GRNGrid continues to grow with upcoming partnerships

Exciting things are happening to the GRNGrid projects. Last month the project switched from ERC20 to Polygon, the price of GRNGrid’s token $G has risen significantly and upcoming partnerships are unleashing endless possibilities. The GRN team has been actively participating in meetings, with a main goal of expanding the utilisation of GRNGrid and spreading sustainable awareness across different industries, looking for possibilities.

Development

Development of the GRNGrid blockchain is still ongoing and we aim for a live release in 2024. When we wrote the Greenpaper, we thought of adding functionalities that would improve the user experience within Web 3.0 and make GRNGrid a superior payment and utility platform that also runs solely on renewable energy. Now in 2023 we still have the same vision, but we expanded our horizon with new partners, possibilities and good insight into the technical capabilities. This way we can actively refine or plan and add/edit functionality in the early stages, while simultaneously building a steady, secure, fast and scalable foundation.

We have some exciting development news to share soon! So keep an eye out on our twitter and telegram to stay up to date.

Partnerships

Without disclosing the names of these partners due to privacy agreements until the launch, we can give you a hint.

One of the partners we are currently in talks with is an Asian automotive group that represents brands such as Mini, Mitsubishi, Renault, BMW, as well as motorcycles like Ducati and Harley Davidson. This group operates in Australia, Singapore, and Indonesia.

Together with a Dutch builder of charging stations for electric or hybrid vehicles, they are rolling out a network of charging stations. These will be installed at their own locations and also at retail partners, including a large supermarket chain with over 16,000 stores. As you might have guessed, the payment solution will be provided by GRNGrid. By paying with $G, users will receive various benefits and earn $G’s to spend within the partner’s network.

Another example is the discussions we are having, coincidentally also in Asia, for the development of a royalty solution for artists, producers, and singer/songwriters. The idea is to connect a platform to GRNGrid where the songs of the artists are measured if they are played or streamed in affiliated media outlets, restaurants, cafes, and other public places. This will enable fair compensation based on usage, paid in $G, and can later be exchanged for other currencies on-chain, if needed.

Although a summarized sneak peak into current partnerships, such collaborations ensure that GRNGrid will gain utilisation as a token and the project will receive more exposure.

The Vital Role of Renewable Energy in Blockchain

Introduction

As the world increasingly embraces sustainable practices, the blockchain industry is proactively stepping up to contribute to a greener and more sustainable future. The rise of cryptocurrencies, including Bitcoin, has raised concerns about the environmental impact of traditional mining methods. However, blockchain networks are exploring superior models that focus on renewable energy solutions and consensus mechanisms to create a more sustainable and responsible ecosystem.

The Environmental Impact of Traditional Mining

Traditional Bitcoin mining involves energy-intensive processes that heavily rely on fossil fuels, raising questions about sustainability and environmental impact. To address these concerns, the blockchain community is exploring alternative approaches that prioritize renewable energy and innovative consensus mechanisms.

The Role of Renewable Energy

Renewable energy sources, such as solar, wind, hydro, and geothermal, offer a promising way to power blockchain networks sustainably. Unlike fossil fuels, renewable energy produces minimal greenhouse gas emissions, making it a more eco-friendly option for the blockchain world.

a. Solar Energy: Solar power harnesses the sun’s energy to generate electricity, providing an ideal renewable energy source for blockchain operations. Solar farms can be established in areas with ample sunlight, reducing the need for energy-intensive cooling mechanisms.

b. Wind Energy: Wind turbines generate electricity through the power of wind, offering a consistent and clean energy source for blockchain networks.

c. Hydro Energy: Hydroelectric power utilizes flowing water to generate electricity, making it a reliable and eco-friendly option for blockchain operations, especially in regions with abundant water resources.

d. Geothermal Energy: Geothermal power taps into the Earth’s heat to generate electricity, offering a continuous and sustainable energy supply for blockchain mining.

The Significance of Consensus Mechanisms

In the blockchain world, consensus mechanisms play a vital role in validating transactions and securing the network. Unlike traditional mining, Proof of Stake (PoS) is a consensus mechanism that doesn’t involve resource-intensive calculations. In PoS, tokens are already generated but locked in, and validators are chosen based on the number of tokens they hold and are willing to “stake” as collateral. This eliminates the need for energy-intensive mining processes, resulting in a more energy-efficient and sustainable approach to securing the blockchain.

