Ideal to the left and reality to the right, Grin makes people want to love but dare not love
This article is from:Hashpie (ID: hashpie), Author: LucyCheng, forwarded with authorization.
Hashpie (ID: hashpie)
Hashpie (ID: hashpie)
In the field of cryptocurrency, once the issues of freedom and privacy are touched, it is always easy to arouse the interest and yearning of most people. Grin, which emphasizes decentralization and is generally known as Bitcoin 2.0, just perfectly fits the taste of most people in the field.
Note: When the Grin mainnet was launched, Xu Zijing, a Martian, once said on Weibo that no matter how Grin develops, the ideal of freedom has been guiding the way for people to move forward. (picture cut from: Weibo)
Dressed in an idealistic cloak, Grin has properly become the first fire in 2019. It deviated from the silence of the market at the beginning of the year and soared dozens of times. Even Beam, which has the same gene, easily soared by more than 500 percentage points. . Continuing this wave of rhythm, Grin quickly built its own ecology in the field, launched exchanges, released wallet applications, equipped with dedicated mining machines, received donations from practitioners in the field, and so on. The progress can be described as fast. However, it cannot be ignored that the achievements of these achievements are inseparable from the early efforts of various leaders; after its popularity has subsided recently and the price has been cut in half again, people can’t help but ask, how much does the market expect from Grin?
Grin's historical price trend (picture from: Coinmarketcap)
The decline in popularity does not prevent supporters from continuing to be optimistic
The price trend of Grin plummeted by 97% on the day it was launched, and I don’t need to say more, everyone knows it; but following the decline in the price of the currency is also the market’s attention to Grin. Compared with the frequency of news reports almost once a day or even multiple times before and after the mainnet was launched, the market exposure of Grin has indeed dropped a lot recently, and there were few reports on its first hard fork upgrade last month. According to data from Tokeninsight and Google Trends, the popularity of Grin’s Twitter discussions and Google’s keyword search index in recent months have shown a clear downward trend.
Grin’s discussion popularity on Telegram and Twitter in the past three months (data source: Tokeninsight)
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Grin's Google keyword search index in recent years (data source: Google Trends)
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Although the market attention of Grin is not as good as before, judging from the interview results of Hashpie, supporters still have high expectations for this popular project. A netizen who continues to pay attention to the development of Grin said that it is normal for the popularity to decline, and it is unlikely that it will remain popular; at present, he thinks it is good. If the mw protocol becomes mainstream in the future, Grin and Beam will perform well. Roger, a Bitcoin full-position player, firmly believes that Grin is a medium-to-long-term investment project, and it is only a matter of time before it develops, and he will buy it when its price drops a bit. Xiong Yue, COO of Bixin, also told the hash faction that most of the hardcore Bitcoin players like Grin.
No IC0, no pre-mining, and no investors' "three no resumes", a decentralized management method that can operate normally even if the core developers leave and the founders leave temporarily, plus the silent hard work of the developers three years before the mainnet launch And the innovation of the MimbleWimble protocol in terms of light weight and scalability; Grin's clear performance has indeed made supporters hard to extinguish their confidence and expectations, but the current market seems to be supported by miners and miners who tend to seek profit, and Non-Grin supporters or believers.
Note: Grin’s Github code submissions in recent years ranks 42nd, higher than Monero, Zcash, Dash, etc., and lower than Beam, which is also applicable to the MimbleWimble protocol (data source: CryptoMiso)
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Taking advantage of the enthusiasm when the mainnet was first launched at the beginning of the year, Grin was listed on more than 20 exchanges in less than a month; but now more than six months have passed, and only two new platforms have added Grin trading pairs. . Moreover, the data on Coinmarketcap shows that the current daily trading volume of Grin is only 29.87 million US dollars, which is less than two-thirds of the daily trading volume of Beam.
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Although the transaction scale did not make much progress in the subsequent stage, thanks to the strong rise in mid-June, Grin's market value successfully entered the top 100 cryptocurrency rankings, currently ranking 96th. Some people in the industry said that, combined with the fact that privacy coins such as Beam and Monero rose almost at the same time at this point in time, the price increase of Grin may be related to the imminent shutdown of Binance’s US services. However, it is worth noting that the news was announced on June 15th, while Grin’s shift from sideways to an upward trend began at the beginning of the month. Therefore, compared with the positive impact of the news, this wave of price surges is more like artificial pull.
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The price trend of Grin in the past three months (picture taken from: Coinmarketcap)
In fact, like Roger mentioned above, some bullish people in the market prefer to wait and see whether to hold Grin. One is that Grin has not yet had real payment and usage scenarios, and the other is that it is affected by its currency issuance method. Specifically, according to Grin’s unlimited token model, the inflation rate in its early stage is extremely high, and the new coins mined every minute are diluting the value of Grin. If you want to maintain value, you need to continuously increase the scope of use of the currency users; but judging from the current development situation, apart from the early supporter Bitcointalk, Grin has no other available scenarios. In other words, regardless of the big players in the hoarding field such as Shenyu, the miners and large miners who are currently hoarding a large amount of Grin are undoubtedly the miners and large miners with the greatest interests.
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Bixin COO Xiong Yue told Hashipai that he agrees with the views expressed by Yu Xian, the co-founder of SlowMist Technology, on Weibo——there is only one important breakthrough point for Grin and Beam: darknet acceptance. The same is true for other anonymous coins, otherwise don't talk about the core value.
Although it remains to be verified whether being accepted by the dark web is an important turning point in the development of Grin; but one thing is clear, if the characteristics of Grin’s strong anonymous transactions are not utilized, it will be difficult to find suitable application scenarios in the next development , then the prospect of Grin and the MimbleWimble protocol will always be just talk on paper.
However, the protocol requires some form of communication between the transaction recipient and the sender to arrange for the transaction to be signed by both parties, making it more difficult to create and send transactions. The complexity of the interaction in the transaction process greatly reduces the current convenience of Grin, and also leads to other traditional network security problems. Yu Xian once mentioned on Weibo that Grin’s subversive transaction design will give the public a long time to adapt; and Xiong Yue also said that the highlight of Grin is MimbleWimble, which is not widely used at this stage because of it. It doesn't work very well right now.
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