Privacy coin Grin is taking it on the chin lately, along with many other altcoins in the cryptocurrency market. Grin investors have more to frown about these days, with the coin currently trading at $2.22, near an all-time low since the coin was launched in January 2019, based on CoinMarketCap data. But fundamentals appear to be strengthening, with the Grin Network hashrate not too far from its peak. Unfortunately for Grin investors, however, the price of the crypto hasn’t been rising alongside with the strengthening hashrate.
Beam Grin Up
Grin is an implementation of the Mimblewimble protocol, which is designed to bolster privacy and scalability for cryptocurrencies.
Jockeying for Position in Crypto Market Rankings
It’s not the only coin using Mimblewimble. Beam, which often jockeys for position with Grin in the CoinMarketCap rankings, is based on the same protocol. According to Messari, the Beam Foundation, which is behind the Beam protocol, recently donated 10,000 BEAM, which is worth approximately $10,000, to the Grin++ security audit. Beam CEO Alexander Zaidelson told Messari:
“We have very good relationships with grin devs, we learn a lot from each other since we often have similar problems.”
Litecoin Creator Charlie Lee recently recommitted the project to integrate the Mimblewimble protocol for privacy and scalability. The No. 5 cryptocurrency has recruited a Grin++ developer for the design of the new and improved Litecoin, which will support confidential transactions. With a popular crypto such as Litecoin entering the Mimblewimble fray, it stands to lift the profile of the protocol and the coins that are associated with it.
Maybe then crypto investors in this altcoin will have something to grin about sooner than later.