Synthetix Network Token SNX to Grin GRIN Exchange

Crypto Pair Details: SNX to GRIN

Synthetix Network Token SNX

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was rebranded from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

Grin GRIN

Grin coin is a private & lightweight open source project based on the mimblewimble blockchain implementation. MimbleWimble is a lightweight blockchain protocol proposed by anonymous author that goes by the name Tom Elvis Jedusor (inspired by Harry Potter) in July 2016. Since then, the proposal has gained a huge following among Bitcoin and privacy advocates. Unlike bitcoin or ethereum, there are no addresses in Grin. In order to transact using Grin, both wallets must communicate with each other online with the results broadcasted to the network. Another key different is that transaction history (sender, receiver, amount) will not be recorded on the blockchain. Due to the removal of these information from the transaction, the data size remains small and that keeps the blockchain lightweight. New nodes can easily join the network without having to download a large blockchain. Grin coin was launched without an ICO, fundraising, or pre-mine. Developers around the world contribute openly with the goal to ensure the coin distribution remains as fair as possible. There are 2 popular wallets widely available to interact with the Grin network. Grin core wallet: https://www.coingecko.com/buzz/how-to-use-grin-wallet-to-send-receive-grin-coins Wallet713: https://www.coingecko.com/buzz/how-to-use-grin-wallet713-to-send-and-receive-grin-coin-step-by-step-guide The consensus algorithm used by Grin is the Cuckoo Cycle proof-of-work based. There are 2 hashing algorithms involved with Grin. Cuckoo-29 is meant for GPU mining while Cuckoo-31 is meant fo ASIC mining. This is a deliberate design to encourage miners to eventually move into ASIC mining for efficiency while keeping it fair at the beginning of the launch. Grin coin has launched its mainnet on 15th January 2019 and is now available for mining and trading.

SOURCE: COINGECKO

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