Would take a monumental shift in public sentiment to rotate from pseudo-anonymous cryptocurrencies to fully anonymous ones. The benefits are simply not that strong yet.
You don’t have to appreciate the advantages of improved privacy in order to appreciate Grin’s biggest advantages, namely its simplicity, scalability, elegance, and fairness. The benefits of those will increase over time.
I think we’re still early in the Grin lifetime and I still believe Grin is a state of the art digital vault implementation. Much like Bitcoin, it provides vault redundancy through decentralization and it secures the vaults with a physical resource (energy) which makes it the most secure option if enough energy is contributed. Grin pushes this idea even further than Bitcoin as both simplicity and privacy improve the vault security. Vault content and ownership should not be discussed publicly. To put a cherry on top, it’s a beautiful construction and the implementation is as fair as it can get.
We will need to get higher difficulty to make it really secure, but my guess is this will increase over time as inflation rate lowers and people start speculating on it. Hopefully it gets the recognition it deserves in a decade or two.
Edit: Given that Grin stores “seconds”, we could refer to the UTXO set as Time Vaults.
“We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place […] We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money”
A Cypherpunk’s Manifesto, Eric Hughes, March 9, 1993
These ideas, 30 years later, have been practically completed? No. But it’s a daily effort of many people and projects (including Grin) towards that direction. Things are not as easy as they seem and mostly need time, fixes, additional practical ideas.
Grin embraces privacy but is not only dedicated to it!
Grin is Open, Private, Scalable, Simple, Proven
If you really like the basic principles of Grin, then you only have to get involved in your own way!
Grin is much more than a coin which preserves privacy.
One of the things that pulled me into Grin and always amazed me is that Grin get privacy preservation at no-cost whatsoever, which is in stark contrast to most privacy oriented crypto projects that incur significant cost in complexity, chain bloat and limited scalability in order to get privacy preservation.
So even if the privacy of Grin would have been similar to Bitcoin, I would love Grin for all these other properties. But hey, Grin also has great privacy preservation for free, ain’t that magical, and does that not make Grin even better as Digital Cash and in the longer term as Store of Value?
The answer depends what do you understand by “has future”.
If you mean “going to the moon” then I don’t think so. If you mean “will keep running, will find its neiche and will be commerically used there” then I think yes.
Napoleonic wars 1815
World War 1 1918
World War 2 1945
109 years since world WW1
77 years since WW2
1 pound = 4.76$ 1918
1 pound = 4.03$ 1945
1 pound = 1.22$ 2023
The previous reserve currency is facing devaluation from the current reserve currency.
Grin is the perfect currency to replace failing currencies
i would argue that interactivity also increases security since the attacker can’t send you utxos with bad intention (so many attacks exist today, hackers will only get more innovative over time). Since security is by far the most important thing in a meaningful vault i believe that interactive transactions bring more pros than cons (even though i admit it seems like they have some downsides as well)
Much of the future in general is speculative, Grin is the most decentralized implementation of Mimble-Wimble IMO which makes it resilient and organic. I cannot speak for others but I have no intention of ditching a currency which is so utterly private.
Holding a completely private Grin is a good option, and it would be better if more use cases could be created, just like BTC has also started playing with NFT, to be able to attract more people to participate and thus be able to make Grin liquid. Lack of liquidity is currently the main obstacle to Grin’s development.
Not a problem for Grin development at al, but perhaps a problem for price development.
I think it is more important to be brilliant in one or a few use case than mediocre at many. Grin is brilliant as a) Digital Cash b) Digital Vault and c) in the longer term as Store of Value.
Sure, experimenting with other things like NFTS is fine, but never at the cost of its true use cases or when increasing complexity.
Personally I would prefer to see things like Multisig or unified payment proofs and contract transaction flow implemented over something like NFT which so many projects are doing already.
what is vault for ? vault=wallet ?
More people will realize the importance of a completely private currency, and the sustainable mining method that is unique to Grin will have huge advantages. I expect that soon more people, group companies, and even some countries will use state power to get involved in Grin mining.
Let’s ask ChatGPT:
For Grin to be successful, several key factors must be in place.
Firstly, it needs to have a strong and active community that is committed to its development and adoption. This community should include developers, miners, investors, and users who are passionate about the project’s mission and believe in its potential.
Secondly, Grin needs to gain wider adoption and acceptance by merchants, exchanges, and other payment providers. This would make it easier for people to use Grin for everyday transactions and increase its overall liquidity and value.
Thirdly, Grin needs to continue to innovate and improve its technology to stay ahead of its competitors. This includes improving its scalability, security, and privacy features, as well as addressing any bugs or vulnerabilities in its code.
Finally, Grin needs to navigate the regulatory landscape and comply with relevant laws and regulations in the countries where it operates. This includes ensuring that it is not used for illegal activities, such as money laundering or terrorist financing, and that it complies with anti-money laundering (AML) and know-your-customer (KYC) requirements.
Overall, for Grin to be successful, it needs to have a strong community, gain wider adoption, continue to innovate, and navigate the regulatory landscape. If it can achieve these goals, Grin has the potential to become a leading cryptocurrency and an important player in the digital economy.
How can we measure if Grin is doing enough to be successful?
There are several metrics that can be used to measure whether Grin is doing enough to be successful:
- Community engagement: Grin’s success largely depends on the strength and engagement of its community. The number of active developers, miners, investors, and users, as well as their level of participation in community events, forums, and social media, can be a good indicator of Grin’s community engagement.
- Adoption and usage: The number of merchants, exchanges, and payment providers that accept Grin, as well as the volume and frequency of transactions, can be a good indicator of Grin’s adoption and usage.
- Price and market capitalization: The price of Grin and its market capitalization are important metrics for investors and can indicate the level of confidence in the project’s future prospects.
- Technology development: The pace of Grin’s technological development, including the number of updates, the size of the development team, and the level of innovation, can be a good indicator of its potential to stay ahead of competitors and solve key challenges.
- Regulatory compliance: Grin’s ability to navigate the regulatory landscape and comply with relevant laws and regulations, including AML and KYC requirements, is important for its long-term sustainability and success.
Overall, these metrics can be used to assess whether Grin is doing enough to be successful. However, it is important to note that success is a relative term and may vary depending on individual perspectives and goals.
This includes ensuring that it is not used for illegal activities, such as money laundering or terrorist financing, and that it complies with anti-money laundering (AML) and know-your-customer (KYC) requirements. Such a thing is a pipe dream, for example several high-level political officials get away with money laundering and terrorist financing under the exact rails while claim to forbid this behavior.
That is a system based on picking winners and losers and decentralized permission-less systems do not choose winners and losers this way. The only possible way to have real money is to make it permission-less and to the extent that a protocol does ANYTHING to try and manipulate user privacy it completely fails as real money and will never ultimately scale. Real money exists with the possibility of both good and bad actors using it.
Better die than be a zombie.
Sure it has, as soon as it will have working wallet to be used for everyone and everywhere, this is first thing I decided to fix when I joined.
- AML compliance equals payment proofs so you can proof you own a receiving wallet. Nothing else is needed, checks are only happening at the gate. No problem there although I think we still need payments proofs implemented for RSR flow (hopefully soon we can simply talk about transaction contracts without distinguishing SRS and RSR).
- KYC is on the exchange level, nothing to do with Grin. Everyone is free to use exchanges that do or do not require KYC. Or use truly decentralized exchanges like Bisq .