The privacy coin Grin is featured in the coming altcoin news today, along with many other altcoins which are taking it on the chin lately and making investors panic. Speaking of, the Grin investors have more reasons to frown about nowadays as the coin is trading at $2.22 and near an all-time low since it was launched (in January 2019).
However, the fundamentals appear to be strengthening and the Grin Network hashrate is not too far from its peak. Unfortunately for investors, the price of the cryptocurrency has not been rising alongside with the strengthening hashrate.
For those of you who don’t follow the altcoin news, the privacy coin Grin is basically an implementation of the Mimblewimble protocol – designed mainly to bolster privacy and scalability for cryptocurrencies.
“Grin is better money. A lightweight implementation of a cryptocurrency that aims to be privacy preserving, scalable, and fair.”
— Web3 Summit (@web3summit) August 19, 2019
However, the privacy coin Grin is not the only cryptocurrency using Mimblewimble. Beam, which is a direct rival to Grin in the CoinMarketCap rankings, is based on the same protocol. As the CEO of Beam Alexander Zaidelson said:
“We have very good relationships with grin devs, we learn a lot from each other since we often have similar problems.”
The Litecoin creator Charlie Lee is also optimistic for Grin and the Mimblewimble protocol. He recently recommitted the project to integrate the protocol for extended privacy and scalability. Knowing that Litecoin (LTC) is a popular cryptocurrency and always part of the latest cryptocurrency news, the protocol (Mimblewimble) is expected to grow even more in the future and push more coins associated with it.
Updates on MimbleWimble progress:@davidburkett38, the main developer of Grin++, is now working with @ecurrencyhodler and I on the design. We've been ironing out the mechanism of getting LTC in and out of MW/EB. Also figured out how to handle MW fees in a clean way.
— Charlie Lee [LTC⚡] (@SatoshiLite) August 20, 2019
However, the same cannot be said for the privacy coin Grin and the situation which is where it is right now.
The news show that Grin (GRIN) is trading at position number 93, having lost more than 6% overnight and now being at $2.14. This marks a new decline in the already strong downward trend for the coin, which could potentially led it to more losses and away from new investors.
In the other news, we can see that Bitcoin (BTC) is still at yesterday’s levels and within the $10,150 segment, same as Ether (ETH) and Ripple (XRP) which remain unchanged. The only gains in the top 10 are seen in Bitcoin SV (BSV) which added 3% on the day and is now at $132.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]