Privacy Coin Grin has declined by more than 5 percent in the last 24 hours despite bitcoin setting a fresh 2019 high. We read more about the nature of this cryptocurrency in the latest cryptocurrency news below.
Grin uses theMimbleWimble protocol for scalability and privacy. However, with Bitcoin’s dominance on the market by more than 60%, altcoins usually remain highly related to the larger coins. Grin did not manage to do so. The privacy Coin suffered some internal problems that have caused the price to go down in the short term. Grin’s price doubled in June but the current issue is due to the ‘’transaction difficulties’’ that the users are experiencing.
Grin users are facing problems when transacting the privacy coin. According to an announcement by the developer of the Privacy coin Grin Michael Cordner, he says that frequent changes to the APIs of the wallets and the exchanges format are destroying the chances to keep up with the changes. As a result, the users are frustrated when they try to transact with Grin. Cordner wrote:
“Please note that I’m not blaming anybody other than ourselves here, as we may have misjudged the difficulties inherent in trying to keep up with changes in Grin, and possibly overestimated the frequency of changes the community should reasonably be expected to handle.”
Some of the Grin users took it to Reddit and explained that they have problems transferring the coin between wallets. The developers of the coin pointed out:
“There are a lot of mismatched and slightly incompatible versions of Grin and the Wallet out there…at the moment, and early versions of the code don’t have sufficient version awareness to help mitigate this.”
Given the high volatility at the moment, any issues with wallet transfers or other transactions with Grin could be of crucial nature to investors. The identity of the Grin lead developer is a secret. This lead developer under the pseudonym Ignotus Peverell is taking his/her time off of the project for personal reasons. Cordner also noted in the latest altcoin news reports that the community was the one giving the decentralized nature of Grin so the project is expected to go ahead:
“As Grin is open source and not reliant on any single person or group in order to progress, our work continues uninterrupted in his absence.”.
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