Grin, an anonymous cryptocurrency which made its debut on Jan. 15, is a new privacy coin that applies the Mimblewimble protocol, called after the famous Harry Potter books. This protocol essentially mingles together all the transactions from the people, so nobody can really track them.
According to Coindesk, Grin developers have arrived at an estimated consensus on a block number and anticipated date of activation for the crypto network’s first upgrade or hard fork. This was proposed by Quentin Le Sceller, a Grin core developer and software engineer at blockchain startup BlockCypher, during a developer call on Tuesday, the recommended activation block number is 262,080. The system is assumed to tap this block height on July 17.
On Wednesday, during the offhand meeting, Grin core developer Michael Cordner insisted that while the recommended timeline could vary, attempts should be taken to adhere by the plan.
Cordner posted in the developer chatroom
If the date slips, we’ll communicate it closer to the time. But we should really try to keep to it, which is another reason [why] we should keep all non-[hard fork] related [pull requests] out until post [Grin version] 2.0.0.
The Grin Road Map
The hard fork, identified as variant 2.0.0, is just the start. There are four expected upgrades in the road map of the firm, which persists for two years. One of the principal purposes of the settings is to handle ASIC mining in the long term.
Grin applies two separate proof-of-work mining algorithms that deliver the potency of utilizing ASICs versus more common computing tools named GPUs. One known as Cuckatoo31+ is explicitly ASIC-friendly while the other, known as Cuckaroo29, is created to optimize for GPU-specific capacities.
Grin’s first expected hard fork will perform a transition to the Cuckaroo29 mining algorithm created to guarantee its ASIC-resistant features on the network. Grin’s first hard fork will also highlight important upgrades to the cryptocurrency’s wallet software directed at boosting wallet compliance and usability. Grin’s wallet API will also get a lift to allow new duties such as transaction invoicing.
Quentin Le Sceller said that
Regarding the new API version, [Grin developer] Yeastplume has been working on it for some time now and it’s an enhanced version using JSON-RPC (compared to the previous one which was using REST)…A website using Grin [tokens] can create an invoice and the client only ‘need to sign it’ which reduces the number of back and forth.
Le Sceller also stated that mining pools, exchanges, and other users associating with the Grin protocol will require to upgrade both their node and wallet software to receive new blocks and develop transactions past the expected hard fork time.
What is Grin Coin & MimbleWimble?
Grin is a cryptocurrency project concentrated on privacy, scalability, and fungibility that is generated by performing a MimbleWimble blockchain with some complex design. MimbleWimble is one blockchain protocol presented by Tom Elvis Jedusor in July 2016 and has received resistance amongst multiple Bitcoin and privacy enthusiasts. To know Grin and how it operates, it is essential to first know MimbleWimble.
MimbleWimble represents a blockchain protocol, which is very focused on high anonymity and high scalability. In MimbleWimble, all expenses of a transaction are cryptographically protected and transactions can no longer be uniquely assigned. In a sense, they even completely leave from the blockchain. Nevertheless, it can still be guarded 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.
Purchase confirmation in MimbleWimble relies on covering components which are typically the private keys of the users and extra costs that are part of the transaction structure. This concealing agent can be leveraged to discover ownership of the price in a transaction without revealing its values.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The cryptocurrency market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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