What is Grin Coin? Grin Coin is a MimbleWimble chain application focused on privacy and scalability. In this article, you can find answers to frequently asked questions such as what is Grin Coin, what it offers, what is GRIN, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for you. Let’s examine the issue together.
What is Grin Coin?
Grin Coin, released in 2019, is a crypto money project running on the MimbleWimble protocol. MimbleWimble aims to provide users with privacy, scalability and exchangeability. Privacy-focused Grin’s goals are aligned with MimbleWimble. The chain app has a native cryptocurrency called GRIN. The cryptocurrency project aims to create a cryptocurrency that anyone can use privately, without censorship or restrictions.
Grin, which is quite young compared to other crypto money projects, is not supported by any central foundation or organization. The project was created by independent developers worldwide and is managed by the community. The project is designed to keep the identities and data of network participants confidential. Blockchain uses a Proof-of-Work consensus mechanism. This PoW mechanism is called the Cuckoo Cycle. Unlike other PoW blockchains, mining on Grin is not dependent on processing power. Miners with the strongest memory of their hardware get the best rewards.
What is GRIN? What is it used for?
GRIN is the native cryptocurrency of Grin Coin using the MimbleWimble protocol. GRIN has several use cases on the platform. Users can transact privately and securely using the token. Besides, GRIN is a cryptocurrency that can be mined. Miners with high memory hardware can earn token rewards through GRIN mining. At the time of writing, Grin was the 865th largest cryptocurrency with a market cap of around $15.5 million.
What are the advantages?
Grin is one of several projects built on MimbleWimble. This can make it stand out among other projects. Many privacy-focused blockchain projects, such as Monero, require users to make anonymous transactions. Grin users have the freedom not to transact anonymously.
What are the disadvantages?
The number of privacy-oriented crypto money projects is quite high. Grin has strong rivals like Monero and Zcash. High competition can cause the project to be overshadowed over time. With low volume, Grin has high volatility like other cryptocurrency projects with this feature. High volatility means that an asset’s value fluctuates over a wider range, both in the bullish and bearish directions.
How to get Grin Coin?
Investors interested in the Grin Coin project should first find a crypto exchange where the token is listed. These exchanges include KuCoin, Gate.io, and HitBTC. Investors who fully subscribe to one of these exchanges and deposit money in their wallets can purchase the token.