Advantages of Renewable Energy and Consensus Mechanisms

a. Reduced Environmental Impact: Transitioning to renewable energy and adopting PoS consensus mechanisms significantly reduces the carbon footprint of blockchain networks, aligning with global efforts to combat climate change.

b. Energy Efficiency: By embracing renewable energy and consensus mechanisms like PoS, blockchain networks can operate more energy-efficiently, leading to cost savings and improved sustainability.

c. Decentralisation and Security: Implementing PoS consensus enhances decentralization as it reduces the concentration of power among miners, making the network more secure and resilient.

d. Positive Perception: Emphasizing renewable energy and innovative consensus mechanisms helps improve the blockchain industry’s public image, attracting environmentally conscious investors and users.

Challenges and Solutions

While renewable energy and PoS consensus offer immense benefits, some challenges need addressing:

a. Intermittency: Solar and wind energy’s intermittency can cause fluctuations in mining output. Integrating energy storage solutions like batteries, while considering their environmental impact, could help mitigate this issue.

b. Infrastructure and Investment: Establishing renewable energy infrastructure may require substantial investment. Collaborative efforts between mining companies and renewable energy providers can maximize efficiency and utilization.

Conclusion

The blockchain industry has an opportunity and responsibility to prioritize renewable energy and innovative consensus mechanisms like PoS to create a sustainable ecosystem. Embracing these solutions not only reduces environmental impact but also positions the blockchain world as a trailblazer in responsible technology adoption. By aligning with renewable technologies and embracing sustainable practices, blockchain networks can lead the way towards a greener, cleaner, and more decentralized future.

GRNGrid Embraces Polygon: The next step for GRNGrid

Dear GRNGrid Community,

GRNGrid, the sustainable and eco-friendly blockchain platform, has announced its migration from the ERC20 network to Polygon (formerly known as Matic), a scalable solution built on the Ethereum blockchain.  The migration process from ERC20 to Polygon has been executed seamlessly and automatically as we write this blog, ensuring a smooth transition for community members. Users will be able to see their balances on the same address on polygon chain which held ERC20 $G tokens. The move will bring about empowerement to GRNGrid, resulting in improved features, expanded functionality, and an overall superior user experience for its community. It is pertinent to mention that there has been exceptional developer support offered by Polygon, which will enable GRNGrid to access a thriving ecosystem of developers and a wealth of resources. The GRNGrid team remains dedicated to exploring opportunities that align with its values, optimising efficiency, and elevating user experience.

Migrating
The migration from the ERC20 network to Polygon is expected to provide a plethora of benefits to the GRNGrid community. Polygon offers lightning-fast transactions and considerably lower fees compared to the ERC20 network. This means that GRNGrid users can now execute their operations and transactions with enhanced efficiency, lower costs, and minimal delays.

Also, Polygon’s eco-conscious approach to transactions aligns seamlessly with GRNGrid’s core values of sustainability and environmental responsibility. You can read more about Polygon’s focus on sustainability on their website.

Furthermore, a driving force behind this transition to Polygon is the exceptional developer support and developing opportunities it offers. As mentioned above that this migration to Polygon with tons of resources and exceptional facilities to work on our developments. This invaluable support will empower us to innovate and further enhance our platform, resulting in improved features, expanded functionality, and an overall superior user experience for our community.

Seamless transistion
When this blog will be posted, you will have witnessed the most seamless migration of $G tokens from Ethereum chain to Polygon chain. You don’t need to worry about manually swapping your tokens, as this process has already happened seamlessly in the background. However, if you encounter any difficulties during the migration, our support team is readily available to assist you. Simply reach out to us at support@grngrid.com, and we will be more than happy to help address any challenges you may face.

What we believe!
At GRNGrid, we firmly believe that this migration to Polygon marks a pivotal step toward building a sustainable and robust future for our platform and its users. We remain dedicated to exploring opportunities that align with our values, optimizing efficiency, and elevating user experience. We are confident that this transition will contribute to the growth and success of the GRNGrid community.

Thank you for your support,

The GRNGrid Team

A Seamless Shift: Add Polygon to your wallet. Adding Polygon to your wall: A Step-by-Step Guide

The cryptocurrency space is constantly evolving, and with it comes the need for adaptation and innovation. GRN (ticker $G), a groundbreaking project focused on sustainable energy solutions, has recently made an important move by migrating from the Ethereum blockchain (ERC20) to the Polygon network. This transition marks a significant milestone in GRN’s journey, offering enhanced scalability, reduced transaction costs, and a seamless user experience. In this blog post, we’ll delve into the details of GRN’s migration to Polygon, how to add Polygon to your wallet, and what to consider when a coin you hold migrates to another network.

