Grin's third hard fork, which took place in block number 786,240, has been successfully completed, improving some aspects of the protocol and making compatible the previously released versions of nodes, wallets and miners.
Before seeing what this is all about, it must be remembered that this cryptocurrency is based on the MimbleWimble protocol, which has as its main objective the privacy protection.
Grin has been run by anonymous developers and one of its peculiarities is having implemented an algorithm similar to PoW (Proof of Work) that takes the name of Cuckoo Cycle.
This allows it to be well suited for GPU mining and to counter the infamous ASICs.
Please note that the MimbleWimble protocol has also been chosen by Litecoin (LTC) to increase the privacy of your transactions by adding protected blocks to your blockchain.
This will be an optional function, which the user will choose whether to activate or not.
The testing phase is scheduled for September.
What does the new fork imply?
Focusing instead on the Grin fork, all the improvements made can be found here:
- Improvement of AR POW algorithm, and therefore improvement of CuckARoo;
- Previous versions of API v1 have been removed;
- Parallel IBD, a process to improve blockchain synchronization;
- The related blocked nuclei, for future use of payment channels.
- Compact Whiteboard: A new format for whiteboards has been designed to be lighter and more accessible;
- Whiteboard serialization: a new method for serializing whiteboards to reduce their size;
- Armored Whiteboard – An enhancement for file interaction designed to be easier for users;
- The end of support for all those who use listener, considered insecure.
At this point, all that remains is to download the updated versions of all the software and continue using Grin with your new update.
Grin's price seems to have not particularly benefited from the fork. Today it travels around parity and is trading at $ 0.43. It sits at position 188 on the CoinMarketCap and is far from its all-time high of $ 10, which was the price it had during launch in January 2019.
In the meantime, Beam, also based on MimbleWimble, completed its second fork last month.