Implementations of Mimblewimble – GRIN and BEAM

Mimblewimble, currently, has two implementations of its protocol – “GRIN” and “BEAM”. These relate to Mimblewimble the same as Bitcoin Core relates and is an implementation of Bitcoin.

Take a Closer Look:

What is GRIN?

Another less known fictional character from the Harry Potter series, assuming the pseudonym of Ignotus Peverell, created the cryptocurrency GRIN. On January 15th, 2019, the GRIN mainnet went live. GRIN had no ICO, was not pre-mined, nor had a founder’s rewards. Along with possessing many of the properties of the Mimblewimble protocol, it does not own any of the following:

No addresses, no transaction amounts are visible, no transaction history and no fixed supply.

GRIN Miners have a choice of one of two algorithms: cuckAroo29 and cuckAtoo31. 

CuckARoo29 was designed for GPU miners, and CuckARoo31+ was designed for ASIC miners. Both come from the Cuckoo Cycle Algorithm. When mining GRIN cryptocurrency the headers must include:

  • The latest target difficulty
  • A set of transaction available for validation
  • A Coinbase transaction
  • The current timestamp
  • A randomly generated nonce
  • The Merkel root of the UTXO set

GRIN is a built-in programming language, whereas Rust is a community-backed programming language and thus relies on donations for funding.

What is Beam?

Another cryptocurrency implemented on Mimblewimble is BEAM. The BEAM cryptocurrency project is built using programming language C++ and will convert to Rust* programming. Alexander Zaidelson, an entrepreneur, headed the project. The mainnet on BEAM has released January 3rd 2019 and the BEAM project, like GRIN, did not include an ICO or pre-mining; however, venture capital funding was secured.

BEAM uses the proof-of-work mining algorithm called Equihash**. Each block contains 1000 transactions in the time of about a minute Per block. Rewards currently stand at 80 BEAM per block, due to fall to 40 BEAM per block for the years 2 through 5. In year 6, this block reward will fall to 25 BEAM and halving occurring every four years until the year 129. After the year 133, there will no longer be a block reward.

To repay investors, give incentive to the development team and fund the BEAM Foundation, a treasury, created to store 20 BEAM for the first year from block rewards. And in the years two through five, this will lower to half or 10 BEAM each year for five years.

To remain decentralized, the protocol of mining on the BEAM network plans to stay ASIC resistance by performing hard forks when necessary.

How is Price Performance on each?

GRIN:

GRIN began trading for USD 9.96 in January 27th 2019. As of 7/8/2020, this price/value has fallen to USD 0.439784.

BEAM:

BEAM began trading on January 17th 2019 and experienced a sharp rise in price as well as a subsequent decline. BEAM began trading at a rate of USD 0.58 and currently is at a rate of USD 0.400154 as of 7/8/2020.

Roadmaps of Each cryptocurrency:

GRIN:

GRIN has no roadmap. However, there is an abundance of technologies it could make use to add further value to its network. Things such as:

  • Smart contracts
  • Payment channels (similar to the Lightning Network)
  • Atomic swaps (the cross-chain exchange of one cryptocurrency for another)
  • Onion routing (a technique for anonymous communication over a network)

If the GRIN network were to make use of these mechanics, the implementation would provide more functionality and add more interest to potential users.

GRIN’s work to create a roadmap, read here: https://forum.grin.mw/t/grin2020-roadmap/7096

BEAM:

BEAM has a more defined roadmap. For the year 2019:

  • Agile Atom (Jan-Feb) – Release payments & exchange API
  • Bright Boson (March) – Beam to Bitcoin atomic swap
  • Clear Cathode (June) – Proof-of-work algorithm change
  • Double Doppler (September) – Research alternative consensus mechanism
  • Eager Electron (December) – Proof-of-work algorithm change

The year 2020 has very promising Roadmap implementations you may read about here: https://medium.com/beam-mw/beam-foundation-presents-roadmap-update-q1-2020-161106894cf5

Space savings, as well as privacy through Mimblewimble protocol, is rather apparent. Scalability is much improved as well due to the pruning of the data needed on the blockchain. (fewer data = more room on each block) This confusion of inputs and outputs, as well as eliminating public addresses in Mimblewimble transactions, creates true anonymity, as opposed to pseudonymity.

Mimblewimble can only integrate into the Bitcoin network as a soft fork, or as a sidechain. If and when this happens, users would be able to transact with increased privacy.

Soft forks are “backward” compatible software that doesn’t require nodes to upgrade to maintain consensus. Because they still follow the old consensus rules as well as the new ones. If however, a node creates blocks only under the old consensus rules, they violate the new consensus rules and the blocks will become “stale”. Therefore, a miner must cease working on his/her old, or stale block, and restart the process over again. This time with the new consensus rules added OR if the majority of the consensus is against this soft fork, a hard fork will be necessary.

Hard Forks is pretty much a software upgrade that is not compatible with previous versions of the software. All miners who want to continue to verify and validate transactions on the blocks and new software protocol must upgrade to this new software. When a hard fork happens, blocks of data that are confirmed by Nodes that are not upgrade become invalid. If Miners want these blocks to be valid, they must upgrade to the latest version of the protocol software. In the event, there is still support for the minority chain after the hard fork; then two blockchains can continue to exist simultaneously.

About the author

Gail holds one of the most challenging role in the Compumatrix Leadership: Membership. She ensures that that members and potential members enjoy the benefits of being part of the Compumatrix community.

Comments

  1. The technology behind crypto’s & blockchains continues to fascinate me, although it does make my left brain twitch a bit 🙂 Nice job simplifying Mimblewimble and it’s cohorts in decentralized dream systems of the future. It looks like Grin & Beam have a good chance of being on their way to super stardom. It will be interesting to watch!

