Continuing the series of posts about the brand new coin – Grin, and its algorithm – MimbleWimble – today it’s time to talk about the ideology of the Grin network and the team behind it.
First of all, it will be important to say, that each and every blockchain project is lead by some philosophy or ideology. Starting from Bitcoin, which opened the door of the new future to all world, with its intention to digitalize the world economy, ending with various tokens and DPoS projects like EOS, where ideology stands not just behind the entire platform, yet behind each Block Producer.
The ideology of the Grin is complex, yet simple. Grin developers wanted to make a high-end performance network, scalable enough to have an opportunity to become a mass-used product. Another side of the coin is its privacy and independence.
Grin natively uses a transaction format called Confidential Transactions (CT). They have very few pieces of information:
- Inputs, which can be mostly seen as references to past outputs.
- Outputs that are just a 33 bytes blurb called a commitment, encoding the amount and ownership, as well as an associated proof that the amount isn’t negative.
- A proof that the sum of inputs matches the sum outputs plus the fee (no new money creation).
According to this, there are three main privacy benefits of Grin: all transactions are confidential, they are very small and doesn’t include any types of scripts, and for the third-party, they look like a random set of bits, set together.
With both these points: privacy and performance, Grin is quite similar to the MinerGate.
MinerGate was one of the first multicurrency mining pools, preaching the privacy of its users. With its 6 year experience in building infrastructure for mining pools of various cryptocurrencies, MinerGate prooved its expertize in creating high-load systems.