Cryptocurrency Grin Executes Its First Hard Fork

Cryptocurrency Grin Executes Its First Hard Fork

The first blockchain split has occurred in the anonymous cryptocurrency network Grin. Note that this event did not come as a surprise to anyone, since it was planned for a very long time.

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

Also, Tromp added that this hard fork did not result in a network split, rather the old chain ceased to exist:

“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 important updates is a tweak to one of two mining algorithms. Recall that the Grin cryptocurrency network could be mined both with the help of video cards and with the help of specialized network equipment – ASIC. Since now, ASIC will not hold a GRIN production monopoly. Note that the total amount of mining of this coin is approximately $100 million per year (at the current exchange rate).

We want to remind:

Soft Fork and Hard Fork in Simple Words

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