Grin is an in-progress implementation of the Mimblewimble protocol
Proposed by Tom Elvis Jedusor (2 Aug 2016), revised by Andrew
Poelstra (6 Oct 2016).
Implements the concepts, described in
(Maxwell), CoinJoin (Maxwell) and
One-way Aggregate Signatures
Only relies on Elliptic Curve Cryptography which has been tried
and tested for decades.
Case: Alice has transferred some amount to Bob.
After the output was created:
It is impossible to distinguish this output from others
It is impossible to find matching input for this output
It is impossible to observe the amount in this output
Fungibility is the quality of an item that makes it identical to
another of the same kind
Only the block headers and the UTXO set is needed to validate the
To keep the UTXO set minimal, fees are proportional to the number of
outputs created in a transaction.
As a result it scales mostly with the number of users and minimally
with the number of transactions.
But scriptless scripts!
Lets come back to Grin
Why not a sidechain?
3 years ago sidechains were still more or less in theory
- Bitcoin is very conservative
- Some concepts are impossible in Bitcoin
- Announced October 20th, 2016 by "Ignotus Peverell"
- First Mimblewimble implementation
- Written in Rust
- Open source, 100% community driven
- Funded by donations
No: ICO, CEO, DevCo, advisors, investors, founder rewards,
premines, pre-allocation, pre...
- KISS (keep it simple, stupid)
- No foundation
- Technocratic council
Decisions taken in the open in bi-weekly development and
governance meetings where possible
How to describe Grin?
Schnorr Signatures: smaller
signatures, better security and multi-signatures.
Bulletproofs: smaller range proofs
required for Confidential Transactions.
Scriptless scripts: enables atomic
swaps in Grin and some other scripting behavior.
Dandelion: privacy-preserving transaction
propagation and aggregation.
1 Grin per second FOREVER!
Yes, it's different from Bitcoin.
Emission is stable,
Discourages unfair advantage for early adopters to the benefit of
improved longer term adoption.
Proof of Work
Cuckoo Cycle family. Creator: John Tromp.
Finding 42-cycles in random bipartite graphs with billions of nodes.
Grin PoW algorithms
|CuckARoo29 (GPU friendly)
|CuckAToo31 (ASIC friendly)
I am the author of Ironbelly - Grin
iOS version is available for beta-testing in Testflight.
Grin is not perfectly private. Yet.
- Minimal in design.
- Privacy by default.
- Community driven.
- The fair launch and the fair emission.