Grin Crypto Coin’s Price Drops Around 97% After Being Launched a Few Days Ago
The anonymous digital asset Grin has experienced a drop in its price of 097% since it was launched back on January 15. According to data provided by CoinGecko, the digital asset is currently being traded around $6.78 when it entered the market with a price of $261.
This cryptocurrency has been developed using the privacy technology known as mimblewimble. The project generated enthusiast among the crypto community that was waiting for the implementation of the mimblewimble solution. It is important to mention that Grin was not launched to the market with an Initial Coin Offering (ICO) and founders did not have a reward for their job. And indeed, the digital asset is completely decentralized.
Indeed, Grin seems to be similar to Bitcoin but with a few details that make it completely different. The first thing to mention is that Grin is a privacy coin, compared to Bitcoin that uses pseudonymous to process transactions. The information of each transaction can be seen in the public blockchain using Bitcoin.
The second important difference between these two coins is that Grin has an infinite supply. Each second there are new coins that are being created. Additionally, Grin uses a dual proof-of-work (PoW) that is based on the Cuckoo Cycle algorithm.
Grin is one of the most interesting solutions that cypherpunks and other enthusiasts were waiting for. Although it uses innovative technology and it aims at changing the space, the price of the digital asset seems to be saying something different.
At the moment, there is no information about the network and how it is being used. The first block was mined in just a minute and 35 seconds.
Grin’s website reads as follows:
“To hide where a newly created transaction comes from, it gets relayed privately (a “random walk”) among peers before it is publicly announced.”
Monero (XMR), another popular privacy cryptocurrency is also using Mimblewimble’s technology. Riccardo Spagni, the founder and creator of Monero, wrote on Twitter that Monero has a sidechain called Tari that is already implementing MimbleWimble.
Monero already *is* implementing a MimbleWimble sidechain, Tari
— Riccardo Spagni (@fluffypony) January 13, 2019
Grin now needs to show that it would be able to grow and recover from this price drop in just a few days.