Why the transition from ERC20 to Polygon?

The Ethereum network, known for its decentralized applications and smart contract capabilities, has faced challenges with scalability and high transaction fees. These limitations have prompted many projects, including GRN, to seek alternative solutions. Polygon, formerly known as Matic, has emerged as a prominent Layer 2 scaling solution for Ethereum, providing fast, low-cost transactions without compromising on security. By migrating to Polygon, GRN aims to create a more efficient ecosystem, allowing users to access and transact with $G tokens seamlessly.

Adding Polygon to your Metamask:

MetaMask, one of the most popular cryptocurrency wallets, enables users to interact with decentralized applications (dApps) and manage their digital assets securely. Seeing your Polygon $G’s on Metamask is easy, Here’s how:

Step 1: Install or update MetaMask:
Ensure you have the latest version of MetaMask installed on your browser or mobile device. If you haven’t already, download MetaMask from metamask.io and set up an account.

Step 2: Access the wallet settings:
Open your MetaMask wallet and click on the top button above your account that selects Networks. Right now it probably says Ethereum Main Network.

Step 3: Network configuration:
Within the networks menu, click on Polygon Mainnet.

And that’s it! You should be seeing your $G’s in you Metamask wallet now.

Adding Polygon to Ledger

Ledger is a leading hardware wallet provider that offers secure offline storage for cryptocurrencies, allowing users to store and manage their digital assets offline, providing enhanced security for their holdings. Adding $G is not as straightforward, because ledger doesn’t support a token overview on Polygon’s network. But don’t worry! Your $G’s are safe, you just need a third party tool to see your wallet content. In this guide we’ll be using myetherwallet.com

Step 1: Connect your Ledger device:
Connect your Ledger hardware wallet to your computer using the USB cable and enter your PIN to unlock the device.

Step 2: Install Ledger Live:
Ensure you have Ledger Live installed on your computer. If you don’t have it yet, you can download it from the official Ledger website and follow the installation instructions.

Step 3: Go myetherwallet.com
1. Click on the button: Acces my wallet.
2. Select MEW wallet app
3. Select the Ledger icon and follow the instructions

Step 4: Connect Ledger
Myetherwallet will ask to launch the Ethereum app on you Ledger. If asked by Ledger Live, input your Ledger password on your Ledger. If connection is successful, you’ll be able to acces your wallet in Myetherwallet.

Step 5: Change network in MEW
Now we are still on the Ethereum network and you’ll probably see your old $G’s there. In the top right corner, change the network to Polygon Mainnet. Now your new $G’s should be shown.

Adding Polygon to your Trust Wallet:

Trust Wallet is a popular mobile cryptocurrency wallet that allows users to securely store, manage, and interact with various digital assets on different blockchain networks, including Polygon. Here’s a step-by-step guide to adding Polygon to your Trust wallet:

Step 1: Install or update Trust Wallet:
Make sure you have the latest version of Trust Wallet installed on your mobile device. If you don’t have it yet, you can download it from your device’s app store and set up an account.

Step 2: Access wallet settings:
Open Trust Wallet and use the top right icon to view your active Tokens.

Step 3: Adding GRN ($G) to your wallet.
To add $G’s to your wallet click the “+” button in the top left cornet to add a custom token. Enter the following details:

  • Network: Polygon
  • Contract Address: 0x1b8Cf8045262663d3E1D7E5CC59cC861fD034BB4
  • Name: GRN
  • Symbol: G

Step 5: Save and connect:
After entering the network details, tap on “Save” to add the GRN to Trust Wallet. That’s it! You’ve successfully added the Polygon network to your Trust Wallet. You can now manage and transact with $G tokens and other assets on the Polygon network directly from your Trust Wallet.

Stay informed

Remember to stay informed about the migration details and any specific instructions provided by GRN regarding the transition from ERC20 to Polygon. By keeping up with the project’s updates, you can ensure a smooth experience and make the most of GRN’s migration to the Polygon network. Also, stay cautious of scams or phishing attempts during a migration. Verify official communication channels, double-check contract addresses, and exercise caution when interacting with unknown entities or platforms. If you come across any scams regarding GRNGrid, please notify the GRNGrid Team @ ask@grngrid.com.

