Review on Grin by francis fernandez
Grin: an anonymous, scalable and fast blockchain
Grin is a digital asset dating from January 2019. This coin was developed with the aim of being an efficient blockchain as a means of payment: anonymous, scalable and secure, through the use of the MimbleWimble protocol. Its creator hides under the pseudonym Ignotus Peverell.
Its MimbleWimble protocol guarantees that the transactions carried out obfuscate the amounts and the addresses and data of the sender and receiver of the funds. Through the use of this consensus protocol, financial operations are executed by the direct interaction of the wallets without the need to make a detailed record of each of the transactions carried out; which implies that they are carried out anonymously before being registered in the blockchain.
The advantages offered by its protocol are, in short, privacy and scalability by reducing data storage by 10%.
Although some critics and experts claim that MimbleWimble privacy is unreliable; This protocol brings other benefits to the blockchain in addition to its ostentatious privacy.
For Grin, its main goal is to become the cryptocurrency of mass use to carry out fast, reliable, easy and secure transactions.
As for its mining; Grin uses the philosophy of equity and decentralization in the distribution of cryptocurrency and thanks to its open source, the development of this project is subject to the support of the community.
What other characteristics does this project provide?
Grin uses a Cuckoo Cycle consensus algorithm, a PoW-type algorithm that helps to ensure the security and validation of transactions and creates a barrier for the ASIC mining system; facilitating the use of mining with GPU and CPU equipment.
Pros
- It is a platform that allows anonymous transactions without restrictions.
- It is used quickly, easily and safely for global transactions
- It allows a distribution of mining rewards in a balanced way.
Cons
- There are controversies regarding its MimbleWimble privacy protocol
