Grin Cryptocurrency Executes First Hard Fork

Wednesday's planned system upgrade for the Grin blockchain tweaked a mining algorithm.

AccessTimeIconJul 17, 2019 at 7:00 p.m. UTC
Updated Dec 12, 2022 at 12:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Privacy-oriented cryptocurrency Grin has just executed its first backward-incompatible upgrade, also called a hard fork.

Today's planned upgrade introduces key changes to the nearly $60-million network that will optimize for maximum miner decentralization and usability. Grin launched in January 2019.

“It was planned since way before Grin launched,” Grin developer John Tromp told CoinDesk. “We would do four hard forks in the first two years, at regular six-month intervals, to introduce new features.”

Tromp said that today’s upgrade did not result in a network split. Rather, the old Grin network simply halted “in its tracks,” effectively forcing users to update their software. The upgrade was completedhttps://grin.blockscan.com/block/262080 at 9:45 UTC.

Tromp explained:

“In a classical fork, the chain can split into two mutually incompatible continuations. … In Grin, there is no way to continue growing the ‘old’ chain since the old code refuses to accept any blocks past the [hard fork] height.”

One of the most integral changes introduced on the Grin network today is a tweak to one of two mining algorithms. As previously reported, Grin supports a mining algorithm that is friendly toward both general-purpose computing devices called GPUs and specialized hardware called ASICs.

However, Wednesday's fork looks to dissuade specialized machinery from being built for the GPU-friendly algorithm.

Quentin Le Sceller, a Grin core developer and software engineer at blockchain startup BlockCypher, explained:

“It's not really forking ASICs from the network but ensuring that no one is building ASICs for the [GPU-friendly mining algorithm.]”

In order to ensure that ASICs don’t hold a monopoly on the Grin mining industry – estimated to generate over $100 million annually by today’s coin prices – Wednesday’s update ensures the playing field remains ASIC-resistant for the short-term future of the Grin protocol.

In another six months, additional tweaks to the newly implemented mining algorithm will be activated by Grin developers. Tromp, who is in charge of these mining algorithm edits, also affirmed that for the second Grin fork, developers will take the first step toward adding payment channels to the network.

“[Payment channels are] a way for two parties to perform many off-chain transactions between them,” Tromp said. “[It requires] one on-chain transaction at the outset and one settlement at the end.”

Payment channels were first popularized on the bitcoin network as a way to scale transaction volume by decreasing confirmation wait times.

Beam, another cryptocurrency built on the privacy-enhancing blockchain protocol mimblewimble, is undertaking a hard fork in August. Like Grin's upgrade, Beam will also be adding payment-channel functionality and a mining algorithm update meant to keep ASICs in check.

Grin image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.