Conclusion

GRN’s transition from ERC20 to Polygon represents an exciting leap towards scalability, cost-efficiency, and improved user experience. As cryptocurrencies evolve, it’s essential to adapt and explore innovative solutions that benefit the overall ecosystem. By adding Polygon to your existing wallet and staying informed about migrations, you can navigate these transitions with confidence, ensuring a seamless experience and continued participation in the project’s growth. Embrace the future of GRNGrid and the Polygon network as this next step unlocks new possibilities in sustainable energy solutions.

Roadmap update #4

For those who are just tuning in to our updates (better late than never!), the team has finished with the Research and Discovery phase and has bravely stepped into the Proof of Concept phase. 

The key aim of this phase is to make a workable PoSv2 blockchain prototype which is, as you might expect, no easy task.

Now let’s check out what they’ve done so far.

Getting down to the nitty-gritty

Since the onset of this phase, they’ve worked on the first iteration of the blockchain software from scratch while sticking to a straightforward peer-to-peer network paradigm.

After some time, the team realized something: they’ve discovered that some requirements need to be additionally specified in the PoSv2 (Proof of Stake version 2) analysis, and more descriptions added to clarify the specifications.

This wasn’t a blocker for the team, as they’ve made significant progress in the preliminary work leading up to the creation of the first blockchain prototype. 

The major components were designed and implemented — e.g., Network, Mempool, Wallet, Storage, Blocks, Accounts, and the first part of the Consensus engine.

If you consider yourself a crypto connoisseur and you are curious about the development details, here’s a list of functionalities that were realized.

Network

So, what was done regarding the network?

The team worked on:

  • Adding data serialization and deserialization (bincode);
  • Posting a message (gossip), sending a message, receiving a message, etc.;
  • Introducing bootstrap node;
  • Introducing channels for connecting various software modules, for example, communication and data exchange between mempool and network threads;
  • Adding a request/response functionality to the network manager;
  • Network enhancement.

For those who are interested in going even further in-depth, here are some additional explanations. Introducing bootstrap nodes means allowing them to exchange routing tables of already connected nodes to the new node, accelerating the process of nodes discovering themselves. Regarding the request/response functionality, it is utilized for block synchronization and, in some situations, consensus because it allows nodes to request data from one other and get responses. As for the work done on network enhancement, it consisted of reducing the need for bootstrap nodes in the local network by enabling mDNS discovery for nodes in the local network (for testing and development purposes).

Mempool

Let’s start by defining a mempool (memory + pool) — it’s a mechanism for storing information on unconfirmed transactions. Basically, it’s a waiting room for transactions that have not yet been included in a block.

Regarding this component, the team boasts enabling fundamental functions like add, remove, prune, etc., and storing data to each node. They also worked on establishing channels for module communication (network – mempool connection), and they added transaction verification which is a checking process that the signature is valid and the sent amount is available in the account balance.

Wallet

How are things going with the wallet?

For the purpose of creating a cryptographic key pair, the wallet generates a mnemonic phrase and a cryptographic seed. A private key is used to sign a transaction, while the public key checks the transaction’s signature. The block producer signs a block using the private key, and the verification of the block signature is done by using a public key. 

All is well on the wallet side! 

Storage

In terms of storage, here are some strategic decisions that the team made:

  • Using RocksDB to implement a storage system;
  • Dividing data into columns to improve the database read and write process;
  • Adding a mechanism to serialize and insert a single value into the database;
  • Adding a method for reading data from a database and deserializing a single value;
  • Including a technique for iterating through key/value pairs from the database while sorting them.

Blocks

What work was done on the blocks?

  • Implementation of block structures with transaction headers carrying information on the block itself, such as the previous block hash, transaction headers’ hashes (Merkle roots), the block’s current height, the block proposer’s signature, etc.;
  • Publishing newly created blocks to other peers in the network;
  • Verifying block validity (verifying block header data);
  • Genesis block creation – initializing the state of new nodes in the network;
  • Storing of valid blocks into the database;
  • Node synchronization implementation.

In order to join and take part in the consensus, a new node must first build a genesis block from its local configuration and then download and update any existing network blocks (become a validator of newly proposed blocks). 

