Grin (GRIN): the Privacy Coin You Need to Know About
- Grin (GRIN) was launched in January of 2019.
- Since then the coin has gained a following of users and developers.
- Its current low price provides an investment potential for a position trader willing to hodl.
- The Litecoin Foundation has plans of using the MimbleWimble protocol used by Grin.
As crypto traders have their eyes locked on the price movement of Bitcoin (BTC), we focus our attention on Grin (GRIN). This privacy coin has the potential of becoming the next Monero (XMR) or ZCash (ZEC). Grin was launched in January 2019 and has gone on to capture the eyes of keen investors as well as crypto users who value the privacy of their transactions.
What Exactly is Grin (GRIN)?
Grin (GRIN) is a privacy-oriented digital currency built by developers from all over the world. Transactions on the Grin blockchain have no amounts or addresses. Grin transactions are trivially aggregated and to hide their origin, they are relayed among a sub-set of peers before it is widely broadcasted.
The project is totally decentralized with no one entity controlling how it is run. Coin distribution is designed to be fair and at a rate of 1 Coin per second. Grin utilizes the MimbleWimble protocol that allows the network to implement such privacy.
Origins of MimbleWimble
With regards to the MimbleWimble protocol, the origin of its name is explained as follows:
In Aug. 2016, Someone called Tom Elvis Jedusor (Voldemort’s French name in J.K. Rowling’s Harry Potter book series) placed the original MimbleWimble white paper on a bitcoin research channel, and then disappeared.
Tom’s white paper “Mimblewimble” (a tongue-tying curse used in “The Deathly Hallows”) was a blockchain proposal that could theoretically increase privacy, scalability and fungibility.
Litecoin to Implement MimbleWimble
In a January 2019 tweet, Charlie Lee, announced that the Litecoin foundation was exploring the use of the MimbleWimble protocol on the LTC network to enable confidential transactions.
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
The simple fact that a major blockchain network is planning on implementing MimbleWimble is an indicator that Grin is a privacy coin with a solid code-base.
Brief Market Analysis of GRIN
Further checking Coinmarketcap.com, we find that GRIN is currently valued at $0.45 at the time of writing this. The coin is currently available for trading on several exchanges such as Hotbit, MXC, BitForex, Gate.io, HitBTC, Bibox, KuCoin, Bittrex, Poloniex and more. Its availability on a variety of exchanges is proof that it is a legitimate project with a bright future.
Summing it Up
Crypto traders who love to utilize the privacy provided by digital assets such as Monero (XMR) and ZCash (ZEC) should have a look at Grin (GRIN) and what it offers. The network has a solid code-base and the coin might be worth a few more bucks down the years when we consider it is only a year old. At the age of one year, XMR (in 2015) was worth $0.47. The coin is now worth $45 further providing a measuring stick of the investment potential of GRIN.
(Feature image courtesy of Markus Spiske on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.