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Grin and Beam are currently the hot topics in the privacy space, the best coins made with the MimbleWimble protocol, technology designed to solve the privacy and scalability of Bitcoin. Earlier this week, Grin became the title of the currency, which is considered the closest version of Bitcoin, precipitated by more than 97% in a few days since its launch.
The MimbleWimble protocol was introduced for the first time in 2016 by Tom Elvis Jedusor, an anonymous developer, with both names inspired by Harry Potter. With privacy as the core of this protocol, nobody will be able to see the amount of cryptocurrency that is sent and the addresses involved in the transaction, with only the information needed to verify a revealed transaction.
This protocol will be added to Monero, the main currency of privacy in space, like a sidechain. Riccardo Spagni, the main developer of Monero, said on Twitter at the beginning of this week, "Monero already * is * implementing a sidechain MimbleWimble, Tari ".
During the last episode of Magical Crypto Friends. Samson Mow, Blockstream CSO, Charlie Lee, creator of Litecoin, Riccardo Spagni aka fluffypony and Whale Panda, discussed Grin and Beam.
Riccardo Spagni, when asked if he felt threatened by the new private currency, said he was one "great supporter of everything that provides better privacy. "He said:
"I want to say that our criticism of Zcash is not the technology that enhances privacy, I think that the optimization technology of privacy, if done correctly, is on the whole positive and over time I will have absolutely criticism against Grin and Beam while things they get richer and I think that the criticisms are good, you know, Monero's criticisms improve so Monero those criticisms should be seen in a positive light ".
He went on to say that the reason he does not feel threatened by money is that, according to him, he does not prevent Monero from existing.
"I think Monero is an interesting project if he has a user or 100 users or a million users and if the price is to know that two cents of 20 cents of $ 2 does not really matter so much for those in the technical community you work on because they find it interesting because they find a different code to get interested coins and so on "
This was followed by Charlie Lee who talks about coins, saying that currencies are able to "do privacy and scalability without sacrificing anything." In addition, Lee finds interesting how the MimbleWimble technology makes a private system when data is removed, adding that it makes coins even more scalable than Bitcoin. By doing this, Lee was asked if this protocol will be implemented on Bitcoin as a side chain or main chain. For this, he stated that the problem here is the safety of the side chain.
"The problem I encountered with changes of direction has always been the way you protected him […] therefore, having a separate coin finder with mining, I mean, that security is still the best thing before job security, so yes, you could do it as a side chain for a Bitcoin and a similar coin. I'm not sure how useful it is as a side chain or how secure it is as a side chain ".
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