A new cryptocurrency, Grin which has long been in the hype-developments have finally been launched, with its first genesis block being mined just yesterday.
The Grin cryptocoin has been built on a blockchain network which follows a less conventional protocol dubbed ‘Mimblewimble,’ after the popular Harry Porter movie. The function is just as suggestive as its name—Mimblewimble—get lost in it!
The Mimblewimble is a less popular state of the art protocol which joins transactions together in a Mimblewimble way, making them absolutely indecipherable, regardless of whether they were made on a public ledger. This consequently makes Grin a privacy coin, like Monero (XMR) and Zcash (ZEC); although the motivation and architecture behind it are obviously different.
The coin’s focus on complete and unbiased decentralization has made even its foundation significantly different from existing privacy coins.
Grin, Happy Times Ahead
The newly born cryptocurrency, Grin, had its genesis block— the first ever block— mined on Tuesday, 15th January, 17:38 UTC. The second block would only follow almost a minute after.
The digital currency has just begun its journey, but many enthusiastic investors are already rushing in to buy early. Given the hype that has surrounded the digital currency and its magical protocol since 2016, it is less of a surprise.
Since its first block mine, the Grin’s cryptomarket is gradually taking some shape, despite not being listed on a crypto exchange yet. While the first block only awards 60 grin coins as a reward, an investor has already made a bid of 0.1 BTC for 1000 grin on Bisq, setting the price of one coin at about $0.36. Bisq has been touted as the first exchange likely to list Grin first on its listing. A different bid on a different exchange, Bitmesh, is expected to yield a wholly different valuation, with another investor bidding 10 BTC instead for one grin coin.
Grin’s strength is meant to be in its unique protocol as well as its private and scalable algorithms. Grin is however not the first digital currency to be based on the Mimblewimble protocol, as another Jewish startup in Israel known as Beam already harnessed the privacy-focused algorithm.
Grin’s collaboration and community, however, has been productive, including inputs from Israel-based Beam. With an emphasis on decentralization, Grin’s developers opted for donations instead, rather than ICOs, and are confident that their choice of launch would be relevant to the coin’s adoption in the future.