What is Grin?
Grin is described as a private and lightweight blockchain that aims to facilitate the electronic transfer of crypto assets to anyone without restrictions. The project is built on the MimbleWimble protocol. This protocol is known for its focus on scalability, user security, and data privacy. On the Grin blockchain, transactions are carried out without revealing the wallets involved or the amount of crypto assets being exchanged. This is achieved by relaying the transaction among a subset of peers on the network before it is widely broadcasted. Basically, all transactions are performed anonymously, before being registered on the blockchain.
Grin uses a Proof-of-Work consensus algorithm known as the Cuckoo Cycle. This algorithm helps maintain security and validation, during operations. In addition, the network operates on two variations of the mechanism – Cuckaroo29 and Cuckatoo31+. Cuckaroo29 offers better mining incentives to its users and retail investors due to the fact that it allows CPU and GPU hardware mining. On the other hand, Cuckatoo31+ is compatible with ASIC hardware.
The platform's token – GRIN uses a special cryptographic protocol for securing past transaction data. The GRIN token was launched without an initial coin offering or any allocations to the founders. On the live Grin price chart above, you can see the current GRIN price.
The Grin blockchain is primarily built for transactions. This means that the project cannot be used to write smart contracts or support the development of decentralized applications. Furthermore, the GRIN coin cannot be used as a store of value like Bitcoin, Ethereum, or other currencies.
Use Cases of GRIN Tokens
The use cases for the GRIN crypto asset are quite limited. It is mainly used for transactions within the network and for the governance of the protocol. It is believed that as the project evolves, more use cases will be developed. This is necessary, so as to increase demand for the token the Grin price. Don't forget to check the latest GRIN token price on the aforementioned price chart.
Who Founded Grin?
All developers on the Grin project are anonymous and they go by pseudonyms. The process of development started on the 15th of January 2019 by an anonymous developer Ignotus Peverel. Two other developers Antioch Peverel and Michael Cordner latched onto their idea and jumped on the development.
The project remains a community-funded and developed project. Till date, over 150 different developers have improved sections of the Grin open-source code. Individuals and corporate bodies have also helped in the funding aspect of the ambitious project. These individuals are collectively known as friends of Grin.
GRIN Tokenomics
Recall that the GRIN token was launched without an initial coin offering or a distribution plan. It was pre-announced, open, and fair.
The Grin blockchain has been designed to allow mining, at a fair and favorable rate. At the time of writing, there are over 98 million GRIN tokens available as the total supply. This number is bound to increase in the future.
