Grin and Beam are currently the hot topics in the privacy space, top coins built on MimbleWimble protocol, the tech designed to solve the privacy and scalability of Bitcoin. Earlier this week, Grin made it to the headlines as the coin, which is considered to be the closest version of Bitcoin, plunged by over 97% within a few days of its launch.
The MimbleWimble protocol was first introduced in the year of 2016, by Tom Elvis Jedusor, an anonymous developer, with both the names inspired by Harry Potter. With privacy as the core of this protocol, no one will be able to see the amount of cryptocurrency that is being sent and the addresses involved in the transaction, with only the information required to verify a transaction revealed.
This protocol will be added to Monero, the leading privacy coin in the space, as a sidechain. Riccardo Spagni, the lead developer of Monero said on Twitter earlier this week, “Monero already *is* implementing a MimbleWimble sidechain, Tari”.
During the latest episode of Magical Crypto Friends. Samson Mow, CSO of Blockstream, Charlie Lee, creator of Litecoin, Riccardo Spagni aka fluffypony, and Whale Panda, discussed Grin and Beam.
Riccardo Spagni, when asked about whether he was felt threatened by the new privacy coin, stated that he is a “big advocate of anything that provides improved privacy.” He said:“I mean our criticisms of Zcash are not the privacy enhancing tech. I think that privacy enhancing technology if it’s done correctly is overall net positive and I will absolutely over time have criticisms of Grin and Beam as as things flesh out more and I think criticisms are good, you know, criticisms of Monero make Monero better so like those criticisms should be should be viewed in a positive light.”
He went on to say that the reason he doesn’t feel threatened by the currency is that, according to him, it does not stop Monero from existing.
“I think Monero is an interesting project whether it has one user or 100 users or a million users and whether the price is you know two cents of 20 cents of $2 doesn’t really matter so much to those in the technical community you work on it because they find it interesting because they find a different code base to get coins interested and so on”
This was followed by Charlie Lee speaking about the coins, stating that the currencies are able to “do privacy and scalability without sacrificing anything.” Furthermore, Lee finds it interesting how the MimbleWimble technology makes a system private when data is removed, adding that it makes the coins even more scalable than Bitcoin. Succeeding this, Lee was asked whether this protocol will be implemented on Bitcoin as a side chain or on the main chain. To this, he stated that the hassle here is the security of the side chain.
“the issue I have with side changes has always been like how do you secure it […] so having a separate coin seeker by mining, I mean, that security still the best right before work security so yeah it could be done as a side chain for a Bitcoin and for like coin. I’m not sure how useful it is as a side chain or how secure it is as a side chain.”