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The new "grin" cryptocurrency of Privacy Oriented has been accused of doing wrong

Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already been surrounded by controversy. According to the recent tweet proposed by Dovey Wan, founding partner of Primitive Ventures, Grin's trading volume is higher than its total offer.


Grin volume is a time bomb created by centralized exchanges, says Wan

In a series of proposed tweets Dovey Wan, some centralized exchanges that started trading Grin even before the first coin was minted and used the new coin as a shield to print more * BTC * out of thin air with a non-solvent BTC reserve. According to her, these exchanges were quoting volumes that were much larger than Grin's available offer

According to her, the reason for this error is quite strong as these exchanges, a hand simply by printing more * BTC * and, on the other hand, are shorting BTC eventually gaining a true BTC from the transaction fee to virtually no cost

Referring to the initial volume of a few hours on the sales order portfolio of these exchanges, Wan points out that Grin's inflation program is calculable and requires 1440 confirmation blocks for the maturity of the Coinbase prize, before not being able to spend the money. Coinbase output.

Pointing to the centralized exchange Wan says,

"Centralized exchange is a black box that no one knows if their internal book can synchronize on the chain.With tons of withdrawal restrictions, printing fake BTCs is a totally feasible result in fractional reserve"

Grin uses the Mimblewimble privacy technology that brings privacy encryption to a very different level. This new protocol merges all the transactions of individuals together, so no one can actually follow them. The hype for the launch was great because the technology was already in production since 2016 and it took a long time to get ready. On January 15, 2019, at 17:38 UTC, the genesis block appeared and a new era began for this technology.

Grin had debuted with a high price of $ 261 per coin after his first block had been drawn, but within 24 hours, the currency lost up to 98% of its value and currently trades around $ 6.60 owing of expanding its money supply.

Currently there are five cryptographic exchanges that have listed and are trading Grin, which includes BitForex, Bibox, CoinEgg, BigONE and MXC. Meanwhile, five mining pools such as UUPool, F2Pool, BTC.com, Bixin and Spank Pool have announced their archiving rules for the corresponding portfolio addresses.

With the introduction of Grin, privacy in cryptocurrency would reach a next level, but initially this controversy is appalling. The team behind Grin and the exchanges will be clear on this is something that will have to wait and watch.

Will Grin writing a new chapter for coins for privacy or will it be fizzled out in controversy? Let us know your opinions on the same

Summary

Crypto Controversy: new privacy-oriented cryptocurrency

Item name

Crypto Controversy: new cryptocurrency "Grin", protected from privacy, for wrong accusations

Description

Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already been surrounded by controversy. According to the recent tweet proposed by Dovey Wan, founding partner of Primitive Ventures, Grin's trading volume is higher than its total offer.

Author

Nilesh Maurya

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Coingape

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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
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