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Grin, a cryptocurrency that uses mimablewimble privacy technology, has just been transmitted on the mainnet.
It takes its name from the curse that binds the language in the Harry Potter book series, mimblewimble is a protocol that merges the transactions together in such a way as to make them indecipherable, even on a public digital ledger.
While it was in production by the end of 2016, Grin saw its first block of transactions (after the blockage of genesis of the network) appear on Tuesday at 17:38 UTC. A second block was mined less than a minute later, according to a block explorer.
A market for cryptocurrency is already starting to form, and although the first block grants only 60 grins, an investor has already offered an offer. 0.1 BTC per 1,000 grin (about $ 0.37 per token) on Bisq, a decentralized exchange listing the token. Another offer on Bitmesh enhances the token much more highly, offering 10 BTC for 1 grin (although the purchase order is for gren 0.001).
What is Grin?
It is the second cryptocurrency that uses technology to go live on mainnet, the first created by an Israeli startup known as Beam.
As highlighted by the developer Grin "Yeastplume" at the end of Octobereven if the two privacy-focused chains are separate, the projects are not in competition at all, with the supporters of Beam also contributing to raise funds at some point for the development of Grin.
In fact, as stated on the official website, Grin is an entirely donation-driven initiative that is "launched fairly, free from [initial coin offering], pre-mine or reward of the founder. "
Unlike Beam, Grin has an unfixed monetary policy, which means that he issues tokens once per second.
This aims to stimulate confidence in currency as a currency, he told CoinDesk in January, adding that he did not want to "unjustly reward early adopters with an arbitrary deflation halving program".
And with over 7,000 followers on the official Twitter account of Grin, there is a considerable community that supports and observes the continued development of this privacy coin now that it has been officially launched.
Image of the crypt miner through Shutterstock
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