Grin 101 – What is Grin and How it Works

grin

One of the biggest challenges for the adoption of bitcoin as a global currency is scalability. There have been several attempts at solving this, among others:

  • The implementation of SegWit (malleability fix but allows for scaling through layer 2 solutions like Lightning Network)
  • Changing block sizes (like the BCH fork)
  • New currencies that use different protocols including the one of interest today called Grin

So, what is Grin, how does it work and why is it interesting?

What is Grin?

Grin is a community-supported implementation of the MimbleWimble protocol. The MimbleWimble protocol seeks to accomplish 3 main things:

  • Ensure privacy by using zero-knowledge proofs
  • Keeping a small blockchain by registering less information on the blocks
  • Have fast transaction verification processes

Grin seeks to accomplish scalability and privacy by having no addresses and no amounts stored on the blockchain.

How does it work?

MimbleWimble relies on Confidential Transactions and CoinJoin to keep information about the transaction private. Confidential transactions use blinding factors to hide the amounts in a transaction, and nodes only need to verify that no new money is being created. An example of how blinding factors work in cryptography can be conceptualized through the following sample equations:

1 + 2 = 3, or 1 + 2 – 3 = 0

Adding a blinding factor would look something like multiplying every value by 5:

1×5 + 2×5 = 3×5, or 1×5 + 2×5 – 3×5 = 0

Secretly multiplying every original value by 5 does not change the fact that the equation is balanced (nodes verifying the process will see 5 + 10 = 15 and confirm no new money was created) but will obscure the original values. This zero-knowledge proof works when both parties involved in the transaction communicating directly:

  1. Both parties agree on the amount to be transferred
  2. Sender chooses inputs which will add up to the amount that was agreed upon. Sender then choses blinding factors for the transaction and adds them together before sending to receiver
  3. Adding together all the blinding factors for every input in the transaction proves you own them
  4. Receiver picks the blinding factors for the output of the transaction and adds them together and sends back to sender
  5. Knowing the blinding factor for a given output allows you to spend it

Why Does Grin, Which is Based on MimbleWimble, Matter?

Grin claims to follow the original spirit of Bitcoin by being a community-supported project and remaining decentralized and somewhat ASIC mining resistant. It is a one of a kind coin; its closest competitor is BEAM, another implementation of the MimbleWimble protocol but under a more centralized approach. Right now, Grin can be mined in PCs, and it has the potential to be a truly private, decentralized, and scalable coin.

The post Grin 101 – What is Grin and How it Works appeared first on BitcoinChaser.

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2019 NFL Week 7 ATS Betting Picks

While it’s not entirely surprising that the defensing Super Bowl Champion New England Patriots are still unbeaten through 6 weeks of the season, the San Francisco 49ers also being perfect is a little bit of a surprise. Those are the only two teams to have made it to this point in the season unscathed, but with a lot of football Read More

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2019 College Football Week 8 Parlay Betting Picks

Can the Northwestern Wildcats slow down the steam-rolling Ohio State Buckeyes in their Week 8 Big Ten battle? Can the Arizona State Wildcats get the big road upset over the Utah Utes in their Pac-12 pairing of Top 20 conference rivals? Last but not least, will the Penn State Nittany Lions give their College Football Playoff hopes a big boost Read More

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Top Boxing Betting Picks for the Week – October 14th Edition

While the upcoming week of big-time boxing action is definitely going to be a lot ‘quieter’ than the past week of global headline-making pugilistic news, boxing lovers and betting enthusiasts everywhere are going to have the chance to cash in on at least two world title fights. With the WBC/IBF light heavyweight unification title on the line on Friday night Read More

The post Top Boxing Betting Picks for the Week – October 14th Edition appeared first on MyBookie Online Sportsbook.

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2019 College Football Week 8 Odds, Overview & Picks

The big loser in Week 7 of this college football season was Georgia as the then-No. 3 Dawgs were stunned at South Carolina. That dropped them to No. 10 in the AP Top 25. LSU moved to No. 2 behind Alabama, giving the SEC the top two teams in the poll. One conference has held the top two spots 75 Read More

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Purdue University Bans Sports Betting

This past Thursday, the Purdue University Board of Trustees approved a new sports wagering policy that has raised a few eyebrows throughout the country. The new policy bans faculty, staff, and non-athlete students from gambling on any sporting events that involve Purdue teams, coaches, or student-athletes. While sports betting was legalized in the state of Indiana as of September 1, any person found violating the new policy at Purdue could face termination or other punishment. The proposed ban would bar those associated with Purdue University from placing bets at brick and mortar sportsbooks as well as online sportsbooks. The policy will go into effect once the rule has been officially published by the University.

The NCAA rules already prevent student-athletes, university officials, coaches, and other professionals from wagering on college athletics, but Purdue’s decision to extend this ban on wagering to everyone associated with the University is unique. The policy aims to restrict the ability of staff and athletes to exploit their positions and potentially influence the outcome of the events in which they are betting on. For example, a professor could pressure their students into influencing the outcome of a match, or they could ridicule them for their performance in which they lost a bet. Additionally, athletes may share game plans or team strategy that could impact fair play. While a rule banning sports betting to prevent these unsavory situations seems like a good idea, the logistics of such a rule raises some serious questions.

Complications Surrounding the New Rule

In the state of Indiana, anyone who is 21 or older can bet on sports. It’s up to the Indiana Gaming Commission to ensure that all gambling operations are adhering to guidelines established by the industry. The challenge that the new policy that Purdue has presented is that faculty, staff, and students are only restricted when betting on Purdue matches, so how can this type of activity be monitored or regulated? As the policy stands, students and staff can still bet on other collegiate sports, just not those associated with their University. This opens up a myriad of issues with trying to monitor who is betting on what at Purdue.

While the University may be able to monitor the internet activity of the students on campus, they certainly wouldn’t be able to flag all sports betting websites because not all sports betting is being outlawed, only the matches being played by Purdue. This means that the University would have to develop a system that allows them to thoroughly analyze all activity on sports betting websites and applications to monitor exactly what students are betting on, which would require a dedication of extensive resources and may also raise questions about invasion of privacy. Additionally, it would be difficult to track who is responsible for the inappropriate online activity. What if a student is logged in under someone else’s account? What if they are logged in as a guest account? Not to mention the fact that many students may be using their own wireless network, or even placing bets through applications on their mobile devices. Tracking the online activity of every student, even those who are using networks other than the one provided on campus, would be impossible.

It is equally important to consider the approach that Purdue takes in order to crack down on sports betting at brick and mortar locations. Since the law states that anyone 21 and older can place bets on sports in the state of Indiana, casinos have no obligation to provide Purdue University with any information about the betting activity of its customers. The same could be said about the Indiana Gaming Commission, who oversees both the brick and mortar and online betting for the state. Their job is to monitor the activity of casinos and consumers in relation to the law, not the rules of Purdue University. Without much legal leverage, it is difficult to see how Purdue plans to crack down on these instances of sports betting without relying on individuals to divulge information when they see others violating the rules.

Timeline and Expectations

The announcement that came on Thursday has been in the works since all sports betting was legalized in early September, and University officials believe that it is a step in the right direction for Purdue, and that it accurately represents the University’s values. The expectation is that the rule will go into effect before Purdue plays Iowa on Saturday, October 19. Purdue will be the first public university to adopt a no sports betting policy in a state where sports betting has been legalized. However, St. Joseph’s University, which is a private college in Pennsylvania, recently announced a similar policy. If this is to be an emerging trend throughout the country, it will be interesting to see if Purdue is successful in establishing guidelines that accurately detect and identify students who violate the rules, without infringing upon their rights.

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