For those who are baffled by all the terminology, “genesis block” is the first block recorded on a blockchain. 

Account

Now, we come to one of the parts most significant to most users — their account. 

The team created their test accounts, and for now, they’ve added account balances to enable sending transactions. Balances were added through the completion of the Genesis block. Things are looking good! 

Consensus (first part)

As mentioned, the team got down to the first part of the consensus engine as well. This includes:

  • Initiator of the block proposer (manual for now);
  • Requesting the committee a vote in favor of the block;
  • Verifying inbound voting requests;
  • The transmitted block is validated;
  • Voting in favor of the block in response to the request vote;
  • Responding only to the leader.

The next steps

As the project moves forward, it naturally increases in complexity, so the code base is updated constantly. But this is day-to-day stuff for our team. They’ve told us that in the coming weeks, the implementation of the Consensus model will take precedence. 

The report for this period concludes here but don’t worry, the team continues at full speed – until next time!

How to buy GRN today

As you guys already know, we have big plans. We are working hard on the development of GRNGrid, a PoS2 blockchain, and GRN Wallet — if you are curious, you can follow our roadmap updates in our blog section.

However, this doesn’t mean you can’t buy GRN. On the contrary, this is a great time to jump on the bandwagon. 

GRN now

Currently, it’s an ERC20 token and as such, it’s available on the Ethereum blockchain. 

Why did we choose ERC20? Well, simply put, it’s practical. This widely used protocol allowed us to launch a presale, and its popularity aids us in spreading the word about GRN. Once the development of Grid blockchain is done, we will merge the coin into our software.

Where to look for GRN?

As mentioned, although the blockchain’s development is still not done, it’s possible to purchase GRN, both with other crypto or with fiat. 

Currently, these 5 exchanges deserve your attention:

  1. BitMart
  2. LBANK
  3. XT.com
  4. LATOKEN
  5. Knaken

Let’s briefly go through each. 

BitMart

Active since 2018, BitMart represents itself as the most trusted cryptocurrency trading platform that provides real-time trading services.

To navigate through the offer easier, it’s best to download Bitmart’s app. 

As on other exchanges, you can purchase GRN and other cryptos with a credit/debit card and use a previously deposited crypto balance. What’s interesting about this exchange is that you can also buy coins by using PayPal. 

And yes, it’s as simple as it sounds. 

LBANK

Described as the world’s leading crypto trading platform, LBANK provides safe and professional services for crypto users globally.

They have an app, both for Android and iOS, and this is where you can download it. 

To get started, you will need the usual: your email address, a strong password, agreeing with the Terms and Conditions, and confirming you are not a cunning robot from the future. And yes, enable 2FA, it’s for your own good.

As expected, before you can actually purchase GRN, you need to verify your identity. You’ll need to provide your name, surname, date of birth (so they know you are not underage), and your ID number — and, of course, the front and back of that document and a picture of you holding it. 

Once the process is completed, you still need funds to purchase GRN. LBANK has very detailed instructions that include screenshots on how to buy or sell crypto using a credit/debit card and top up your balance with crypto, depending on your choice. 

XT.com

Registration on XT.com is similar to registration on all of the previously mentioned exchanges, but if you need a helping hand, they provide a very good guide. 

As with most others, this exchange also accepts crypto and credit/debit card deposits. What’s interesting is that it allows P2P trading, that is, peer-to-peer trading, which means users can contact and trade with each other without a middleman. This option is for those who trust their fellow man. 

LATOKEN

Headquartered in the United Kingdom, this fast-paced international crypto exchange and IEO platform is a perfect mediator to get your hands on some GRN. 

The registration process is pretty straightforward, and in case you need help depositing, you can check out the instructions here. 

On LATOKEN, there are two types of orders you can place — Limit orders and Market orders — but we’ll talk about those a little later. All in all, both the buy and sell processes are relatively intuitive, apart from the mentioned order types, but they simplify things rather than complicate them. 

Knaken

Based in the Netherlands, this platform boasts competitive prices, efficient customer support, and, in general, is a reliable partner to purchase GRN. Knaken is the only one to support purchase fund with iDeal. However, there is a buy limit of €250,- per purchase on $G.

OK, but how to create and verify an account on their app? How to deposit euro and purchase GRN with euro in case you don’t have any crypto? Well, all of the answers to those questions can be found here. 

Don’t worry, it’s pretty detailed. 

