The Most Interesting Thing About GRIN
GRIN, a new private and lightweight blockchain and crypto, launched its mainnet just a few days ago. In development since 2016, it uses the mimblewimble privacy protocol to hide where a newly created transaction comes from as well as the amount. No amounts, no addresses!
Since privacy is an important and popular feature among cypherpunks, it's no surprise that GRIN has peaked their interest.
GRIN is also free from any ICO, pre-mine, or founder's reward, mined from a genesis block just like BTC, XMR, NXS and other true digital currencies. It addresses scalability by getting rid of most of the transaction history and is completely open source to promote community development.
It's great deviation from maximalist ideals is that it has an unlimited supply which opens the cryptocurrency up to inflation.
“Grin will print 27million coins every year. It’s inflation rate will go from 400% in 3 months, to 100% in a year. Bitcoin inflation will go from around 3.8% now, to 1.8% in 2020.” said @hodlnaut.
The inflation should eventually decrease to 2% a year. Here is an informative forum discussion about it, including a document with the emission rate breakdown.
With 10.8k followers on twitter, and lots of buzz from prominent figures in the space, GRIN is definitely making a big splash compared to other altcoins.
So, what do you guys think? Are you a BTC maximalist who's mining GRIN? Will this monetary game theory fail even if the tech succeeds? Or is it just another flashy shitcoin?
😁 ~ Lady A
Interesting... How does GRIN fund its own development? Pivx manages to maintain a constant new coin supply by having transaction fees that are 'burned'. As such, it's even possible for Pivx to have a coin supply that becomes deflationary when high enough transaction volumes are reached. It also funds its own development by proposals made to and voted on by its network of masternode owners - although they're looking into a switch to community governance. @pivx
From their website grin-tech.org:
"Grin is launched fairly — free of ICO, pre-mine or founder’s reward. We rely on donations to keep working on the project. Support the movement by purchasing some swag or making a donation."
Greetings @msccleverclocks
A network that relies on donations to develop says a lot about its intentions, GRIN comes to the network with quite striking features, so much so that it is impossible not to notice it, I hope to see how it develops over the next few months.
Enjoy your day, Piotr.
Development by donation takes some die-hard user enthusiasm. Consider Litecoin - no self funded development, huge user base and transaction volume, supported by almost all exchanges and it has still gone through periods where the developers couldn't justify the time required to maintain it. Other projects, like promotion and merchant adoption, face even great difficulty in securing adequate donations. The typical volunteer opensource development model is all well and good but as long as people are prepared to accept that developer talent is worth something, crypto currency provides a very nearly built-in way to bypass the unreliable donation method of support.
Hi @voluntary
Thanks for replying to my previous comment. I always appreciate people who engage back.
Will follow you closely.
Yours
Piotr
Interesting post, by the way - check your FB dm :)
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