Bitcoin Booming: My Favorite Cryptocurrency - GRIN
My first entry on his contest.
Bitcoin booming – My Favorite Cryptocurrency
GRIN – My favorite Cryptocurrency (The Genesis)
GRIN was launched in January 2019, the Grin project is built around the implementation of the Mimblewimble protocol. Its GRIN cryptocurrency aims to become a scalable and less storage-intensive privacy coin.“Grin was probably the most crowded venture capital trade of 2019,” said Ryan Gentry, lead analyst at Multicoin Capital.
On-chain data suggests once-eager investors soured on the young cryptocurrency. Grin’s hash power, a measure of computing resources devoted to securing the network, and mining difficulty, which gauges the amount of power required to mine, started to collapse in August 2019. After nine consecutive months of decline, the trend shows no sign of reversing.
The Mimblewimble Protocol
Mimblewimble changes the traditional model of blockchain transactions. It allows for a blockchain to have a more compact history, which is easier and faster to download, synchronize, and verify.
In a MW blockchain, there are no identifiable or reusable addresses, meaning that all transactions look like random data to an outsider. The transaction data is only visible to their respective participants.
So, a Mimblewimble block looks like one large transaction rather than a combination of many. This means that blocks can be verified and confirmed, but they give no details about each transaction. There is no way to link individual inputs with their respective outputs.
Why Grin is my choice
Grin is a privacy-preserving digital currency built openly by developers distributed all over the world.
Grin has no amounts and no addresses. Transactions can be trivially aggregated. To hide the origin of a newly created transaction, it gets relayed among a sub-set of peers before it is widely broadcasted.
Grin is not controlled by any company, foundation or individual. The coin distribution is designed to be as fair as possible, with an emission of 1 GRIN per second.
Mimblewimble leverages cryptography to allow past transaction data to be removed with no compromise on security. This avoids Grin collapsing under the weight of data having to be kept on chain.
GRIN: How it began, now and the future
Grin empowers anyone to transact or save modern 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. 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.
Grin is a new and promising cryptocurrency like every other crypto. The Grin price is forecasted to reach $0.3614169 by the beginning of December 2020. The expected maximum price is $0.4791315, minimum price $0.3258094. The Grin price prediction for the end of the month is $0.3833052
A year from its release is too soon to tell what its future will be. But without a doubt, many people will be keeping an eye on Grin’s performance.
Other Cryptos am interested in
Bitcoin
Tether
Etherum
Tron
Ripple
Haven't heard of Grin! Thanks for the post!
Yes, it is a promising currency. Thank you for taking time to go through.
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