Grin is a cryptocurrency that, like BEAM, is based on the innovative Mimblewimble protocol, it uses a privacy-preserving blockchain format called MW.
What Is Grin?
Grin is a cryptocurrency that, like BEAM, is based on the innovative Mimblewimble protocol. The cryptocurrency uses a privacy-preserving blockchain format called MW, which means that the tokens are fungible and users can have strong guarantees of anonymity. Furthermore, it is highly scalable, as it stores only a small amount of data on the blockchain. Grin cryptocurrency can be mined. It also takes a different approach, as it has a linear supply schedule, which means that inflation as a percentage of existing supply is very high at first, but gradually decreases over time, approaching zero percent, but never coming to that. Many see this as a disadvantage, however, the team justifies it as being less of a digital gold competitor and more of an attempt to be a real currency.
Pros and Cons of Grin
Advantages of Grin
Initially, Grin was called a promising project and its popularity was determined in the early days of its launch. The demand for it exceeded the supply. So far, the cryptocurrency had strong support from large companies such as Bisq exchange, BTC.com mining pool, F2Pool, and others. The American exchange Bittrex announced a listing of Grin. There is also a large community behind the cryptocurrency eager to move the project forward.
Disadvantages of Grin
However, the project still has some privacy vulnerabilities needing to be fixed. Specifically, Dragonfly Capital published a study describing an "attack" that could reveal the identities of 96% of active Grin users. Some claim the project faced a very serious cold start problem and the competition with other market participants such as Monero (XMR) and Zcash (ZEC). Traders are also gradually losing interest in Grin: the price of this cryptocurrency, both in dollars and in BTC, has continued to fall. For example, shortly after the launch of the network, the cryptocurrency fund Iterative Capital supported the OTC trading of Grin and considered participating in mining. However, the company soon lost interest in the network.