Developers of the forthcoming cryptocurrency Grin are gaining support from the crypto community for their promise of a technology that’s better than Bitcoin in terms of scalability and privacy.
The said crypto will be utilizing the code proposal known as MimbleWimble, and the concept has gained approval even from developers who are usually reluctant to new ideas. The upfront reason is that Grin’s contributors are intent on adopting technology that’s been scrutinized and nodded to by a sphere of experts.
The team is currently in their second test phase, undertaking significant preparations to launch a functional payment system. These were the same people who were among the first to implement Dandelion, Schnorr, and Bulletproofs — groundbreaking technologies intended to usher Bitcoin to better privacy and scaling, even though we have yet to see them in their most mature stages.
Igno Peverell, one of Grin’s most devoted developers, explained that “Testnet 2 was and is likely to stay our largest release in terms of new technology.” In turning MimbleWimble to a functional software for payments, the Grin team has included in the crypto features which turned their years-long vision into fruition.
One concept, Signature Aggregation, was thought of for Bitcoin since 2014 and was one of its code changes that the crypto community looked forward to. Spearheaded by Pieter Wuille, a major Bitcoin Core contributor, the project “MuSig” has the power to lump signature data together as well as to free up space in the blockchain.
A working prototype has already been put into effect, though it’s indefinite when it will be added to Bitcoin, much more if the community will welcome the change.
Along with existing cryptocurrencies Monero and Litecoin, Grin will be using Bulletproofs for better privacy.
Unfortunately, the technology has its own disadvantage. Compared to the usual transactions, Bulletproofs need more room on the blockchain — something that concerns crypto enthusiasts, since there is already a significant number of existing blockchains that take up very big space.
Nevertheless, Grin developers are not worried about the issue, since they have another feature which critics have nodded to: Scalability boost.
Compared to Bitcoin, which has been in circulation since 2009, Grin can dare to be more innovative and bold in making changes which could even become possible benchmarks for future developments.
“Bitcoin developers have working implementations of MuSig, but deploying it on the main net will take time. Actually, it must absolutely not be rushed,” explained cryptography expert Yannick Seurin. “Since Grin is more experimental, they can afford to test newer primitives such as MuSig.”
Can’t Have It All
While Grin will have advantages over Bitcoin, but the very things it will change in its very nature as a cryptocurrency will be the ones which could put it at a disadvantage. For instance, MimbleWimble will need to have transactions that are way simpler than Bitcoin’s for it to get the privacy and scalability boosts.
However, Peverell is hopeful about the signature aggregation since it can be something that other future developments could benchmark from, such as scriptless scripts — an oxymoron in itself — but that could innovate a way for crypto users to make complex transactions using Grin.
Aside from these changes, the team also aims to make a more user-friendly wallet, something which many cryptocurrencies do not possess. Grin developers also expressed their desire for a third party who would audit Grin’s code.
Peverell and the rest of the Grin team are optimistic that they would be able to launch the payment system before this year ends, and that they would be able to rid the cryptocurrency of bugs, as well as to be able to test the entire technology in a real environment with real funds.