Cryptocurrency exchange Bittrex International has listed grin (GRIN), a cryptocurrency, which is focused on improved concealment and scalability. The official twitter account of the crypto exchange announced this news on Twitter.
The exchange declared that the Grin market is open for deposits and trading on the platform. The exchange has also said that withdrawals for Grin will be allowed soon. Grin had delivered significant news lately when it was declared that the privacy-oriented coin declined by 97% in a day.
Grin is an anonymous cryptocurrency which made its appearance on Jan. 15, is a new privacy coin that utilizes the Mimblewimble protocol, called after the popular Harry Potter books. This protocol essentially combines together all the transactions from the people, so nobody can actually trace them.
Grin Coin & MimbleWimble
As mentioned earlier, Grin is a cryptocurrency project focused on secrecy, scalability, and fungibility that is performed by executing a MimbleWimble blockchain with some unconventional design. MimbleWimble is one blockchain protocol presented by Tom Elvis Jedusor in July 2016 and has obtained friction amongst multiple Bitcoin and privacy enthusiasts. To know Grin and how it operates, it is essential to first know MimbleWimble and its benefits.
Similar to the bitcoin which was created by the hidden Satoshi Nakamoto, the MimbleWimble protocol was developed by an anonymous alias who declared it in a Bitcoin developer chatroom. A user called “Tom Elvis Jedusor” gave the link to a white paper he drafted in July 2016 titled “MimbleWimble”. Shortly after its announcement, however, Jedusor left the channel and never surfaced again, which causes the development of MimbleWimble as puzzling as the development of Bitcoin.
MimbleWimble illustrates a blockchain protocol, which is very focused on high anonymity and high scalability. In MimbleWimble, all amounts of a transaction are cryptographically obscured and transactions can no longer be uniquely assigned. In a sense, they even simply escape from the blockchain. Nevertheless, it can still be secured via mathematical functions that, for example, no “counterfeit” coins produced and the account balance of the sender is actually greater than the amount to be transferred. However, the greatest technological shift of MimbleWimble over established blockchains such as the Bitcoin blockchain, are the so-called “transaction cut-throughs”, for example, “transaction averages” and the cross-block merging of transactions.
Just a few days ago, the Litecoin Foundation and Beam have declared the agreement to perform MimbleWimble via Extension Blocks on Litecoin’s blockchain to make more privacy. Litecoin Foundation has approached Beam for plausible agreement to perform Mimblewimble via Extension Blocks on Litecoin. The teams behind Litecoin (LTC) and new privacy coin Beam have started research towards combining privacy and fungibility to Litecoin by providing an on-chain change of general LTC into a Mimblewimble alternative of LTC and vice versa. Upon such conversion, it will be reasonable to conclude with Mimblewimble LTC in total confidentiality.
Litecoin founder Charlie Lee has lately said that he is examining methods of developing Litecoin’s fungibility by adding Confidential Transactions. In the month of January 2019, Lee had said that fungibility is the only part of undecayed money that is missing from Bitcoin & Litecoin. Now that the scaling discussion is behind us, the ensuing battleground will be on fungibility and secrecy.
Grin Climbs 20% After Bittrex Announcement
After the Bittrex announcement, grin resulted to climb above 20% and the asset is trading at $5.55 (+22.97%).
The cryptocurrency business has been on an upswing lately, with a bulk of the cryptocurrencies viewing green across the rainbow. This bullish growth has been stoked by various updates and improvements developing in from a lot of cryptocurrency businesses and channels.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.