We hear more and more about exchanges unlisting grin such as it has been announced by Bittrex. Bisq had a fair reason to remove grin but convincing them to bring it back will not be easy. To my knowledge, at the moment of writing this post the only exchange that properly supports and maintains grin is TradeOgre. Myself I encountered lots of trouble withdrawing from gate.io and it was extremely frustrating. We have an archived post and current one with a list of active exchanges.
What is even more disappointing is we keep hearing from those exchanges how they heroically announce listing some memecoins which provide no technical advantage and just follow recent random trends and hype.
I have been thinking about it and I realized few things:
- No matter how good MimbleWimble is, if there is no way for people to buy grin, it won’t have a proper chance to compete even with the most ridiculous memecoin which differs only with the logo.
- It is understandable for the exchanges that they need to do what is good for their business. It is not charity. They have limited resources as well and they have to prioritize what will bring them profits.
- Even if exchanges (decentralized or not) list grin, it will always be a part of another coin’s market, there won’t be a way to directly just get grin for fiat (at least not for a long time). In my experience, I have encountered dozens of people who wanted grin and were extremely annoyed by the fact they had to buy ETH or BTC first.
There are ways of implementing secure (to certain extend, of course) P2P exchanges between the cryptocurrencies and fiat currencies. As mentioned above, Bisq is such an application. For those unfamiliar with the concept, here is an introduction video to Bisq.
In the Monero Reddit community there recently was a discussion about building a decentralized exchange. They do have Haveno which is a fork of Bisq. I have not studied the details of this project, I have never tried it but if it works it is impressive as doing multisignatures to implement escrow with Monero seems something difficult to achieve.
Haveno (pronounced ha‧ve‧no) is a private and decentralized way to exchange Monero for national currencies or other cryptocurrencies. Haveno uses peer-to-peer networking and multi-signature escrow to facilitate trading without a trusted third party custodian. Disputes can be resolved using non-custodial arbitration. Everything is built around Monero and Tor.
On the other hand, for MimbleWimble thanks to Schnorr signatures it is a lot easier to implement multisignatures and scriptless scripts. We already have a research thread about atomic swaps with BTC.
It is not a feature proposal, our devs are doing amazing work and are already extremely busy. This is the reason why I decided to write it in the
uncategorized section of the forum as I am not proposing any particular roadmap.
My goal here is to start to talk about our own decentralized exchange. MimbleWimble has a technical advantage, the fact that making multisignatures is easier should be taken advantage of. One of many other advantages of grin is its community, I met so many extremely smart and knowledgeable people who share a vision. I believe such community could be a good foundation for a P2P network.
Please leave your thoughts and comments. I am curious what you think and where this discussion will lead us.