Home Altcoins What is Grin Coin? (A need to know guide)

What is Grin Coin? (A need to know guide)

by Crypto Coin Dude
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Grin crypto

Grin is a cryptocurrency project that’s taking the crypto world by storm. It’s focused on privacy, scalability and fungibility that is built by implementing a MimbleWimble blockchain . Read this post to find out more about this rather cool project.

What’s Grin?

Grin is centred around electronic transactions for all. Without censorship or restrictions.

Grin empowers anyone to transact or save cryptograhphic money without the fear of external control or oppression. Grin is designed for the decades to come, not just tomorrow. Grin wants to be usable by everyone, regardless of borders, culture, skills or access.

Hey…wait… you mentioned MimbleWimble, what the heck’s this?

MimbleWimble is a great core feature of Grin. MimbleWimble leverages cryptography to allow past transaction data to be removed. This guarantees that Grin won’t collapse under its own weight in the future.

Underling MimbleWimble, Grin is also totally private.
Grin has no amounts and no addresses. Transactions can be trivially aggregated. To hide where a newly created transaction comes from, it gets relayed privately (a “random walk”) among peers before it is publicly announced.

At its heart, it’s a true Satoshi vision and that’s why it’s made such an impact in the community.

Grin’s Cuckoo proof-of-work consensus

Unlike many new projects, Grin has decided to move away from the proof of stake (POS) consensus model. Instead, it has gone back to proof of work (POW) using the Cuckoo Cycle.

The Cuckoo style POW avoids the hardware heavy example set by Bitcoin as it is ASIC reistant.

Cuckoo Cycle is a memory-bound algorithm, making it viable for CPUs and increasing its decentralization.

The difficulty of mining in the network is based on the current hash power and is designed to average a fast block time of around 60 seconds.  For a more technical exploration of this POW model, the Grin Whitepaper is a good place to start.

Grin versus the store of value concept

Grin again differs from Bitcoin as it is seeking to be more of a currency of transaction rather than a store of value. It thus seeks to keep its value stable. Wild swings in value would be counter-productive for transactional purposes.

Grin uses a linear supply schedule of inflation where the overall supply is unlimited. The model encourages spending rather than storing. Grin’s inflation rate starts high and then falls to below per cent after a decade and to eventually to near-zero. The block reward is fixed over time.

Grin’s monteary model

Grin is launched fairly — free of ICO, pre-mine or founder’s reward. It relies on donations to keep the project development going.

The movement can be supported in a number of ways such as donations and buying ‘swag’.

Grin is a 100% community-driven funding model and we, for one, think this is a great project to support. If you feel like swagging it up with Grin,then check it out.

We are excited about this project and we hope you are too. If you like what Grin is doing, then please share this post on at least one social media channel to support it.

Grin website https://grin-tech.org/

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