Grin and Beam are currently the hot topics in the privacy space, top coins built on MimbleWimble protocol, the tech designed to solve the privacy and scalability of Bitcoin. Earlier this week, Grin made it to the headlines as the coin, which is considered to be the closest version of Bitcoin, plunged by over 97% within a few days of its launch.
The MimbleWimble protocol was first introduced in the year of 2016, by Tom Elvis Jedusor, an anonymous developer, with both the names inspired by Harry Potter. With privacy as the core of this protocol, no one will be able to see the amount of cryptocurrency that is being sent and the addresses involved in the transaction, with only the information required to verify a transaction revealed.
This protocol will be added to Monero, the leading privacy coin in the space, as a sidechain. Riccardo Spagni, the lead developer of Monero said on Twitter earlier this week, “Monero already *is* implementing a MimbleWimble sidechain, Tari”.
During the latest episode of Magical Crypto Friends. Samson Mow, CSO of Blockstream, Charlie Lee, creator of Litecoin, Riccardo Spagni aka fluffypony, and Whale Panda, discussed Grin and Beam.
Riccardo Spagni, when asked about whether he was felt threatened by the new privacy coin, stated that he is a “big advocate of anything that provides improved privacy.” He said:
“I mean our criticisms of Zcash are not the privacy enhancing tech. I think that privacy enhancing technology if it’s done correctly is overall net positive and I will absolutely over time have criticisms of Grin and Beam as as things flesh out more and I think criticisms are good, you know, criticisms of Monero make Monero better so like those criticisms should be should be viewed in a positive light.”
He went on to say that the reason he doesn’t feel threatened by the currency is that,