Here we compile all the FAQs (Frequently Asked Questions) that revolve around Grin coin and MimbleWimble. This page will be continuously updated as we gather more questions or when there are relevant updates.
Why is everyone talking about MimbleWimble or Grin?
On July 2016, an anonymous entity with the name “Tom Elvis Jedusor” proposed the MimbleWimble whitepaper.
"I call my creation Mimblewimble because it is used to prevent the blockchain from talking about all user's information" - Tom Elvis Jedusor
Grin is the cryptocurrency that is implemented based on the proposed MimbleWimble protocol. This post offers the best high level explanation of how it works in simple terms.
Why is Grin considered a privacy coin?
Grin is built based on the MimbleWimble protocol. Whereby privacy of a transaction is achieved by stripping of the metadata of the send and recipient. When the transaction is broadcasted and added to the block, there is no information stored about who send how much to who on the blockchain.
Why is Grin considered a scalable blockchain?
Due to the stripping of metadata from transactions, Grin block size would be small thereby making storage much less of a problem. This would enable more people to join the network as full nodes and it is faster/easier to sync the blockchain.
Is smart contract supported on Grin?
At this moment, Grin has NO support for scripting language or turing complete language. Grin can only be used for value transfer.
Who created Grin?
Grin was initially implemented by an anonymous developer under the name Ignotus Peverell and later joined by other developers.
Who funds the development of Grin? Did they do an ICO crowd sale?
Nope, Grin project did not conduct any ICO nor any pre-mine as startup capital. The entire project is voluntary as such they depend on donation from the community. If you would like to donate, visit https://grin-tech.org/funding
How many transactions per second (TPS) can Grin do?
10 transactions per second according to https://www.youtube.com/watch?v=mzHswLujMYc&feature=youtu.be&t=555
Does Grin work like Bitcoin, Ethereum, etc?
No. The MimbleWimble protocol introduces a new paradigm to cryptocurrency. Not only that transaction information is non-public, there is also no notion of public addresses. You cannot for example send Grin to a public address like you do in Bitcoin.
But I have seen some addresses used in Grin, isn’t that like Bitcoin?
The address you saw is most likely provided by Grinbox (See "Using Grin" section). A third party relayer to make Grin easy to use. It acts as an additional layer so people can send Grin coins to each other easily by using an address (just like how everyone is used to sending bitcoin via an address). That being said, it is becoming a popular way of transferring Grin due to its simplicity, supported by some exchanges and mining pool.
What is the maximum supply?
No maximum supply, Grin is an inflationary currency and thus will continue to inflate to infinity.
What is the inflationary rate for Grin?
Grin produces ONE block in approximately one minute. Every block would create 60 new Grin coins into circulation.
In short, 1 second, 1 Grin is the inflation rate
More info at https://medium.com/@CryptoProfG/grin-money-explained-4-exploring-grins-monetary-model-e48b1761653
What is the current circulating supply?
Visit any Grin block explorers such as https://grinscan.net/, https://grinmint.com/explorer/, http://grin.merklepath.com/, https://grinexplorer.net/ or visit https://www.coingecko.com/en/coins/grin for the latest current supply.
How much is Grin currently trading at?
Visit https://www.coingecko.com/en/coins/grin for the latest price.
What is the market cap?
Visit https://www.coingecko.com/en/coins/grin for the latest market capitalization.
Where can I buy/sell Grin?
Visit https://www.coingecko.com/en/coins/grin/trading_exchanges for a list of exchanges that have trading pairs for Grin
What wallet should I use?
There are 2 popular wallets to choose from:-
- Wallet713 (Good for beginners, supports Grinbox address and file transfer, no support for HTTP listener to receive yet)
- Grin official wallet (Advanced users, supports HTTP listener and file transfer)
You should pick the wallet that you are most comfortable using. If you are mining or trading, pick the wallet that is best suited for the services you are using. For example, does the exchange support sending you Grin coins using HTTP listener or Grinbox address.
Are there any instructions on how to use those wallets?
Yes, we wrote a guide for Wallet713 and the Grin official wallet.
I noticed those wallets are only for Linux/Mac. Are there any Windows wallet?
Unfortunately not at this moment. If you are a Windows user, you will need to install or use a Virtual Machine which is covered in the guides.
How does transaction in Grin work?
At its core, there are 2 ways to transfer Grin.
- Using file. Sender will create a transaction file to be sent to the recipient via messaging, e-mail, or FTP. Recipient will acknowledge it and sends that back to the sender. Sender will acknowledge it and broadcast to the network. A transaction is executed.
- Using HTTP listener. Both the sender and recipient need to be online to communicate with each other via HTTP over the internet to execute a transaction.
How fast is sending Grin from wallet to wallet?
When the transaction is successfully broadcasted, since the block time is approximately 1 minute, it takes only a couple of minutes for sufficient confirmations for your transaction to be deem as final.
How do I earn Grin?
The only way to obtain new supply of Grin coins is through mining. Other than that, you can offer goods and services in exchange for Grin.
What is Cuckoo Cycle?
Cuckoo Cycle is the hashing algorithm that forms the basis of Grin’s proof of work. For more information about Cuckoo Cycle, you may read this highly technical documentation
Why is there Cuckatoo31+ and Cuckaroo29?
Grin’s dual PoW system present miners with a choice:
Mine Grin using GPU with Cuckaroo29
Mine Grin using ASIC with Cuckatoo31+
If you would like in depth detail about how they are different, you may refer to https://www.grin-forum.org/t/what-to-mine-choosing-between-cuckatoo31-and-cuckaroo29/1732
But the point of having 2 PoW system is to facilitate smooth transition from GPU to ASIC within 2 years. There is a balancing mechanism that attempts to balance out the difficulty and reward.
So is there ASIC mining yet for Grin?
Not yet, ASIC mining is in the work. The Grin developers anticipated that ASIC will eventually become the primary way to mine Grin.
What are the mining pool options?
f2pool, SparkPool, MWGrinpool, Grinmint, Luxor Tech, BTC.com, MWGrinPool, Grin-Pool, and more over at https://miningpoolstats.stream/grin-c29
How can I get started with mining?
We wrote a comprehensive guide to mining Grin at https://www.coingecko.com/learn/how-to-mine-grin
**Still not getting your questions answered? Try this FAQ maintained by the core team.
Where can I find and join the Grin community?
Telegram: https://t.me/GrinCoin, https://t.me/GrinFans, https://t.me/GrinCoinRussian, https://t.me/Grin_for_Spanish_Speakers, https://t.me/grincoin_CN, https://t.me/grintrader, https://t.me/grincoin_NL, https://t.me/GrinMining, https://t.me/grinitalia, https://t.me/grintr, https://t.me/GrinCoin_Ru_Ua
TM Lee is the co-founder of CoinGecko. Purdue University CS 2012 Follow the author on Twitter @tmlee