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Grin —— A Privacy-Preserving Digital Currency
**Website Explorer Whitepaper**
Grin is a privacy-preserving digital currency built openly by developers distributed all over the world. Grin has no amounts and no addresses. Transactions can be trivially aggregated. To hide the origin of a newly created transaction, it gets relayed among a sub-set of peers before it is widely broadcasted.
Grin is committed to providing privacy and scalability of cryptocurrency. It has several unique properties: it uses a privacy protection blockchain format called MimbleWimble; only a small amount of data is stored in the blockchain, and it is cheap and easy to run a full node; Mimblewimble is developed by anonymous individuals, and the team is distributed all over the world; there is no pre-mined PoW mechanism, which is more equal and decentralized.
Grin is fully open-source and community-driven. There is no single entity behind it, Grin’s development is funded by donations as well as done voluntarily by contributors. Everybody can discuss, influence, or work on its development.
Grin’s blocktime is 1 minute, each with a coinbase reward of 60 grins, thus creating 1 unit per second, forever. This linear emission creates a constant increase in supply, but a decreasing rate of inflation; making the emission disinflationary. This simple design serves to ensure both the long-term security of the chain and a fair process of coin distribution to all participants.
Grin on MimbleWimble supports confidential transactions, conceals all transaction data through homomorphic encryption, and uses range proof to solve the validity problem, but it does not support scripting. In the Grin network, the new verification node only needs to synchronize the block header, unspent transaction output, and redundant data (transaction data that records the difference between output and input, and signatures created by all parties involved in the transaction). Transaction information is indistinguishable, and there is no address or quantity.
Mimblewimble only stores a small amount of data in the blockchain, making it cheap and easy to run a full node, and the new node will be able to synchronize with the network quickly and efficiently. In addition, MimbleWimble can be implemented on Bitcoin's sidechain or as an extension block.
With the emergence of ASIC mining machines, the computing power of the entire network is monopolized by several ASIC giants. Grin uses the same proof-of-work mechanism as Bitcoin, but uses the Cuckoo cycle algorithm. The Cuckoo cycle is an ASIC resistant mining algorithm that mainly uses memory strength to try to resist ASICs, thereby encouraging decentralization of miners and also providing opportunities for GPU miners.