What is Grin Coin? (First Look Brief Summary)
Grin is causing quite a stir in the ‘social-crypto’ sphere, What is Grin all about? I try to find out with this maiden post that very briefly explains the basic information about Grin that anyone should know.
Issued Date： 2019.1.15
Total Supply： Infinite
Grin is committed to providing privacy and scalability in cryptocurrencies with several distinctive features using a blockchain protocol called MimbleWimble Privacy Protection; storing only a small amount of data in a blockchain, running a full node is lightweight, cheap and easy; Dev team are mostly anonymous, Mimblewimble is designed distributed across the globe; there is no pre-mined PoW mechanism, fairer as well as decentralized.
MimbleWimble embodies a key principle in the design of the transaction structure, notably, it’s strong privacy and confidentiality. MimbleWimble’s transaction confirmation relies on two basic attributes: the first is zero and verification, that is, the output sum minus the input sum is always equal to zero, which proofs that the transaction does not create new money out of thin air, and does not display the actual amount; the second is private The key has ownership of the transaction output. In MimbleWimble, proofing an owner owns these private keys is not directly accomplished by signing the transaction.
Grin is an open source project based on the MimbleWimble protocol with the following main objectives and features:
- The default feature of privacy protection. This makes it fully replaceable and retains the ability to selectively disclose information on demand.
- The block size is adapted to the transaction volume. Transactions record only retain about 100 bytes of trading cores, sparing a lot of space compared to other blockchains.
- Powerful and proven cryptography. MimbleWimble uses only elliptic curve ciphers, which have been tested and trial for decades.
- Simplicity design makes it easy to review and maintain the future-proof code.
- Community driven. A decoupling algorithm that resists ASIC (Cuckoo Cycle algorithm) is used to encourage decentralized mining.
- The community is not controlled or invested by any institution or individual, and the development team only accepts donations.
What is Grin?
Electronic transactions for all. Without censorship or restrictions.
Grin empowers anyone to transact or save modern money without the fear of external control or oppression. Grin is designed for the decades to come, not just tomorrow. Grin wants to be usable by everyone, regardless of borders, culture, skills or access.
Grin allows anyone to trade or save modern money without fear of external control or oppression. Grin is designed for the future, not just tomorrow. Regardless of borders, culture, skills or access, Grin wants everyone to use it.
Grin has no addresses or an addresses. Transactions can be simplified summarries. To hide where the newly created transaction origin from, it was privately relayerd between peers (“random walk”) before being publicly broadcasted.
MimbleWimble leverages cryptography to remove most past transaction data. This ensures that Grin will not collapse under its own weight for a long time.
Grin is developed openly, by developers distributed all over the world. It’s not controlled by any company, foundation or individual. The coin distribution is designed to be as fair (but not gratis) as is known to be possible.
No cap on total supply
According to Grin’s monetary policy, Grin’s block interval is 1 minute. Initially, the block reward is set to 60 Grin token, and then the inflation rate decreases quarterly. For example, the annual inflation rate of the first period is 400%. The second cycle is 200%, the third cycle is 133.3%, and the fourth cycle is 100%… And after 10 years, its inflation rate is reduced to 10%, and after 20 years, it is less than 5%, 50 The annual inflation rate after the year has remained at 2%.
Is it too complicated? Here is calculation of the speed at which the token would be generated:
In the first quarter, the entire network will generate 7884,000 tokens, and after 1 year, the entire network will have 3,1536,000 tokens. Approximately after 31 years, there will be 1 billion tokens in the entire network. After 50 years, there will be about 1.54 billion in the entire network. Thereafter, the issuance is carried out at a rate of 2% per year.
Original Whitepaper: https://download.wpsoftware.net/bitcoin/wizardry/mimblewimble.txt
Andrew Poelstra’s Whitepaper: https://download.wpsoftware.net/bitcoin/wizardry/mimblewimble.pdf
Mailing List: https://launchpad.net/~mimblewimble
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