Let’s trade

Now that you know on which exchanges you can find GRN, we might as well share a few tips that some of you don’t know, but that might help you buy and sell, not just GRN, but crypto in general.

Market orders

Essentially, a market order is a command to buy or sell crypto at the most recent price on that exchange. What you need to do is to enter the amount of crypto you want to buy or sell, and the order is carried out almost immediately as your order is matched with a currently open order. In that case, you will be paying the taker’s fee, which is usually slightly higher than the maker’s fee.

Limit orders

As the name suggests, you are setting a limit to the price: you are entering the amount of crypto you want to buy or sell as well as the price that suits you. Naturally, this is great as you can benefit from the price fluctuations but don’t have to be glued to your screen. However, there’s a chance that the price will never reach the limit you specified. Another word of warning: always be careful about the amount you choose, as it’s not that difficult to enter an amount that is, for example, much lower than the market price. By the time you realize what you’ve done, you will have lost money and nerves, take our word for it.

Stop orders

These orders activate once a specified price (the stop price) has been reached. The potential problem with these is that if there’s an abrupt jump in price or a huge backlog of orders, you would have to wait. The order might be executed at a higher price than you intended.

Stop-limit order

This order seems like the wisest choice: instead of setting a single amount that might not be realized momentarily, you are setting a range above and below that you don’t want to sell or buy. Sounds need, right?

Why buy GRN today?

If you think about it a bit longer, you will quickly realize that the greatest things had humble beginnings. It took time for others to hear about them and spread the word. 

By purchasing GRN, you are not just purchasing a digital asset whose value might skyrocket one day and make you rich. 

You are supporting a new decentralized monetary system that is fuelled by sustainable energy. We are led by our circular vision that prioritizes giving back to the community. By getting in on the act early, you are joining our mission too. 

Roadmap update #3

How persistent is our team from 0 to “I broke my hand, but I’m performing as if nothing happened”?

It’s not difficult to guess, it’s the latter. Yes, one of our team members has had a mishap, but that hasn’t slowed him down one bit.

So, let’s see where’s our team currently at. 

Rapid Risk Assessment

Although it resembles a tongue twister, RRA is more of a mind twister.

The team decided working on Rapid Risk Assessment is a necessity. Why? Because evaluating risks that could impact the protocol is an essential part of pre-development work.

So, this previous month the team labored over the analysis of risks associated with data stored and processed by GRN Grid to understand the impact of that data on the GRN Grid’s service.

What components of this service they paid special attention to? 

  1. Wallet application 
  2. Bootstrap nodes
  3. Network Nodes

Wallet application 

Critical data of this component are the apps’ key pair and bootstrap node information that tells the wallet how to access the network as the wallet application interacts with the network.

Bootstrap nodes 

Critical data of this component are its key pair and the database of peers in the network, which is public, but its integrity is critical. These nodes are in charge of network p2p (peer-to-peer) exchange and represent a root for the discovery of other GRN Nodes: Clients and Validators.

Network Nodes (Blockchain nodes) 

Critical data associated with network nodes are again the peer database and validator selection algorithm, which must be unpredictable and fair. Speaking of network nodes, they can have two roles:

  • Client node — provides a read-only functionality to the network, similar to ETH light nodes
  • Validators — Clients can be Validator nodes if they have staked GRN (Running PoS algorithm) and need to run a “virtual machine” to run smart contracts

The team was very thorough: various attack scenarios were described and numerous security recommendations for all three components of the service.

Getting started with PoC

After this, they took their first official steps in the Proof of Concept phase.

These initial efforts were aimed at the construction of peer-to-peer networking, and the team decided to implement specific protocols. 

Concerning this stage of development, the work on the network layer is complete, although it may need to be modified in the future. Nodes now successfully discover other peers both from local networks or by connecting to boot nodes and exchanging routing tables between themselves.

The team is proud to say that the exchange of basic messages was accomplished, and the messages were disseminated throughout the network.

What’s next?

In the next weeks of the development of the Proof of Concept phase, the team plans to focus on developing the mempool, implementing serialization and deserialization of messages sent across the p2p network, developing a peer manager to handle communication on the system level, and block generation. We’ve got a busy period ahead! 

Watch this space for the next update.

EU, here comes MiCA: 5 things you need to know

To the EU crypto community — there’s a new dawn coming.

