the radar compared to more high-profile projects in the mainstream despite integrating some of the most cutting-edge technologies in the industry.

Quietly, there is significant anticipation around Grin from privacy proponents and other Bitcoin supporters. MimbleWimble is a relatively well-known concept when it comes to the more technical aspects of cryptocurrencies, and Grin’s use of the MimbleWimble protocol gives it some compelling potential.

Pros

  • Scalible
  • Privacy
  • Lots of exchanges

Cons

  • No direct backing (asset, profits, commodity)
  • Nodes need to be online
  • Big competition