Poloniex lists Grin and pledges 25-50% of tx fees to the Grin General Fund

14 Feb, 2019 | Updated: 14 Feb, 2019
by Will Heasman
Poloniex lists Grin and pledges 25-50% of tx fees to the Grin General Fund

In an announcement made today, the notable crypto exchange, Poloniex relayed the listing of Mimblewimble integrated cryptocurrency, Grin; pledging to donate 25-50% of transaction fees toward the Grin General Fund. 

Within the announcement, the Poloniex team explained the terms of the tx fee donation:

Poloniex & Circle will contribute:

- 50% of all fees for the first month

- 25% of all fees for the next 11 months

The exchange further explains the reason behind the donation to Grins General Fund elaborating that since the project had no ICO, there is no steady source of income for the developers of the project, who are nearly volunteers. Due to this, Grun relies on donations to its General Fund, something Poloniex has decided to take the lead on.

Uniquely Grin.

The lack of an ICO and voluntary developers are not the only reason why Grin is so unique, the project, which was launched anonymously in 2016 runs a privacy protocol known as MimbleWimble, this protocol – also anonymously published, back in 2013 – is a solution for scaling and privacy, it makes Grin unique because the protocol allows Grin to transact without the use of public addresses.

This poses a distinctive problem for Poloniex, as the exchange (like most exchanges) uses public addresses as a means of transacting. However, the team has come up with a few “novel solutions”:

- Method 1 — URL-based: URL-based deposits reduce Grin deposits into a single step and will appeal to users seeking a simplified experience. It will also be useful for those depositing Grin from a mining pool or other exchange.

- Method 2 — File-based: File based deposits involve Poloniex and the customer passing a unique file back and forth before broadcasting the transaction to the Grin network. This method is best suited for advanced users and for those who want to use Poloniex as their Grin wallet for peer-to-peer transactions.

Deposits for Grin are currently live, but withdrawals are said to be due “in the coming weeks.”

Read more: Litecoin jumps into 4th place after 10% pump, following MimbleWimble news

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