Early Bitcoin Adopter Supports Privacy Altcoin Grin
The crypto market was born from cypherpunks hoping to disrupt the current monopoly over finance, and offer the world additional options that favored privacy and freedom. Bitcoin was the first of its kind, but many altcoin projects have since followed that keep the original goals of cypherpunks strong.
An early Bitcoin adopter, driven by the further pursuit of bringing privacy and freedom to the crypto market, has made a sizeable donation in Bitcoin to the privacy-centric altcoin, Grin.
Early Bitcoin Whale Donates 50 BTC to Privacy Altcoin Project
This week, Grin Product Manager Daniel Lehnberg revealed on the official forums of the Grin altcoin project that they had received a sizable donation originating from an early Bitcoin adopter and cypherpunk, in support of the project.
Grin’s General Fund received a donation of 50 BTC from a donor who wishes to remain anonymous, along with a note from the donor.
The donor says that Grin makes them feel like it’s 2009 or 2010 once again, likely referencing when Bitcoin first was released into the wild and hope was still fresh and young. The donor claims their motives are only about pushing the technology and altcoin’s protocol forward and ask the Grin team to put the donation “to good use for the development of GRIN.”
The blockchain data suggests that the account associated with the 50 BTC donation dates back to 2010, suggesting that the donor is among the earliest adopters of Bitcoin and cryptocurrencies, and is assumed to be an early cypherpunk.
One more 50 btc donation to Grin, this time a coinbase from 2010 https://t.co/JXkTJ78lVB https://t.co/JhyQOCh3We
— hashmap (@hashmap) November 11, 2019
Whoever they are, they are supporting Grin financially, and appear to be using their funds to attempt to push crypto as a technology even further through the altcoin. Since they asked to remain anonymous, privacy is clearly a topic of concern for the donor, which could be in part why they selected Grin as a project they’d like to support.
What Exactly Is Grin?
Grin is a relatively new altcoin, first launching in January of this year. Grin is a censorship-resistance, privacy-focused crypto project, that utilizes the mimblewimble blockchain.
Like Bitcoin, no entity controls or owns Grin, and its development is supported by the donations of others like the early Bitcoin whale or through the sales of related merchandise created by the current volunteer dev team.
Grin is a proof-of-work cryptocurrency, with each block reward offering miners 60 Grin for each block validated. There wasn’t an ICO or pre-mine, and instead, the altcoin’s distribution began with the mining of the project’s genesis block much like Bitcoin.
Where it differs from Bitcoin, is in the fact there are no addresses on the Grin blockchain, enabling confidential transactions that obscure ownership and any amounts transferred.