Grin Investors Frowning Over Lack of Price Movement

Grin, the private and lightweight mimblewimble blockchain, has been taking a few hits on the markets recently but seems to be dealing with it relatively well. Investors in Grin haven’t had much to smile about recently though, given that the coin is currently trading at $2.22. But their frowns might be getting turned upside down as some fundamental seems to be getting stronger as the Grin network hashrate rises not that far away from its peak. The price of the cryptocurrency hasn’t been going along with its solidifying hashrate.

Something to smile about

As you may have guessed already, Grin is an integration of the Mimblewimble protocol, which was designed in order the boost privacy and scalability for digital currencies.

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

The Mimblewimble protocol is used by several other coins too though. 

Beam is an almost rival of Grin for CoinMarketCap ratings which is also based on the same protocol. As shown on Messari, the Beam Foundation recently donated ten thousand of its cryptocurrency, which is worth around $10k, to the Grin++ security audit. The CEO of Beam,  Alexander Zaidelsonhas said:

"We have very good relationships with grin devs, we learn a lot from each other since we often have similar problems."

The creator of Litecoin, Charlie Lee has recently recommitted the project to implement the Mimblewimble protocol for privacy and scalability. Litecoin has seemingly recruited a Grin++ develope for the design of the new and improved Litecoin, which will support confidential transactions. 

As bigger cryptocurrencies like Litecoin start getting involved with the Mimblewimble protocol for privacy and scaling issues, it stands to lift the profile of the protocols and the coins that are associated with it.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!