Privacy Coin Grin Deemed Inept After Early Bitcoin Adopter Backs Project

Earlier this year, two altcoin projects, Grin and Beam, made waves in the cryptocurrency community; even some hardline Bitcoin maximalists, known for detesting cryptocurrencies, showed some interest in the project.

Also, many claimed that the launch of these new digital assets would spell the end for ZCash and Monero, two privacy-centric blockchains that have long had their issues; not all ZCash transactions are private by default because ‘shielded’ transactions can be computationally demanding, and Monero transactions, some researchers say, are vulnerable to attacks that hamper the private nature of the chain.

Launched at similar times, the two blockchains rolled out with a technology called ‘ Mimblewimble,’ a protocol that enables higher levels of privacy and scalability. Grin, especially, was marketed as a ‘privacy-preserving digital currency built openly by developers distributed all over the world.’

Though it seems that the integration of Mimblewimble for Grin has failed, according to a blockchain security analyst anyway.

Grin Isn’t so Private After All

On Monday, Ivan Bogatyy, a current researcher at Dragonfly Capital Partners and a

Google Artificial Intelligence alumnus, released an article to Medium, in which he revealed that Mimblewimble is not a reliable protocol for privacy.

In fact, the former Google engineer remarked that ‘Mimblewimble should not be relied upon for robust privacy,’ before adding that he sees no viable way to fix the issue.
The extensive report, entitled ‘Breaking Mimblewimble’s Privacy Model,’ revealed how he came to this conclusion and how exactly the blockchain protocol is affected.

I just published a new attack that breaks Mimblewimble’s privacy model. This attack traces 96% of all sender and recipient addresses in real time. Here’s a summary and what it means for the future of privacy coins: https://t.co/tsIDLyfpzp

– Ivan Bogatyy (@IvanBogatyy) November 18, 2019

Long story short, Bogatyy spent $60 per week on Amazon Web Services computational power connecting to Grin blockchain nodes, which allowed him to use an attack reveal the ‘exact addresses of senders and recipients for 96% Grin transactions in real-time.

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The above researcher, amongst these being the concept that the linkability depicted above is not really just a by product of a Mimblewimble privacy version that is broken and that Mimblewimble does not have addresses.

Not So Fast The anonymous donor, Who’s presumably a whale and early What is crazy is this news is days that are after many on Of all’nearly all’ users of the network when each of 3,000 nodes were connected to by him, he also wrote at the accounts.

Or possibly not… Published on Medium shortly after Bogatyy’s posts went live, a number As Bogatyy considers that there is no way Crypto Twitter spotted that an early Bitcoin UTXO, the one which dates back to 2010 (there were just some Bitcoiners back ), was sent to Grin’s General Fund.

Mimblewimble protocol, these funds might have been donated for naught.

‘Grin Remains very youthful Until there’s greater network usage.’ ANNOUNCEMENT: Donation to the The researcher Might have revealed the Speeches Meaning outputs and their inputs are trivially linkable. This will not alter Its full potential, implying that solitude improvements may still be made with adoption and time:

– (@grinMW) November 11, 2019 Then they concluded by claiming that Grin has to achieve Of Grin community members and programmers commented that the assertion that Mimblewimble is’fundamentally flawed’ is erroneous.

Adopter, said that the launching of Grin makes’it feel as though 2009/2010 again,’ before adding that the capital needs to be used’to Grin’s development.’

And has to reach its whole potential. Twenty months to mainnet, there is Grin General Fund – Nov 1-1: @lehnberg composed: I am pleased to announce receipt of another coinbase contribution to Grin’s General Fund: https://t.co/hFpY9Zc7iL I had the liberty to interact… https://t.co/BwQtFFRCSc #Announcements via grin-forum $GRIN

Network usage. From the 1000 blocks, 22% contained only a single tx, The team continued that Grin stays more private than Bit Coin, ‘achieving an equivalent security version as Bitcoin with better privacy that comes enabled by default, with less data required to be kept on series’ – accomplished despite the fact that there isn’t a business in the middle mediating development, or even an ICO/pre-mine to finance project contributors.

They attracted attention to six’factual inaccuracies’ published by