Grin and MimbleWimble are two separate entities that work together in the cryptocurrency/blockchain space. MimbleWimble is essentially a Blockchain that provides enhanced privacy, scalability and fungibility. This is accomplished through its effective cryptographic infrastructure. Grin the cryptocurrency operates within the MimbleWimble Blockchain and is an open-source software project.
Initially the story of Grin and MimbleWimble is very interesting to say the least. A while back the project was introduced in a chat room where developers hang out on a daily basis. This individual was not very social. All they did was post a link which directed users to an unknown hosted website. This site introduced users to a PDF / White-paper which caught the attention of many people. MimbleWimble is often related to Harry Potter where a tongue tying spell is cursed. This curse “ties the targets tongue in a knot, preventing them from making coherent speech.” Many have stated the MimbleWimble white-paper is difficult to comprehend and makes numerous references to Harry Potter which is comedic to say the least.
MimbleWimble and Grin caught the attention of many developers due to its infrastructure. With the way the project structures its cryptography, the Blockchain is able to enable an environment where transactions are private. Within this environment, it’s so private that you can’t even see who is transacting or the amount. Transactions on the MimbleWimble Blockchain are able to become verified without knowing these metrics. MimbleWimble essentially introduced a completely different Blockchain. It’s important to understand this concept can’t be applied to Bitcoin. MimbleWimble is much more private than Bitcoin due to the fact you can see transactions on the Bitcoin Blockchain. Within the BTC Blockchain you can easily see how much has been transacted quite frequently. We are entering an era where individuals value privacy. We have seen the issues we face as a society through entities like Facebook and other Tech giants who have access to all sorts of personal data. MimbleWimble interests the cryptocurrency environment because it adds that extra layer of security and privacy. MimbleWimble has been said to operate through “Elliptic Curve Cryptography” which has been researched for decades.
GRIN Entering Bullish Mode?
GRIN has fallen substantially last year seeing a -77% sell-off. The chart below is comparing GRIN against BTC which has obviously fallen off a cliff with the outperformance of Bitcoin this year. GRIN recently experienced a hard-fork which had an effect on overall price. With GRINs bearish environment, could it be ready for a bull move? If we take a look at the chart below, we will start to see improving technicals. The reason for this is explained through the moving averages. As you can see, the moving averages are above to form a positive intersection upwards. Historically when these moving averages intersect to the upside, it could represent a change in sentiment from bearish to bullish. If we look at historical metrics on GRIN, we will quickly see this event has not happened in a very long time. We will see if there is any truth to this technical study. As of right now, it looks like bullish sentiment is coming in for GRIN, but as we know by now - anything can happen in crypto!