Facts About The New Cryptocurrency Coin On The Blockchain: GRIN
The New Kid On The Blockchain: GRIN
A big part of today's life is ones online persona. The constant digitization of life has its allure but in doing so, there is a tradeoff; a decrease in privacy. It is no longer optional either, from major companies like Facebook and Google to small-time scam stars, the personal data of a person seems to be fair game for one and all. Thus, there is little wonder, when last month a new blockchain, focused on privacy, GRIN was launched. The new Crypto uses its native MimbleWimble protocol to transact in Bitcoins.
What Is GRIN
A name borrowed from the famous children's fantasy universe of Harry Potter, MimbleWimble was a promising crypto protocol that, akin to its literary namesake, encrypts multiple transactions to make them inaccessible to anyone trying to snoop around. It was designed by a coder who goes by the moniker, Tom Elvis Jedusor, another nod to the books. This code was then used by a cryptographer, who kept up with the theme by using the alias Ignotus Peverell, also a character from Hogwarts. He worked on and implemented the protocol to release a token named Grin.
How Does It Work?
While most cryptos work on a principle of full transparency, Grin being a privacy coin looks to do the exact opposite. It has made an effort to ensure that transactions on their chain are anonymous, non-transparent and most importantly untraceable. The Peer to Peer setup allows wallets to trade. It does so by ensuring that only those wallets executing a trade exchange data for a limited time. This can even occur in an asynchronous state and once the transaction is completed all the information is deleted.
Apart from its celebrated opaqueness, the token is also rather scalable. This makes it a much-valued asset. It achieves this by using a novel data storage method, which reorganizes tracking of data blocks and reportedly utilizes more than 75 percent less space than the Bitcoin network. The underlying protocol then compresses the blockchain further by using only a single input and output, eliminating parts of some transactions This not only leads to efficiencies in movement but also hastens the full verification process.
While there are always those who say that if there is nothing to hide then why worry; yet there will always be those who defend privacy as one would defend liberty. As this might be an argument better suited for a socio-political commentary, one can only hope that the opportunities that this coin can offer are understood in the right spirit and implemented accordingly.