Grin Experiment for Future

[minexpert]

Ignotus didn’t do Grin for personal gain. He wanted to take POW to a better place by addressing the problems of Bitcoin and cryptocurrencies.
Right now no one is aware but other POW coins are on their way to death. For the last 5 years, block rewards have been falling even though we’ve had a bull period.

In the near future, POW networks may be infected by attackers. Monero’s marketcap and daily block reward are pretty ideal for the attack. If an attack does occur, the importance of the fixed block reward will be revealed. This will be the only idea that all mining companies will support for their survival. Ignotus anticipated the things I mentioned, giving the community the lowest risk of death POW. However the matter does not end here.

The issue is no longer competition within POWs, but POW-POS competition.
POS networks are way ahead of POWs in terms of dapp interaction, energy efficiency and speed. The only problem was that they could create a decentralized money because in the POS no one could create their own money in the first place. Therefore, unfair methods such as pre-sales or airdrops were preferred but now conditions are changing.

For the first time, a completely decentralized token was created on the POS network based on POP. XEN is the first prime example of allowing people to create their own tokens by paying a fee.

xencryptolp.pdf

Completely decentralized and fair. This situation will not end with XEN. Now, a foundational project like “fair Grin” can design its own POS network and build a system where people create their own tokens. In this case, Grin can fight other POWs but not POSs. The development rate of POS, its Dapp, Layer 2 development is very, very much.

Therefore, everything has to be questioned from the beginning.

[trab]

@minexpert

Monero’s marketcap and daily block reward are pretty ideal for the attack. If an attack does occur, the importance of the fixed block reward will be revealed.

Do you have a link to share with more information on this? I’d like to read both sides to understand what the real issue is

@minexpert

Now, a foundational project like “fair Grin” can design its own POS network and build a system where people create their own tokens. In this case, Grin can fight other POWs but not POSs. The development rate of POS, its Dapp, Layer 2 development is very, very much.

Grin is a lot more than just its emission strategy though. The Proof of Work and the ASIC agnostic concept is part of the whole thing. A different project with one coin per second is not going to automatically be a “grin” style coin.

[minexpert]

I want to add little bit more annotation.

Mining is a central business. When Satoshi designed mining, he thought people would do it at home with their computers. He didn’t even have the idea of a pool mining in mind. Private companies emerged and mining become monopolized.

Currently, Bitcoin’s hash power comes from large facilities. No one mine Bitcoin on their home computer. We are exposed to a central production. Some use illegal electric for mining Bitcoin, some with cheap electricity. There is no equality or justice. Grin will have the same. If it gets bigger, you can remove the G1-mini from your memory. Mining will work on G1 and on more stronger than G1. It will be at the premises, not at home. Also, no one will ever know if the G1 actually produced 36 gps. Maybe 72 gps or there is G2 but you don’t know, you understand?

Bitcoin is very inefficient at interacting with dapps. Most probably, Grin will have the same incompetence. Ignotus wanted us to use it, but outside of dapp usability will be very limited.

Here, we should check to Ethereum, Layer 2’s, Layer 1’s like Aptos and Sui. These allow you to use your money in all areas. Hundreds of useful dapps and interactions.
However, what they lack is decentralization. These coins-tokens were not fairly minted and not fairly distributed. Ethereum has changed its monetary policy many times. Another teams know the airdrop rules in advance and they can reserves most of the token share for itself.

Let’s start think this way.

You are designing a POS network with POP. The system runs on nodes on personal computers. Everyone can create their money from their own computer. Just like in XEN. By adding cross chain, you can use fee from fair stablecoins.
Now you have a completely decentralized system that runs on all personal computers, where everyone can generate their own money.
More faster, more decentralized, consumes minimal energy, also with more possibility it will more scalable and lightweight blockchain network.

Ignotus gave us Grin for more decentralization, privacy, fairness and low risk of death. However, short-term hyperinflation weakened the strength for 4 years. Even if he says it designed for future, the POS side become stronger everyday and now also there is XEN.

Therefore, maybe people won’t want to make mining componies rich and spend much energy. They can want more connectivity and apps. This is like the next level.

[vegycslol]

@minexpert

This is like the next level.

i don’t think it’s the next level, i think it’s a different level. Each PoW and PoS has their own advantages and disadvantages and each will be used for different things imo. PoW is generally more secure and less suitable for dapps due to probabilistic finality, so PoW will become SoV, PoS will be used daily for dapps.

[ardocrat]

@minexpert

Layer 2

Exactly a solution, I think it can be possible to build drivechain on top of Grin, where is all transactions are immediate, but only finality time matters here as Consensus rule, I am not expert at sidechains, I think @johndavies24 knows more here

[ardocrat]

@minexpert

This is like the next level.

Grin can be more that digital money if we can build everything on top of it. Look at this inspiration from Bitcoin’s drivechains inventors:

Running your own node and hold your own keys is important, I believe at future where we don’t need centralized services.

First of all Grin can revolutionize payments, here you can really hold whole bank at your pocket. To be used by anyone, anywhere. Without censorship or restrictions.

[Markozzz]

So Satoshi was a bad economist if he did not understand the simple truth “If there is profit, then any business will strive to maximize it by monopolization”