Today marks the launch day of Grin, a new project built on top of a privacy protocol called Mimblewimble. MimbleWimble protocol that addresses the privacy issue through a different blinding factor approach and the support of the CoinJoin system. Unlike the Bitcoin protocol, MimbleWimble will not reveal transaction addresses or the amount being sent/received, while cuts out the complexity other privacy protocols have generated. The blinding factor here is the CoinJoin system developed by Dr. Greg Maxwell which combines multiple transactions into one block and clouds the transaction graph. Therefore, instead of taking up a lot of storage for the data on transaction information, Grin does not increase blockchain size as its transactions accumulates.
Besides Grin, Mimblewimble has other implementations such as Beam. Although both coins share the privacy-oriented protocol, Beam follows the traditional VC-funding route (like ZCash), speeding in full development while Grin maintains its community-driven approach (like Bitcoin and Monero).
People have been talking about the Grin launch because there is no form of investment or founders’ reward that assisted in the launch of this coin. The development of Grin is entirely funded by donations and the community and the supply starts from 0. This entire structure is very similar to the Bitcoin narrative and thus making it more attractive for the spectators than other ICOs.
Firms like Altonomy has already announced that it will provide OTC trading for Grin and several OTC platforms have witnessed discussions and transactions of Grin.
To participate in the actual mining process, join telegram communities where suitable graphic cards are recommended. Currently only Linux or MacOS systems support Grin miners, and Grin’s Github page provides a pretty detailed mining prerequisites as well we set-up guide. Windows users can use Gringold and Grinpro miners). To ensure you get a block while mining at home, join a mining pool and provide your hash rate to the pool to be compensated with Grin. There are several mining pool communities for Grin and they can all be found on its Github page,
Some people have tried to mine Grin on the testnet, and since the coin launches today, their methods can be applied on the official network. GPU is required for mainnet mining. To do so you may also download the prerequisites, ensure there is enough memory, and follow the Blade Doyle mining guides in your terminal (this can be found on medium).