1. What is Grin?
Grin is an open-source cryptocurrency based on the MimbleWimble protocol.
2. What are the key features of Grin?
- Enhanced privacy: cryptography based on elliptic curves and one of the implementations of the commitment scheme (Pedersen Commitment) allows creating opaque transactions that can be checked for correctness.
- Blockchain: small in size (~300 MB), has a simple device that allows for incremental data growth and scaling based on the number of users rather than the number of transactions. The number of users equals 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, a list of inputs after “slashing”, a single core for the entire block and a core for each individual transaction in the block. “Slashing” refers to the process of assembling transaction inputs or outputs into a single set and then adding them to the network.
- The MimbleWimble protocol allows transactions to be verified by hiding user and amount information.
- Launch: Grin launched without pre-mining or ICOs. The developers do not receive any part of the mining fee. The project is developed on donations.
- Mining: Cuckoo Cycle, Grin’s PoW mining algorithm, is the simplest PoW algorithm known and allows for mining bounties to be distributed based on the type of devices used, including ASICs and GPUs.
3. How does Grin function?
The Grin protocol does not support scripts, it cannot implement smart contracts or decentralized applications (dApps). At the same time, Scriptless Scripts technology allows for constructs such as multisignatures, atomic swaps, and payment channels.Grin has unlimited issuance, but inflation is reduced each year by increasing the aggregate number of coins in circulation.
By January 20, 2020, the inflation rate will be 7,500%, in 2020-21. – 100%, in 2021-22. – 50%, in 2022-22. – 33%, 25% in 2023, 20% in 2024, 17% in 2025, 14% in 2026, 5.6% in 2036, and 3.1% in 2050.
The transactions have hidden addresses and amounts. 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 specify and spend previous outputs.
- A set of new outputs.
- A transactional core.
Within this scheme, only the immediate participants of the transaction see its inputs and outputs. To someone who is not directly involved in the transaction, the inputs and outputs appear as a chaotic and meaningless set of data.
4. Who develops Grin?
Grin is developed by a board of seven/eight developers and numerous volunteers.
According to the Grin repository on Github, 141 developers have been involved in development since 2016. Six people have made significant contributions to the project, two of whom are anonymous.
Spark Pool and bminer mining pools, the Gate.io and Poloniex exchanges, and the Qtum project have donated to the project.The costs of protocol development are covered by the Grin general purpose fund (Grin General Fund). This fund is managed by the Grin technical council – all decisions about how the funds are spent are public.
There are two transactions of 50 BTC in the history of the voluntary financial support of the project.
5. How does the issue and storage of GRIN occur?
- The frequency of blocks in the network tends to 1 block/minute.
- The reward per block is 60 coins.
- The average issuance rate will remain the same – 1 Grin/sec.
- An official Grin wallet and a Grin713 based wallet are available to users.
6. What are the future goals of the Grin project?
Grin ranks 35th among cryptocurrencies in terms of overall development performance.
According to the roadmap for 2020, the developers intend to focus on the development of atomic swaps for offchain transactions between bitcoin, etherium and Grin, as well as to implement the Lightning Network.