I wondered what grin and the MimbleWimble protocol is. This is because every time I looked at CoinGecko or coinmarketcap.com, I saw that funny yellow “Nirvana” smile with MW in it. Now I will not post a technical story, because the technology behind Grin is very complicated for people without knowledge of cryptography and blockchain, like myself. Now we will dive into the research and see what this coin has to offer.
What is grin?
Website of Grin says this about Grin:
GRiN v 3.0.0
Electronic transactions for all. Without censorship or restrictions. 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 is a cryptocurrency project that focuses on privacy, scalability and fungibility. This is done using the MimbleWimble blockchain. When it comes to Grin, three things are discussed:
- The transactions are private. This means that there are no addresses. Transactions are randomly forwarded by the system between the participants who are connected to each other. And this happens before the transactions are announced to the world.
- Grin has good scalability. The history of the transactions can be deleted. Without affecting the integrity of the currency.The following can be told about scalability. The transfer speed is pretty much the same as that of Bitcoin, around 10 TPS. But this is not about the scalability of Grin. This is the size of the blockchain. According to the developers, this is 10 times smaller than that of Bitcoin. This means that it is much cheaper, for example, to run full node and Grin can be distributed much better.
- Grin is an open source project that is being developed by all kinds of developers worldwide. So there is no company behind this coin.
- there was no ICO,
- No pre-mine
- No rewards for the founders in advance
- The white paper is anonymous
- The work of the developers must be maintained through donations.
- There is a constant block reward of 60 Grin
- It has 1 minute block time and
- The consensus algorithm is: Cuckoo Cycle PoW
- It is programmed in Rust
- There is no capped supply
What is the MimbleWimble protocol anyway?
Tom Elvis Jedusor demonstrated the MimbleWimble protocol to the world in 2016. But later the MimbleWimble protocol was revised by Adam Poelstra. The MimbleWimble protocol is a blockchain protocol. This protocol uses different technologies that ensures that transactions within Bitcoin should change and this protocol ensures that the size of the blockchain is reduced.
What does the word "MimbleWimble" actually mean? The word comes from the Harry Potter series and it is a spell in this series. This spell ensures that someone is forbidden to speak about certain things. This then refers to the technology behind that all sender, receiver and transaction information is anonymous. This function should be so special that it is perhaps the most privacy-led ledger that was also created under cryptocurrencies.
The author of the original MimbleWimble white paper called himself Tom Elvis Jedusor (which is the name of Harry Potter character Voldemort in the French edition of the novel series). He has remained anonymous to this day. He has put this white paper online with the help of the Tor browser. This website has long since been deleted. So it is impossible to find out who made this one. So there will always be a mystery around the MimbleWimble protocol. In the end, people got so interested in Tom Elvis Jedusor's work that they started testing it at the time.
How does the Mimblewimble protocol work?
For example, as the sender you send 1 Grin to the recipient called B. After this, B will send it to another recipient named C. Before the transaction is confirmed, Must the blockchain know and understand that B has ever sent something to C in order to continue to function? The answer to this is no, because the transactions can be spread over different senders and recipients, so you don't know who first owned this Grin.
Is the MimbleWimble protocol error-free? What I could find about this is the following. A major disadvantage of the MimbleWimble protocol is that, in order to receive Grin anonymously, both A and B must show their IP address and an open port when sending Grin to both wallets for the transaction to succeed. But to circumvent this you can also trade offline. For this, Grin uses slates that require exchange or a certain transaction file.
Bitcoincore developer Gregory Maxwell said the following about this:
"This transformation is lossless with respect to the final coin ownership, but the intermediate transactions were cut-through. This works even if the original coin ending up in the final outputs came from multiple parties, as they can coinjoin to preserve the final outcome. Because the replacements are atomic and consume the original inputs this transformation is safe, assuming people in the middle can handle any accounting complications that arise. (E.g. figuring out that their payment was really completed). So you'd want to have a way of signaling "I permit you to conflict this transaction with one that pays its children, if you can figure out how." Dear readers, first of all I wanted to thank you for reading my blog and your comments. I am a noob in writing a blog and I write in general. So if you have tips, don't save them for yourself, but share them in the comments. Again to read and until next time."
It has become unclear that the MimbleWimble protocol has been discovered by an unknown writer. This reminds me of the early days of Bitcoin. The protocol ensures privacy, scalability and that many developers are working on the open-source project called grin. The MimbleWimble technology is very cool but the MimbleWimble protocol is certainly not without errors. But we must not forget that it is a project in development. I think we'll hear a few things about this coin. It will still have to be proven whether this coin can get a place between the existing privacy coins in the top 50. But as it looks now it will take a while. And the project will have to prove itself further on the market. Furthermore, I have not done any research into popularity at the moment.
Dear readers, first of all I wanted to thank you for reading my blog and your comments. I am a noob in writing a blog and writing in general. So if you have any tips, don't save them for yourself, but share them in the comments. Thanks again for reading and see you next time.