    1. I agree with Liza, I believe these are two cryptocurrencies that will help propel digital currency forward and increase greatly mass adoption! We all seek privacy and security as well as speed of delivery and Mimblewimble with it’s implementations seem to address that for all of us! Bring it on!!

  2. wow I guess I am going to have watch the potter series or read it maybe ?? I just never understood it or got enthused by it — but I like the security factor if that is what mimblewimble will ultimately bring forth to those of us in the crypto field or world and knowing the factors of so much non security in the cyber field — any kind of safety we can institute will help keep us safe and our business safe — I like that — alot !!

  3. GRIN and BEAM are new to my crypto vocabulary. Thanks for teaching me something new and challenging! Sounds like very interesting technology and maybe a good buy for some of us. Both cryptos are currently down in price.
    Gail your explanation on soft and hard forks clicked for me. I will now understand this better when I read about forks.

  4. I am starting to think that I need to start watching all of the Harry Potter movies, so I can get up to speed on the many references used in cryptocurrency nomenclature! That almost feels silly to say but I’m serious. I mean why should the coders have all the fun with these terms? I deserve to be in on the inside jokes as much as they do!

    I watched several of the Harry Potter movies over 20 years ago but I simply don’t remember the names or the terminology anymore. However, I do remember enjoying the movies though, especially when I took my children to a movie theater to see them! I had no idea that I was having my first subliminal lessons in cryptocurrency nomenclature.

  5. Mimblewimble makes us grin and beam with surprise. Indeed, this is all new technology and our learning curve increases every day. We have to make our way into this learning experience and be able to distinguish the soft fork from the hard one. All new terms for us but it will come into use, in due course.

  6. I haven’t paid much attention to Harry Potter other than the first movies. As with most series, I think they lost their lustre as they struggled to turn out yet another book/movie and became boring (at least to me) BUT I do like the Grin and Beam currency and what they offer. I think now is the time to buy as the price is low. Time to get our Mimblewimble on!!

  7. Having never known anything about Harry Potter or been a fan, its intriguing to me that many coins are popping up around those books. Henry seems to be a big fan of this. Grin and Beam. Who knew ? Thanks for exposing us Gail to so many of these new things. The more we know about what is truly out there, the better our own businesses will be and also, many times, the greater appreciation of what we have and what has been built.

  8. I have to agree with the latest on Grin n Beam — i am intrigued to say the least that we as a business and then also as an individual becoming a part of an overall business concept — it is going to be interesting to watch and also participate in the every day happenings as this mimblewimble and other parts play out in the future —

  9. The technology is so overwhelming for some of us. I for one rely on my child to explain things every step of the way. Even opening my email is a challenge sometimes, not to mention printing something from an attachment. I appreciate people blogging all kinds of information on these blogs and hope to learn a lot as I go.

  10. agree on the the knowledge being shared by so many here on the cutting edge parts and technology of todays business principles and the Crypto world with new additions and it can be overwhelming to some or alot of us — but I also have found when I don’t know some of these things asking questions is great way to learn and I have found here that are many who will help — thank you and I am going to read this a few more times because I just got more on Grin n Beam aspects this 3rd time reading — lol

  11. I confess a saw all Harry Potter movies saga but never thought of seeing it reflected in the Crypto-world with Mimblewimble, Grin, and Beam. Let’s not forget Compumatrix’s Galleon asset. (Hey, Gail how about a blog on Galleon, HINT!)
    J.R. Rowling author of the Harry Potter books also asked in a twitter account. What is Bitcoin? So, you see it went out both ways.
    Thanks, Gail, for giving an intro on these two tokens

    1. Hi Coky! Good idea about the Galleons!! I believe I will write about those! Should be interesting, I like Harry Potter too, and the references to the crypto world add icing to the cake! In fact if there is something anyone else would like for me to do a write up on I will give it a shot for sure!

  12. I did my research and what I find most interesting about the “privacy coins” is that GRIN is controlled by an anonymous group of cryptographers and BEAM is controlled by a company with a CEO. These are two very different approaches on running these privacy coins, but I believe both companies have the potential to be very successful.

  13. More about Mimblewimble – oh my! I am not sure my brain can comprehend all of this stuff, but it is good to at least be introduced to a bunch of new things because that way I can expand my knowledge. The more you know and are introduced to, the smarter and more well-rounded you are. The key takeaway is that BEAM has a roadmap because it is controlled by a company and GRIN does not have a roadmap because it relies on donations and is not managed by a certain group of individuals (it is managed by passionate volunteers).

  14. do not feel alone Kami in your analysis of many new terms and utilizing different things to make a new way of finances or different way — I read this blog again and saw that one is similar to corporate business and the other to me is like a foundation of sorts that hope beyond the normal business structures — but i am also learning that the more decentralized and lesser obvious in normal daily transactions the safer and more secure you can keep your business ??

  15. am understanding also that this particular grin and beam scenario are among themselves separate and decentralized to extent which should make them safer to be a part of and learn more details how to work the financials to your benefit ? am i correct in this — reading it again just made it seem like it is its own entity ??

  16. still am not getting the total grasp of the terms in this and harry potter parts but am reading and researching as best I can — and some of this has started finally to be understood by me but as in any business undertaking in my life –when do not know and can not get comfortable then seek professionals — and then I am covered from all sides — but still love re-reading here and other potter parts —

  17. Pretty cool using Harry Pottery once again to compare the crypto world reminds me of the Galleon. Interesting that Rust relies on donations for funding that seems to be a new one for me anyway. This layout seems quite different then some of the other ones I have read about so much to learn and so many different strategy’s.

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