The Grin network will be updated at the height of block 262,080, which will be reached next July 17th 2019. The fork will update the PoW algorithm to prevent ASIC mining from taking over the network.
The Grin project, one of the cryptocurrencies focused on privacy that use the MimbleWimble protocol, will perform a programmed anti-ASIC fork (hard fork) next week. According to an announcement on the website of the project, the event will take place on July 17th, at the height of block 262,080.
This is the first of the four hard forks planned by the Grin developer group, in the course of the first two years of the project’s life. The main objective is that the network remains resistant to mining with application-specific integrated circuit (ASIC) equipment, which may eventually monopolize the network. It was reported that the other three hard forks are programmed to match blocks 524,160, 786,240, and 1,048,320.
One of the main developers of the project, known under the pseudonym Ignotus Peverell, explained that during the first stage of Grin, whilst its mining market matures, it cannot be expected to have full confidence in the ASICs. That occurs especially because the ASIC market for cryptocurrency mining is currently centralized, according to what Peverell posted in the Grin forum.
This first Grin anti-ASIC fork is said to be already active in the project’s test network, where the new 2.0.0 version of the network was successfully launched on June 23rd at the height of block 185,040.
The update includes changes to the proof-of-work (PoW) algorithm, which will change from Cuckaroo29 to Cuckarood29. According to Grin Developer, John Tromp, the development of new ASIC equipment leads to the need to make frequent adjustments to the PoW algorithm in order to maintain an efficient resistance to this type of mining.
In the 133 days of Grin mining until now, there have been no signs of ASIC mining. There is knowledge of several ASIC products planned to be released in the summer. To the extent that any of these ASICs has incorporated support for Cuckaroo29, it is desirable that the personal setting block it.
Tromp also noted that an adjustment to the Grin mining difficulty is not considered. Those changes are usually made depending on how much hashing power the network of miners have used.
The scheduled date for the update was compromised last March, after it was publicly known that new Innosilicon G32 Grin ASIC Miner equipment, compatible with Grin’s Cuckaroo algorithms, would appear. The developers even considered having the fork ahead of time, but this idea did not materialize.
Grin recommended the miners, nodes and exchange houses that support the cryptocurrency, update the Grin software, as well as the Grin wallets to version v2.0.0 or higher, to be ready for the hard fork.
Despite the fact that Grin is not as profitable as Bitcoin, it can be a good experience for novices to invest in this cryptocurrency. Of course, its hard rock on July 17th will definitely lead to changes in its price.
By Willmen Blanco