Litecoin’s Charlie Lee Praises Beam and Grin’s Scalability Potential for Outdueling Bitcoin Possibly
Beam and Grin have recently become a very hot topic on matters to do with private space. These are leading coins that have been built using the protocol designed by MimbleWimble. The protocol in question was primarily designed to help address the scalability and privacy issues currently facing Bitcoin.
In the past few days, Grin has been making headlines across the crypto space for being the one coin that many consider being a very close Bitcoin version. This is a coin that was also able to record a ninety-seven percent plunge within the first few days of its release.
Watch Magical Crypto Friends Episode 15: Green Screen Extremism.
In this episode: Consensys & Bitmain layoffs, Custodial LN Wallets, $LTC UFC Sponsorship, Bitcoin Maximalism vs Extremism, Grin/Beam,… @SatoshiLite @fluffypony @Excellion @WhalePandahttps://t.co/53PpvenyR6
— Magical Crypto Friends (@magicalcrypto) January 18, 2019
This protocol was initially designed by Tom Elvis Jedusor in 2016. The developer in question has been known to use pseudo names inspired by the Harry Potter books in a bid to keep his identity private. Over the years, Tom has made privacy his main agenda and has ensured that this is reflected in his protocol.
What this means is that it will not be possible for anyone to see the total amount of cryptocurrency that is being transacted. In addition, the addresses that are involved in each transaction will also not be revealed to the public. The only data that will be revealed is the data that is required in order to verify the authenticity of each transaction.
One of the lead developers of the Monero blockchain, Riccardo Spagni recently announced on Twitter that there were plans underway to ensure that the protocol was added to the ecosystem. It is important to note that Monero is currently the leading privacy coin in the crypto universe.
It has also started implementing Tari, a sidechain developed by MimbleWimble. Magical Crypto Friends latest episode sees Beam and Grin being discussed by various crypto experts and leaders such as Whale Panda, fluffypony or Riccardo Spagni, and Litecoin’s creator, Charlie Lee.
When Ricardo Spagni was asked whether he felt threatened by the introduction of a new privacy coin, he went on record to state that he will always support any project that seeks to protect the privacy of the crypto users. He went on to note that any criticisms that they may have echoed pertaining to Zcash were in no way influenced by the use of privacy enhancing technology.
According to Riccardo, if the privacy-enhancing technology is utilized in the proper manner, it can make a positive contribution to the internet. He also believes that with time, he may voice some concerns pertaining to Beam and Grin as things start to become clearer, as he believes that criticisms, can, in fact, be a good thing if they are acted upon on time.
The main reason why Riccardo does not feel threatened by the new currency is that it does not affect the existence of Monero in any way. To him, Monero will always be an exciting project, regardless of whether it has one hundred or one million users. Its prices will also not affect its existence as long as the tech community finds it interesting and are willing to continue working on it.