F2Pool delisted the GRIN mining pool on May 19 and stopped GRIN mining services.
This is undoubtedly a very big blow to the GRIN community.
Grin, developed in Rust language, is a minimal implementation of the MimbleWimble protocol and the first open source implementation of MimbleWimble. The Grin documentation was published by anonymous developer Lgnotus Peverell on October 20, 2016, and many of Grin's core developers have adopted monikers related to the source Harry Potter.
MimbleWimble is a blockchain format and protocol that relies on robust cryptographic primitives to provide very good scalability, privacy and fungibility. It addresses the gap between almost all current blockchain implementations (and real-world needs). Grin is an open source software project that implements the MimbleWimble blockchain and fills in some of the things (missing from the MimbleWimble protocol) necessary to implement a full blockchain and cryptocurrency.
Although MimbleWimble is a new and experimental technology, it has the advantages of significantly improving privacy and scalability, although currently its user experience is not good enough, and it does not completely solve some privacy challenges. A large number of tests and iterations are required to achieve efficient private transactions on a large-scale open blockchain ecosystem. At present, this seemingly incomprehensible concept may encounter unexpected problems in practice.
Grin has a linear issuance rate and will be issued at a rate of 60 Grin per minute (one Grin per second) - its supply is intentionally uncapped. While Bitcoin is capped at 21 million and has a deflationary issuance plan, Bitcoin’s block reward is halved every four years until it approaches zero. Because Bitcoin's issuance model increases its value over time, the Bitcoin model encourages holding coins. This makes Bitcoin a store of value (SoV).
Grin has a very high inflation rate early on, but when there are millions of Grin coins in circulation, the inflation rate will approach zero over time, although it will never reach zero. In practice, it would take 10 years for inflation to fall below 10%, and 25 years for inflation to drop to 4% (same as Bitcoin in 2018). Inflation will take 50 years to fall below 2%. In practice, however, the Grin team believes that inflation will be lower than expected above when accounting for the existence of lost coins due to lost private keys. According to the team, coins lost each year could be as high as 2% of the total supply, which should be excluded when calculating inflation. Perpetual issuance is seen as a potential solution to mitigate the impact of coin loss.
Since the mainnet launch in 2019, GRIN has gathered a large group of loyal community fans and firmly believes in the future of the privacy track. But at the same time, to this day, there are still voices in the GRIN community insisting on GRIN as a payment scenario and application, which makes people have doubts about where GRIN will go next.
Mao Buboo, a Forbes contributor and former LOOPRING content director, believes that GRIN is unrealistic as a payment. Although it has a privacy tool, it also has defects such as an unfriendly wallet experience while competing with digital RMB wireless payments. In this round of bull market, GRIN did not grasp the selling point of hardcore meme, but still immersed in the glory of the past, which is regrettable.
Decentralization and distribution methods have always been the main highlights of GRIN. Xiaojie, as a full-time developer in the community, also shared his views: He believes that first of all, from the perspective of inflation, everyone says that Bitcoin is "digital gold", but from the perspective of inflation curve, Grin is more like digital gold, because gold is Never halved. Bitcoin has not yet fully proved that its handling fees can completely replace block rewards. There have always been hidden dangers in this regard. Grin has foreseen this in advance and continues to distribute mining fairly. Network computing power security.
Recently, @oryhp of the grin foreign community also compared the advantages and disadvantages of Grin, Monero and Bitcoin.
(Thanks to the Roast Boy Creators Alliance for supporting this article)
Last month, Grin-funded developers were working on implementations including hardware wallet Ledger support for Grin and Grin and BTC Atomic Swap (Atomic Swap).
We will wait and see where GRIN will go.
