Grin 101 - San Francisco Bitcoin Meetup

## Grin 101: A Deep Dive into a Privacy-Focused Cryptocurrency

This podcast episode, recorded at a San Francisco Bitcoin Meetup, provides an introduction to Grin, a cryptocurrency focused on privacy and simplicity. The discussion covers Grin's history, technical underpinnings, and the community driving its development. The meetup itself is a monthly event featuring "lightning talks" (a precursor to the Lightning Network) and also highlighted upcoming events like the Crypto World Expo (April 13-14) and a Bitcoin Programming Reading Group starting April 13th. A startup, Neuronpoint.com, was also mentioned, offering free data aggregation tools for cryptocurrency developers.

The presentation, led by Matt, a co-founder of Block Cipher (a company specializing in platforms and APIs for Bitcoin, Litecoin, Dash, and Ethereum, and also running the Grinmin mining pool), delved into Grin's origins and philosophy. The project was announced in 2016 by a pseudonymous founder, Tom Elvis Jedermann (a playful reference to Voldemort in the French Harry Potter books), and aims to offer a more collaborative and open approach than existing blockchains like Bitcoin and Ethereum, which are perceived as having difficulty with incremental innovation. Block Cipher is actively involved in Grin mining and provides infrastructure for the cryptocurrency.

Grin's design prioritizes a return to basics, rejecting the increasing complexity seen in other blockchain projects. It operates with a simple, open governance model, with weekly developer and governance meetings held on Geater, ensuring transparency in decision-making and finances. The cryptocurrency utilizes Proof of Work mining, initially issuing 60 Grin per block, with inflation gradually decreasing as the total supply approaches its limit. The discussion also touched upon Mimblewimble, the protocol underpinning Grin, which focuses on defining block and transaction structures while omitting elements like scripting and addresses. A key feature is the inherent confidentiality of all transactions, with users having the option to reveal information if desired. Grin also incorporates "interactive" transactions, allowing for flexible exchanges between sender and receiver.

Main Topics Discussed:

• Meetup & Events: Introduction to the San Francisco Bitcoin Meetup, Crypto World Expo, and a Bitcoin Programming Reading Group.
• Block Cipher & Grinmin: Overview of Block Cipher's role in Grin mining and infrastructure.
• Grin History & Philosophy: The origins of Grin, its pseudonymous founder, and its commitment to simplicity and community-driven development.
• Governance: Grin's open and transparent governance model, including weekly meetings and public finances.
• Mining & Inflation: Details about Grin's Proof of Work mining and its deflationary inflation model.
• Mimblewimble Protocol: Explanation of the underlying protocol and its focus on efficiency and privacy.
• Confidential Transactions: How Grin obscures transaction amounts using confidential connections and kernels.
• Interactive Transactions: The concept of flexible, interactive transactions and "slates."

Key Quotes:

• Matthew: "This predates the lightning network, the name." (referring to the meetup's lightning talks)
• Matt: "It's 100% of the source. But compared to other projects, entirely community driven." (describing Grin's development)
• "Innocious Federal was the first person to get the cake that Harry Potter uses to hide all the time. The invisibility cloak." (referring to a significant early achievement in Grin's development)
• "All the transactions are confidential by default." (highlighting a core feature of Grin)

People Mentioned:

• Anthony (Starfish Network)
• Matthew
• Travis
• Casey Bowman
• June
• Justin
• Matt (co-founder of Block Cipher)
• Andrew Bolstrow
• Innocious Federal
• Cerea (French, new core contributor)
• Tom Elvis Jedermann

Bitcoin Prices Mentioned:

• $200 (initial Bitcoin price)
• $20,000 (peak Bitcoin price)