How the MimbleWimble blockchain operates summarized for you

Grin is listed on ABCC Exchange!

Since Cryptocurrencies became popular, many projects have emerged to stake their claim as the best digital currency out in the market. Speed, privacy and anonymity have been a few unique selling points the new currencies are eager to push forward to users. Grin is a project that wants to provide speed, privacy and anonymity to users using a mixture of innovative new technologies. We breakdown the complexity of this project for you in this article.

MimbleWimble- Where Speed Meets Privacy

Grin is run on the MimbleWimble blockchain, a protocol that provides privacy and scalability to the users.

Scalabe and private

Privacy

There are no addresses in MimbleWimble (yes, you read that right). In addition to this, the value of transactions are opaque, making transactions on the MimbleWimble blockchain even more private.

Without addresses, how is ownership proof carried out and double spending prevented?

Verification of transactions requires that the sum of transaction outputs minus the sum of transaction inputs is always equals to zero. To illustrate this with an example, for Bitcoin transactions it is between two parties, Alice and Bob. Alice sends Bitcoin to Bob’s wallet address and Bob can see that the Bitcoin was send from Alice’s address.

Under the MimbleWimble model, Charles, another party is introduced. Alice will deposit the tokens with Charles, and Charles will immediately pass the tokens to Bob. The crux is ensuring that the number of tokens Charles received is equals to the number of tokens Charles passed to Bob.

In a transaction on MimbleWimble, the recipient creates and sends the address to the sender. This data can only be seen by the participants in the transaction. Furthermore, the blocks do not contain a list of transactions, but instead these transactions are aggregated into a single transaction with mixed inputs and outputs.

Scalability

To ensure that the blockchain continues to scale, old and unnecessary transactions will be eliminated on the blockchain, such as spent inputs on the blockchain. In a block, cut-through transactions are only represented by their transaction kernel.

Grin Token- What you need to know

The Grin token runs on the MimbleWimble blockchain. The main function of the Grin token is to serve as a currency, and this is evidenced by the supply policy of Grin. Grin has an unlimited supply of tokens and uses a linear supply schedule, with inflation rate dropping as time passes.

Grin runs a variation of the Proof of Work (PoW) consensus model known as the Cuckoo PoW Consensus. The Cuckoo PoW is ASIC resistant, meaning that computing power is not the key factor when it comes to mining Grin tokens, in contrast to Bitcoin. The Cuckoo cycle algorithm is memory bound (bandwidth), making mining accessible to CPUs as well.

These factors makes for Grin token to be more decentralized and stable with regards to it’s the dynamism of the ecosystem.

Grin Conclusion

The Grin project offers a fresh solution to privacy and speed for a digital currency. Since its launch, Bitcoin possesses a paradox, whereby third parties do not know the identity of transacting parties, but are able to access the number of tokens held in a wallet. Under the MimbleWimble ecosystem, this paradox is eliminated and will be appealing to users who value decentralization and anonymity.

Sounds exciting? Trade Grin on ABCC Exchange today! GRIN/BTC and GRIN/USDT are available for trading now.

Disclaimer: The above article is a brief overview of the GRIN project and is in no way an endorsement of GRIN token from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.