2. Introduction
● The constant digitization has its allure but in doing so
there is a decrease in privacy.
● For companies like Facebook & Google , the personal
data of a person seems to be fair game for all.
● Last month, a new blockchain, focused on privacy and
GRIN was launched.
● This new crypto uses its native MimbleWimble protocol to
transact in Bitcoin.
3. What is GRIN?
● GRIN is an upcoming cryptocurrency project focused on
scalability and privacy that is built by implementing a
MimbleWimble blockchain.
● It is an open-source project that offers a refreshing list of
things that it will not do.
● This name borrowed from the famous children’s fantasy
universe of Harry Potter.
4. Continued
● MimbleWimble was a promising crypto protocol that
encrypts multiple transactions to make them inaccessible
to anyone.
● This was designed by a coder who goes by the moniker,
Tom Elvis Jedusor and then this code was used by a
cryptographer.
● He worked on and implemented the protocol to release a
token named as GRIN.
5. What is MimbleWimble?
● It is a blockchain protocol that mixes several innovative
technologies to radically change how transactions are
constructed in Bitcoin.
● It also reduce the size of the blockchain.
● It addresses two areas that is privacy and scalability.
6. How Does Grin Work?
● Most cryptos work on a principle of full transparency but
Grin being a privacy looks to do the exact opposite.
● It ensure that transactions on their chain are anonymous,
non-transparent and untraceable.
● Its Peer to Peer setup allows wallets to trade.
● It ensure that wallets that are executing the trade only
those exchange data for a limited time.
7. Grin’s Cuckoo Proof-of-Work Consensus
● Grin does not implement a new consensus mechanism
like proof of stake to achieve consensus.
● It goes back to the bread and butter of PoW using the
Cuckoo Cycle algorithm.
● PoW was selected to mitigate against the Bitcoin-style
“hardware arms-race” by making it ASIC resistant.
● Cuckoo Cycle is a memory-bound algorithm, making it
viable for CPUs and increasing its decentralization.
8. Monetary Policy of Grin
● Grin aims to be more of a currency for transacting than a
store of value, currently different from Bitcoin.
● It has created a monetary possible that is designed to
make the currency’s value more stable.
● Myles Snider offers an excellent analysis of the potential
implications of Grin’s monetary policy.
9. Current Status of Project
● Grin 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.
● Grin’s use of the MimbleWimble protocol gives it some
compelling potential.
● Grin is open to contributions from developers and is
definitely worth watching as it continues to evolve.