On January 15, the first block of a new Grin cryptocurrency was created. As it became known, the coin uses the MimbleWimble privacy technology, as reported by the CoinDesk news agency.
MimbleWimble encryption protocol
As you know, MimbleWimble encryption technology was named after the spell from the Harry Potter books, which "binds" the language.
In fact, the MimbleWimble encryption protocol is a system that links transactions so that they can no longer be decrypted. At the same time, it is impossible to decrypt MimbleWimble transactions even in the White Paper of the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details.
New Grin cryptocurrency will work using this encryption protocol. As it became known from the presentation of the coin, Grin are tokens with an incredibly high level of anonymity and confidentiality.
New Grin cryptocurrency: creation and first transactions
Work on the creation of a crypto-coin began in the last quarter of 2016. The first (after Genesis) block was created on January 15 at 17:38 (UTC). According to the developers, the second block appeared less than a minute after the first (information according to grinscan.net).
Grin's domestic "market" began to evolve. This is evidenced by the offer to purchase tokens. Although one block in the Grin chain brings in only 60 tokens, Bisq crypto-exchange offered 0.1 BTC per 1000 Grin (approximately $ 0.37 per coin).
As indicated on the official website of the coin, Grin was created in "crowdfunding" conditions. That is, before the launch, there was no ISO, investment and lending from exchanges and companies.
By the principle of networking, the coin is almost identical with the Beam cryptocurrency. But unlike the Beam, Grin has no fixed monetary policy. This means that the blockchain generates tokens once a second.
The first block of the new Grin cryptocurrency was created – today many of the cryptocurrency society are closely following the further development of the coin. Currently, there are more than 7,000 followers on Twitter who follow the updates on the new tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details.
Editor: Yuliya Soroka