Poloniex lists Grin on its exchange, in a bid to support the Grin project. This listing promises creation of a general fund for Grin and subsidizing all Grin transaction fees for a year.
Poloniex promises to give 50% of all Grin transaction fees for the next month, and 25% for the following 11 months.
Its withdrawals will be possible in a few weeks, but deposits are currently live.
The community developed cryptocurrency, which is based on the MimbleWimble protocol, is focused on its scalability and privacy.
Poloniex is considerably different from other cryptocurrencies. It boasts of its’ security and ease of use for the storage and trade of its coins.
The Poloniex Grin Union
The distinctive structure of Grin is due to its largely anonymous developers, Proof of Work mining rewards in the release of new Grin tokens, and its lack of an Initial coin offering (ICO).
Although the Grin project has a handful of volunteer developers, there is no defined nor consistent source of funding. Most of its funding comes from voluntary contributions.
Circle and Poloniex’s involvement in the development of Grin, is due to their mutual interest in the decentralization of its token distribution, its voluntary developers and elimination of bias.
This will be re-evaluated after about a year, hopefully, these evaluations would involve security audits, bounties for bugs, open source development of the Grin ASIC design, and developer campaigns.
Grins Journey To Its Listing
Grin began with a MimbleWimble whitepaper written under the pseudonym Tom Elvis Jedusor in 2016, introducing unique scalability and privacy solutions. These unique features led to Grin’s ability to carry out cryptocurrency transactions between customers without the use of public addresses.
Currently, Poloniex is the only exchange that offers two methods of deposits to ease the transaction process. This serves its aim as it increases transaction security and ease of use.
The two methods are URL based and file-based, both are based on a simplified experience or advanced usage respectively.
Poloniex is confident that with the combination of its two-factor authentication and its impenetrable wallet, it’s positioned as the ideal platform for Grin’s storage and trade.
Poloniex has made recent moves to create a one-stop shop for the global crypto audience, and its’ Grin listing is only one of these initiatives. Since its acquisition by Circle, Poloniex has reduced its customer complaint tickets by 40000%, and assigned huge resources toward the engineering of increased platform stability.
More recently, Poloniex has added support for institutional investors, pioneered the Bitcoin Cash prefork trading among its rival exchanges, and pioneered FOAM and Livepeer support amongst other new unique features.
This Grin listing is proof of our support for viable projects and liquidity in the cryptosphere.In the near future, we promise more viable assets that meet standards of our Circle Asset Framework, improved UX, and the devoted backing of future Grin projects.