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What is grin?
Grin is an open source cryptocurrency based on the MimbleWimble protocol.
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What are key features of grin?
- Increased Privacy: cryptography based on elliptic curves and one of the Pedersen Commitment implementations allows you to create opaque transactions that can be checked for correctness.
- Blockchain: small size (~ 300 MB), has a simpleA device that allows you to gradually increase the amount of data and scale based on the number of users, and not on the number of transactions. The number of users is equal to the number of unspent outputs, so there is no need to include individual transaction data in each block.
A block in the Grin blockchain consists of a header,the list of inputs after "cutting", a single core for the entire block and a kernel for each individual transaction in the block. “Cutting” means the process of collecting the inputs or outputs of transactions into a single set, after which they are added to the network.
MimbleWimble Protocol allows you to verify transactions, hiding information about the user and the amount.
- Launch: Grin launched without premine and ICO. Developers do not receive part of the reward for mining. The project is developing with donations.
- Mining: Cuckoo Cycle, PoW AlgorithmMining Grin, is the simplest of the known PoW-algorithms and allows you to distribute the reward for mining depending on the type of devices used, including ASIC and GPU.
How does grin function?
Grin protocol does not support scripts, in itIt is not possible to implement smart contracts or decentralized applications (dApps). At the same time, Scriptless Scripts technology allows the use of such designs as multi-signatures, atomic swaps and payment channels. Green has unlimited emissions, but inflation is reduced annually due to an increase in the total number of coins in circulation.
Until January 20, 2020, the inflation rate will beequal to 7500%, in 2020-21. - 100%, in 2021-22. - 50%, in 2022-22. - 33%, in 2023 - 25%, in 2024 - 20%, in 2025 - 17%, in 2026 - 14%, in 2036 - 5.6%, in 2050 - 3.1%.
Addresses and amounts are hidden in transactions. Two transactions can merge in a block into one - all intermediate information is hidden. Each Grin transaction consists of three components:
- A set of inputs that indicate and spend previous outputs.
- A set of new exits.
- Transactional core.
Under this scheme, only directtransaction participants see its inputs and outputs. To someone who is not directly involved in the transaction, the inputs and outputs appear to be a chaotic and meaningless data set.
Who is developing Grin?
Grin is being developed by a board of seven / eight developers and numerous volunteers.
According to the Grin repository on Github, since 2016, 141 developers have been involved in the development. A significant contribution to the project was made by six people, of whom two are anonymous.
A number of leading developers of the GRIN project
Spark Mining Pools Donated to the ProjectPool and bminer, Gate.io and Poloniex exchanges, as well as the Qtum project. Protocol development costs are covered from the Grin General Fund. This fund is managed by the Grin Technical Council - all spending decisions are public.
In the history of voluntary financial support for the project, two transactions of 50 BTC can be noted.
How is GRIN issued and stored?
- The frequency of blocks in the network tends to 1 block / minute.
- The block reward is 60 coins.
- The average emission rate will remain unchanged - 1 Grin / sec.
- Users can access the official Grin wallet and Grin713 wallet based on the official one.
What are the future goals of the Grin project?
Code development commits in a centralized project database (data for the last 12 months):
In terms of overall development efficiency, Grin ranks 35th among cryptocurrencies.
According to the roadmap for 2020, developersWe intend to focus on the development of atomic swaps for off-chain transactions between Bitcoin, Ethereum and Grin, as well as to implement the Lightning Network.