In a little over a month, one of the most eagerly anticipated cryptocurrency projects in recent times will launch. There will be no ICO or premine, and, like the transactions themselves, the project team are highly private. Grin, the first network to utilize Mimblewimble cryptography, has wide-ranging implications for privacy that could ultimately shape the future of the Bitcoin network.
Grin and Beam Will Give Privacy Purveyors a Lot to Smile About
Grin and Beam are two projects that will make use of Mimblewimble, a form of cryptography whose applications include facilitating private transactions. Of the pair, Grin has garnered the most attention from bitcoiners. One reason for this is that the success of new privacy protocols could pave the way for Bitcoin Core or Bitcoin Cash to adopt similar tech. That possibility remains some way off, but in the meantime, there are other reasons why Grin has intrigued the Bitcoin community.
Observers have noted the similarities between the launch of Grin with that of Bitcoin and Monero. Grin has a largely anonymous team, no founders’ rewards, and a community spirit that harks back to the early days of Bitcoin, when proponents were more interested in creating something useful than posturing and profiting. While Grin will certainly attract its share of speculators, its technology is its primary talking point. “Grin has no amounts and no addresses,” explains its website. “Transactions can be trivially aggregated … 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.”
The Magic and Mystery of Mimblewimble
At the heart of Grin,