Grin and Beam are two of the most promising privacy-oriented cryptocurrencies that have been launched in recent years. Both of these cryptocurrencies are based on the MimbleWimble protocol, which is designed to enhance the privacy and scalability of transactions. While Grin and Beam share several similarities, they also have some distinguishing features that set them apart from each other. In this article, we will examine the key features of Grin and Beam, as well as their distinguishing characteristics. MimbleWimble ProtocolBefore we delve into the differences between Grin and Beam, it is essential to understand the MimbleWimble protocol, which both cryptocurrencies are based on. The MimbleWimble protocol is a privacy-enhancing protocol that was first introduced in 2016 by an anonymous developer who went by the name Tom Elvis Jedusor (the name of the villain in the Harry Potter series).
The protocol is named after a spell from the Harry Potter series that prevents people from speaking coherently. The MimbleWimble protocol uses a combination of cryptographic techniques, such as Confidential Transactions and CoinJoin, to enhance the privacy and scalability of transactions. With the MimbleWimble protocol, transactions are aggregated, and transaction inputs and outputs are obfuscated. This means that the amounts and addresses involved in a transaction are not publicly visible, making it difficult for anyone to track transactions on the blockchain. GrinGrin is an open-source cryptocurrency that was launched in January 2019. Grin is a community-driven project that aims to be a fair and decentralized cryptocurrency.
The distinguishing features of Grin include:No pre-mine or ICO: Grin was launched with no pre-mine or initial coin offering (ICO). This means that the distribution of Grin was fair from the beginning, and everyone had an equal opportunity to obtain Grin. Cuckoo Cycle Proof-of-Work: Grin uses the Cuckoo Cycle Proof-of-Work algorithm, which is designed to be memory-bound and ASIC-resistant. This means that anyone with a CPU or GPU can mine Grin, making it more decentralized. Continuous emission: Grin has a continuous emission of coins, with a fixed rate of 60 Grin per block. This means that there is no maximum supply of Grin, and the inflation rate remains constant. BeamBeam is also an open-source cryptocurrency that was launched in January 2019.
Beam is a commercial project that aims to provide a privacy-oriented cryptocurrency for mainstream adoption. The distinguishing features of Beam include:Limited emission: Beam has a limited emission of coins, with a maximum supply of 262,800,000 coins. This means that the inflation rate of Beam decreases over time, making it more scarce. Equihash Proof-of-Work: Beam uses the Equihash Proof-of-Work algorithm, which is designed to be memory-hard and ASIC-resistant. This means that anyone with a CPU or GPU can mine Beam, making it more decentralized. Optional Auditability: Beam allows users to opt-in to have their transactions auditable. This means that users can choose to make their transactions visible to auditors, such as regulators or tax authorities. Key SimilaritiesDespite the distinguishing features of Grin and Beam, there are some key similarities between these two cryptocurrencies.
These include:MimbleWimble Protocol: Grin and Beam are both based on the MimbleWimble protocol, which enhances the privacy and scalability of transactions. Community-Driven: Both Grin and Beam have strong communities that contribute to the development and growth of these cryptocurrencies. No Addresses: Neither Grin nor Beam use addresses to identify recipients or senders of transactions. Instead, transactions are identified bytransaction kernels, which contain the necessary information for transaction verification. Confidential Transactions: Both Grin and Beam use Confidential Transactions, which obfuscate the amounts involved in transactions. This makes it difficult for anyone to track transactions on the blockchain. Scalability: The MimbleWimble protocol allows for more scalable transactions by aggregating them and reducing their size. ConclusionGrin and Beam are two privacy-oriented cryptocurrencies that share several similarities, but also have distinguishing features that set them apart from each other. Grin is a community-driven project with a continuous emission of coins and a Cuckoo Cycle Proof-of-Work algorithm. Beam, on the other hand, is a commercial project with a limited emission of coins and an Equihash Proof-of-Work algorithm. Despite their differences, both Grin and Beam use the MimbleWimble protocol to enhance the privacy and scalability of transactions, and both have strong communities that contribute to their development and growth.