About Grin-CR29

Grin Review: Mining Guide, Price & Analysis of Grin Cryptocurrency

Grin is a cryptocurrency that seeks to offer users the ability to transact privately. Additionally, Grin prioritizes fairness on the blockchain. There is no central institution controlling the network. Further, Grin provides speedy transactions. This means that the cryptocurrency can support many sectors.

Additionally, the cryptocurrency has excellent scalability. This means that the cryptocurrency can support a massive load of transactions. This is unlike earlier cryptocurrencies like Bitcoin that do not have much scalability. However, this scalability still does not march what we see in better-established coins. Cryptocurrencies like EOS continue to prove they can handle scalability at a high level.

Further, Grin has fungibility. This means that it is easy to exchange this cryptocurrency with other assets. Hence, it has high liquidity. Even better, Grin is eco-friendly. This is because it saves a lot of computational power. Additionally, it saves a lot of hard disk space.

How Grin Works

Grin uses a protocol called the MimbleWimble protocol. This protocol allows the blockchain to be light and speedy. Additionally, it allows the network to save a lot of space. This is because the network does not keep records of past data. It removes it without compromise on security. This ensures the blockchain does not collapse due to the amount of data stored.

The developers believe that the blockchain is still valid even when some blocks are not valid. The blockchain only needs to maintain the sum of all transactions. Hence, Grin does not need to store past transactions.

Further, Grin does not have addresses. Each transaction is unique. The company uses this unique data to relay the transaction to the right user. Also, the two participants do not have to be online at the same time for the transaction to go through.

Additionally, Grin makes it impossible for users to cheat the network. Transactions on the network have homomorphic encryption. This means that the network can confirm the sum of all transactions without having the data. Hence, it always maintains a consensus.

Can Investors Mine Grin?

Yes, it is possible to mine this cryptocurrency. Grin uses the Proof of Work consensus to secure the network. Grin uses a PoW algorithm called Cuckoo Cycle. This algorithm is more memory-based. Consequently, it does not require much computational power to mine this cryptocurrency.

However, the platform is planning to launch an iteration that supports ASIC mining. They believe this is necessary to increase the security of the blockchain.

Therefore, you can easily mine this cryptocurrency alone on a home computer. However, pool mining is still the more profitable alternative. You can join a mining pool to increase your chances of getting a reward. Some of the mining pools you can join include, GrinMint, Sparkpool, F2Pool, and WoolyPooly.

The average block time is one block in one minute. This is very fast. It means that the blockchain can confirm transactions within a minute. Further, the size of the block depends on the transaction itself. The reward per block currently stands at 60 Grins per block.

Grin can combine two transactions happening at the same time. This removes intermediary data saving on space.

The Team behind Grin

Grin is one of the most decentralized blockchains. It has no central team controlling its operations. The names of the founders and developers remain hidden. Additionally, there is no CEO or anyone with a position over other community leaders.

Many cryptocurrencies do this to protect the decentralization of the blockchain. Additionally, there is no treasury fund or developer rewards. Further, this coin did not have an ICO, Premine, or any other event. Coin holders can submit a proposal to the community. The community can then vote on said proposal.

This aligns with the original Bitcoin’s vision. Additionally, this team is very dedicated to the development of Grin coins. Hence, they get the befit of doubt from the community. Moreover, the developers always keep the community updated on everything Grin.

Further, the community is very engaging. You can find the team on Keybase chat. Here, you can have your questions answered.

Privacy and Security

Grin has excellent security features. The development team shows a lot of dedication in maintaining the security of the network. The platform even has a security team. This team’s job is not only securing the network.

They also help improve transparency and efficiency. The team encourages participants to report vulnerabilities of the blockchain. Additionally, they perform contract inspections to ensure there are no entry points.

Further, they perform code audits. This is very effective in keeping out intruders. Additionally, the coin offers bug bounties to people all over the world.

Privacy is also a priority on the Grin blockchain. There are no addresses on the network. This means that there is no way to tell the difference between one transaction and another. Additionally, the blocks do not offer much insight into a transaction. They record transactions between two abstract points.

Grin Performance

Grin does not have an excellent performance in the markets. It currently holds the 368th rank in market cap share. That is with a market cap of $22,949,739. This shows that this cryptocurrency has the potential to grow.

Additionally, it has a 24-hour trading volume of $14,769,818. Hence, it has relatively high liquidity. Still, the development team has a lot of work to do for the value to go up.

Our Take on Grin

Grin is one of the most decentralized blockchains that exist. It has excellent security features and is eco-friendly. Moreover, the coin has great scalability. A combination of speed and scalability is a significant asset. It means that a cryptocurrency can handle the pressure of many sectors.

Further, Grin allows for private transactions. However, it is competing with some better-established cryptocurrencies like ZCash. It is impossible to see how it will dethrone such currencies.

On a positive note, though, Grin has great liquidity. This means that it is easy to sell the coin. Moreover, the coin is fungible. You can easily exchange it for other assets.

Advantages

• It is very fast and secure.
• The platform has high scalability.
• It allows for private transactions.
• The coin has fungibility.
• It is an easy coin to mine.

Disadvantages

• Grin faces stiff competition from better-established coins.

How to Buy Grin coins

The easiest way to add a cryptocurrency to your portfolio is by buying it. If you like Grin and what it offers, then you can buy it. You can do this from exchanges such as HBTC, Poloniex, VCC Exhange, and Bidesk. The current price of one Grin coin is $0.374754.

You will need a wallet to store your Grin coins. For this, you can use the Grin wallet. It is available on Windows, macOS, and Linux.

Final Verdict

Grin has great features under its umbrella. There is no denying the versatility of this coin. It supports so many activities in one blockchain. It has great levels of scalability and decentralization.

However, this cryptocurrency is competing with some of the biggest names in the space. EOS and ZCash are examples of cryptocurrencies that Grin is competing against. It is impossible to see how it can overtake them.

As it stands, investing in this coin is still a gamble. It only has just shy of two years in the market. Its value could go either way.