GRIN Privacy Cryptocurrency Coin Developer Gets Approval From Community To Be Funded For Efforts
Cryptocurrency Grin Will Be Providing Financial Support To Developer To Work Full Time On The Project
The Grin developer Ignotus Peverell will be receiving financial support to work on the privacy-focused digital currency. In this way, he will be the third full-time developer working on the project. Grin is a revolutionary digital currency that works in a different way than other privacy-focused digital currencies.
Grin Adds New Full-Time Developer
Grin continues to expand in the market with a new developer that will be working full time to develop the project. In a meeting held on Tuesday, developers voted to fund Peverell’s work and pay $10,000 per month.
Grin is a recently released blockchain and cryptocurrency that aims at introducing the MimbleWimble protocol. The main intention behind it is to obfuscate transaction details. Indeed, the name MimbleWimble has been taken from J.K. Rowlling’s Harry Poter books and it makes reference to a tongue-tying curse. Moreover, the “Ignotus Peverell” name is a pseudonym that one of the characters within the series had.
Peverell was also one of the original founders behind Grin. In 2016, he started the first implementations of the Mimblewimble protocol on GitHub.
During this governance meeting, the team behind Grin confirmed the contract and payment of the security auditing firm Coinspect. The Grin community decided to employ Coinspect over other auditors in order to conduct a third-party review of Grin’s cryptographic consensus-critical code. The funds are managed by the Grin General Fund that was able to raise 17.28 BTC.
According to CoinMarketCap, Grin is the 222nd largest digital asset in the market. It has a market capitalization of $13.38 million and each coin can be purchased for $2.68.
MimbleWimble allows past transaction data to be removed from the network. This allows the blockchain to be scalable without collapsing with its own weight. Additionally, the coin distribution has been designed to be as fair as possible without being “gratis.” Furthermore, the project relies on donations to keep the project working.