What Is Grin (GRIN)?
This 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 broad casted. This is not controlled by any company, foundation or individual.
The coin distribution is designed to be as fair as possible, with an emission of 1 per second. Wimbledon leverages cryptography to allow past transaction data to be removed with no compromise on security. This avoids Grin collapsing under the weight of data having to be kept on chain.
Grin Storage Key Points
|Circulating Supply||98,212,860.00 GRIN|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
On current blockchains, all accounts are bank accounts (that is, they store cryptocurrency). Bank accounts require a high level of security. Even if an account is not designed to store cryptocurrency, the same over-strict security policy applies, which is too inconvenient to users. Grin distinguishes between bank accounts and regular accounts.
Regular accounts cannot receive and store cryptocurrency while bank accounts still function as they have always been. This is a meaningful piece of information for apps to balance the trade-off between security and convenience. For example, apps can include a “don’t ask again” checkbox to reduce the number of future permission confirmations and password prompts.
A user has to stake or pay some amount of cryptocurrency (often called gas or fees) on available blockchains for each transaction he/she makes. Therefore, to try out an application, they will have to go to some unfamiliar and risky exchanges to buy some cryptocurrency first. This makes on boarding an nasty experience right from the beginning.
Although some apps try to mitigate this by utilizing a central payer, still, doing this ruins the benefit of blockchain. To overcome this hassle, Grin allows an application to pay transaction fees for its users in a decentralized manner. As a result, onboarding becomes seamless since apps now can employ much more flexible monetization strategies, such as free, premium, pay-to-unlock, and in-dapp-purchase models.
Click Token Issuing
Grin Issuing a token is a lengthy and complicated process, especially when it involves customized business rules. This raises the cost of entry to the point that intimidates most small enterprises. Foundry has built-in support for common token types and rules, which turns the cumbersome process of token issuing and distribution into a simple task. To issue a token, all that users need to do is simply fill out a form, no complex step, no token auditing concern. Plus, a small number of token issuing fees are applied to prevent spamming issues.
Reusable Biz Templates
The undeniable truth is, it takes lots of time and manual efforts to create a biz app on a blockchain. The immediate costs, both tangible and opportunity, combining with the uncertainty of future return significantly hamper the blockchain adoption rate. PolkaFoundry provides templates and building blocks for common tasks. Developers can get started quickly, and have their PoC up and running in a short time while external contributors and 3rd parties can also publish their shared packages to Polka public package repository.
Grin Transparency is a notable characteristic of blockchain. However, in this practical world, most users want to keep some parts of their data secret. Such secrets cannot be posted to smart contracts, thus limit the number of use cases of blockchain. Another problem is that blockchain transactions are just pseudonymous. In theory, the transaction sender’s address is merely some random text; however it is possible to trace such addresses to real people if they do KYC and their KYC data are unfortunately abused or leaked. Enterprises are reluctant to make transactions originated from their business dapps visible to competitors and other sensitive parties.
Hence, Grin comes into the play by providing a TEE (Trusted Execution Environment) for applications run on its platform to handle sensitive data without ever exposing anything to the public. These data are encrypted before sending to the blockchain, then the TEE securely performs computation and discards the data right after. For those who want to conceal their transactions, they could transfer their assets to a privacy-focus side chain first, do all their transactions there, and withdraw their assets back to the main chain.