GRIN (GRN) Cryptocurrency. Table of Contents
- What is GRIN - Cryptocurrency?
- Objectives, Challenges and Benefits of GRIN
- Grin cryptocurrency: where to buy, sell, store
- Cryptocurrency grin: where to buy with cryptocurrency
- Grin cryptocurrency: where to buy with fiatcurrency
- Is it worth investing in Grin?
What is GRIN – Cryptocurrency?
The first token based on the MimbleWimble blockchain began its life with a declaration of what it would NOT do, and most of these provisions already contradict the usual logic of electronic currencies. Let us recall the main characteristics of the token and where to buy the Grin cryptocurrency.
The Grin cryptocurrency is based on the innovative MimbleWimble protocol and is an active open source project that claims confidentiality, scalability and fungibility. The currency was launched quite recently – 01/15/19, without ICO, presale and even without pre-mining,
Grin is positioned as a currency for making transactions, and not for accumulation and speculation, which today compares favorably with the “heavy” BTC or ETH. At the same time, GRIN is trying to create “monetary” opportunities to stabilize its value.
Objectives, Challenges and Benefits of GRIN
The goal of the project is to create an alternative medium for high-tech private payments. As a reminder, there are no addresses in the MimbleWimble protocol, and all transactions are initially opaque, but they can still be properly verified, despite the absence of addresses and amounts.
In short, Grin offers the following:
A new approach to online interaction
There are no addresses, not even separate transactions – everything is formed as one large transaction, in which coins are constantly shuffled. Direct communication between wallets is performed automatically, “fuel” is internal GRN tokens, in which the internal commission is paid as well. The amount of the commission depends on the number of transactions in the block.
1. Complete privacy of transactions
Confidential transactions (random strings of numbers and other “disorienting” factors) are built into the protocol, which hide the real number of coins being sent.
2. Permanent zero balance of the system
The amount of incoming data is always equal to the number of outgoing data, that is, it seems that there are no new transactions in principle. The system does not need personal data to verify transactions – if the zero balance is not violated, then the transaction is successful. Mathematical protection against double write-offs is built on the same principle.
3. Cleaning up the Grin blockchain for scalability
The system self-cleans by deleting old data and erasing intermediate transactions, therefore, to increase the network bandwidth, you do not need to increase the block size or move part of the data outside of it, as, for example, in bitcoin.
4. Alternative mining mechanism
The Cuckoo Cycle algorithm is tied to CPU mining to counter ASIC mining. The issue of coins is not limited. The Grin inflation rate eventually approaches zero. The block reward is fixed over time.
As of 05/01/2019, Green cryptocurrency shows a capitalization of $ 14,833,702.62 or 3,725.6 BTC and ranks in the third hundred of the world ranking.
Grin cryptocurrency: where to buy, sell, store
Let’s start right away with the problem: storing a coin is difficult. So far, none of the popular crypto wallets is ready to “communicate” with GRN support. There are two options left: download the official Grin crypto wallet or download the web wallet, but both schemes are difficult for beginners.
Firstly, they (wallets) are created for Linux, that is, for Windows you need a virtual machine (for example, VMware Player) and a Linux distribution (optimally, a server version of Ubuntu). Secondly, to work properly with Grin crypto wallets, you need at least average programming skills.
Grin coin is already represented on almost 22 cryptocurrency exchanges, the bulk of speculators trade on Bgogo, HotBit and BitForex and prefer GRN in pairs with BTC, ETH and USDT.
Cryptocurrency grin: where to buy with cryptocurrency
It goes without saying that Grin can be bought for Bitcoin, followed by Tether (only small volumes), Ethereum, LTC in terms of the popularity of requests. The lowest rate is usually set by the CoinEgg, Coinall, Gate io exchanges, the highest – also on the CoinEgg exchange. In the range of 1% of the average cost, you can also buy Grin for cryptocurrency on Bibox, BitForex, TradeOgre, Poloniex, BigONE, Coinall.
Grin cryptocurrency: where to buy with fiatcurrency
At the moment, the purchase and sale of Grin cryptocurrency for fiat currencies is not available on most exchanges. Through crypto exchanges or directly on the exchange, you can use fiat exchange with additional currencies, most often BTC, but the fees can be high.
Is it worth investing in Grin?
The project is very young and there are still many problems of “growth”, including technical ones. The GRIN roadmap announced by the developers for the current year promises to eliminate current errors, increase the protection of already created wallets, launch an official web wallet and a full-fledged marketing campaign. Analysts are confident that it is already possible to invest in this cryptocurrency.
First of all, Grin implements a very promising technology. The coin can potentially be used in payment channels of other systems, both cryptocurrency and fiat, as well as smart contracts, the Lightning Network protocol, etc.
Secondly, the Green cryptocurrency has already bypassed the main “ideological” competitor – the Beam project. Even if we consider that the Beam issue is still considered attractive for investment, thanks to strong support in the global crypto community, Grin has a more promising future. As a fact: cryptocurrency exchanges like OKEx, KuCoin and Gate io immediately started working with GRN, and somehow they are in no hurry to support BEAM.
Grin cryptocurrency is worth buying now as a promising altcoin – there are serious chances for active growth. The price of the coin has not yet stabilized, and against the background of other tokens, it is quite low – it is quite possible to allocate 5-10% of the cryptocurrency portfolio to it, calculated for an average term of 6 months.