New Crypto kid on the block, Grin, has announced its live mainnet, powered by mimblewimble privacy technology. Earlier, Beam, an Israel-based startup was the only cryptocurrency to use this privacy technology to go live on its mainnet.
Mimblewimble is as special technology that takes its name from a tongue twister curse in the famed Harry Potter book series. In this case, the technology is cutting-edge as it fuses together several transactions (tongue-tying) ensuring that none are decipherable even when used on a public lecture distribution system.
What makes Grin different?
For its part, Grin was a work-in-progress cryptocurrency since 2016. Its first block of transactions appeared on 15th January, Tuesday and according to one of the users, a second block was apparently mined in under a minute.
Within hours of bringing out its first 60 Grins in the first block, the cryptocurrency has been chased after for its novelty and the likely potential it holds as privacy crypto by several investors. One of the highest bids on the decentralized exchange listing, Bisq, an investor was willing to pay as much as 0.1 BTC for a 1,000 Grins. On another exchange, the values for the grin token was slightly higher 10 BTC for 1 grin. The actual price for a buy order was 0.001 Grin.
Besides Grin differs from Beam because it follows “unfixed monetary policy.” This means that the rate at which it issues a token is per second.
Are Grin and Beam competitors?
The successful transition for Grin to mainnet on mimblewimble has raised several questions in the privacy cryptocurrency space. Being one of the first to arrive on the scene Beam, and now Grin, it is often assumed that they shall compete to capture the limited market that currently exists for these cryptocurrencies. While Bitcoin is one of the established cryptocurrencies, alternate coins such as Ethereum, Dash and others such as Litecoin, Grin and Beam have yet to cultivate their customer base from among the larger cryptocurrency buyers.
Since privacy cryptocurrency is a specialty decentralized ledger technology it needs to be seen as to how many and what type of investors would be interested in stocking up on these assets.
Mitigating any doubts arising out of the privacy network used by both Beam and Grin, the developer had clarified back in October in that both the cryptos were independent of each other. However, he added that they were not competitors and would prefer to be collaborators working in the same spectrum and be supportive of each other.