Grin is an open source software project that implements the MimbleWimble blockchain and fills in some of the things (missing in the MimbleWimble protocol) necessary to implement a full blockchain and cryptocurrency.
The main purpose and features of the Grin project are as follows:
Privacy-preserving default features. This makes it fully fungible while retaining the ability to selectively disclose information on demand.
The block size matches the transaction volume, and only about 100 bytes of transaction kernel are reserved for historical transactions, which saves a lot of space compared to other blockchains.
Strong and proven cryptography. MimbleWimble uses only elliptic curve cryptography, which has been tried and tested for decades.
Simple design makes future code review and maintenance easy.
Community Driven. Adopt an ASIC-resistant mining algorithm (Cuckoo Cycle algorithm) to encourage decentralized mining.

Project Vision

Grin is committed to providing privacy and scalability of cryptocurrency, which has several unique properties: uses a privacy-preserving blockchain format called MimbleWimble; only stores a small amount of data in the blockchain, and runs completely Nodes are cheap and easy; Mimblewimble is developed by anonymous people, and the team is distributed all over the world; there is no pre-mining PoW mechanism, which is more equal and decentralized.
Grin is a community-driven project with no ICO and no pre-mining. The block generation rules are constant: one block is generated every minute, and each block rewards 60 tokens. So Grin is an inflationary currency, but its inflation rate will gradually decrease over time, and finally tend to 0.

Project Highlights

The underlying layer of Grin is based on the Mimimblewinwimble protocol. The two parties to the transaction share the "blinding factor" (a technology of electronic currency), only two parties know that they are transacting, and the nodes never know what the transaction amount is.
There is no address concept in Grin, all transactions happen on the wallet side. The transaction is actually "communicating" with another wallet, and after it is completed, it is recorded on the chain.
With the emergence of ASIC mining machines, the computing power of the entire network is monopolized by several ASIC giants. Grin uses the proof-of-work mechanism like Bitcoin, but uses the Cuckoo cycle algorithm.
Cuckoo cycle is an ASIC-resistant mining algorithm. This algorithm tries to resist ASIC mainly through memory strength, so as to encourage miners to decentralize and also provide opportunities for GPU miners.
Grin's currency strategy: There is no upper limit on issuance, and 60 coins will be issued every minute.

Application scenario

Grin is private and scalable. It can be said that Grin is a new cryptocurrency dedicated to providing "privacy" and "scalability". Unlike cryptocurrencies such as Bitcoin, Grin uses MimbleWimble's privacy-preserving blockchain format, making tokens interchangeable, and users will have a strong guarantee of anonymity.
Grin on MimbleWimble supports confidential transactions, hides all transaction data through homomorphic encryption, and uses range proofs to solve the problem of validity, but it does not support scripting. In the Bitcoin network, new verification nodes joining the network must be synchronized from the genesis block and verify the validity of each transaction. In the Grin network, new validating nodes only need to synchronize block headers, unspent transaction outputs, and redundant data (transaction data recording the difference between outputs and inputs, and signatures created by parties involved in the transaction). Transaction information is indistinguishable, there is no address or quantity. In other words, you cannot query the specific address and quantity of each transaction, because the information is disrupted.
Mimblewimble only stores a small amount of data in the blockchain, making it cheap and easy to run a full node, and new nodes will be able to sync up with the network quickly and efficiently. Additionally, MimbleWimble can be implemented both on Bitcoin’s sidechain and as an extension block.
Decentralized POW Mining Mechanism
The reason why Grin lights up the fire of hope for miners is related to another feature of it—the POW mechanism without pre-mining. Grin will have a fair POW mechanism without any pre-mining: Cuckoo Cycle POW mechanism, at least in the near future, she is more equal and anti-centralization than other schemes. Although Bitcoin is also mined based on the principle of equality and transparency, its limited quantity makes it a digital currency for value storage, mining becomes profitable, and the monopoly of computing power makes its decentralization fade . The Grin project has no ICO and no pre-mining. It is basically community-driven, which is close to Bitcoin, but the unlimited number will not cause a large-scale computing power monopoly.
Grin is a digital currency with strong privacy and scalability, and a decentralized POW mining mechanism with no computing power monopoly. Currency inflation, which is more like a new blockchain experiment and attempt.

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