In October this year, the European Council approved the Markets in Crypto-Assets (MiCA) Regulation, which is one of the first attempts at more extensive monitoring of cryptocurrency markets. 

At the moment, MiCA is waiting for the decision of the European Parliament. If it gets adopted by the end of 2022, as most expect it to, crypto entities will have some 18 months to prepare as it will come to force in 2024. It is expected to have a massive impact on the crypto market. 

For those who speak legalese and have patience, you can find the detailed particulars here. As for the rest of us, let’s check out the 5 most-know things to jump on the bandwagon.

Which assets does MiCA cover?

The existing EU framework already regulates crypto assets, but only broadly, as it covers only those that qualify as financial instruments. Naturally, a regulation that would include the out-of-scope crypto assets and their service providers has been a long time coming. You might be asking yourself: which assets exactly? 

MiCA categorizes cryptocurrencies into three categories: 

  1. Electronic money tokens (e-money)

E-money is a crypto asset that seeks to maintain a stable value by referencing only one currency. 

  1. Asset-referenced tokens 

These tokens are crypto assets designed to maintain a stable value by referring to more than one currency, commodity, or other crypto-assets or a combo of these assets. 

  1. Utility tokens

This type of crypto asset allows the user to perform a specific function on the network, e.g., have access to goods or services provided by the issuer of the token.

What’s in the spotlight? 

Now that we know the types of crypto assets the regulation includes, a smart cookie such as yourself should pay attention to those in focus. 

With that in mind, stablecoins seem to be most impacted by MiCA. For the sake of clarity, let’s just briefly re-visit the definition of a stablecoin — they are digital assets whose value is tied to another currency, commodity, or financial instrument.

If you compare the definitions, you’ll quickly conclude that most stablecoins will fall under the category of asset-references tokens. 

The reason stablecoins are put on the center stage is that they didn’t exactly live up to their name (stable+coin). Due to this year’s crash of terraUSD, a popular stablecoin, billions of dollars were lost. Many people lost their savings even though the coin was never supposed to deviate from the dollar.

This event motivated Ernest Urtasun, a member of the European Parliament, to tweet that stablecoins will need to be supported by reserves that are “fully protected in case of insolvency” in a 1:1 ratio. The idea is for these types of incidents not to happen again; hopefully, MiCA will help with that. 

What services fall under its jurisdiction?

By now, crypto assets issuers and crypto assets service providers (CASPs) are probably wondering which services will be impacted — here is a list, so you don’t have to google it or search through MiCA.

  • Custody and administration of crypto assets
  • Operating a trading platform for crypto assets
  • Exchanging crypto assets for fiat currency
  • Exchanging crypto assets for other crypto assets
  • Executing orders for crypto assets on behalf of third parties
  • Placement of crypto assets
  • Reception and transmission of orders for crypto assets as well as providing advice on crypto assets

As you can see, this list is quite thorough and definitely worth your attention. 

What doesn’t MiCA cover?

We covered the assets that MiCA includes but are there any that don’t fall under its jurisdiction? Sure there are.

MiCA doesn’t apply to non-fungible tokens (NFTs) and decentralized finance (DeFi)…yet. The officials plan to take on the world’s favorite digital art and collectibles at some point in the future. 

So, for the time being, nothing has changed regarding NFTs.

What if you are a service provider outside of Europe?

To offer crypto assets in Europe, you’ll need to abide by this regulation, period.

Regardless of location, you will need to obtain a passport to provide crypto-related services in Europe. Of course, there are requirements you need to fulfill to obtain this passport. 

Since we are a helpful bunch, here’s the list of requirements you’ll need to tick — you need to:

  • Be established in the EU (obtain a license, of course)
  • Meet minimum and ongoing capital requirements
  • Abide by various organizational requirements (make sure your management team is knowledgeable and experienced, your record keeping is meticulous, etc.) 
  • Respect specific client assets and money rules based on their business model
  • Ensure that the clients get accurate information and in a transparent manner
  • Handle complaints on time and have a procedure set up 
  • Establish and actively maintain a policy to prevent conflicts of interest
  • Safeguard against operational risk when outsourcing — make sure that the service provider is held responsible for its services

There might be additional requirements depending on the type of service, so it’s super important you research everything in depth by 2024.

Next steps

All that remains is for those who issue crypto assets and provide related services in Europe to prepare for this imminent event. Luckily, there’s plenty of time to study everything in detail. 

As for the rest of us, MiCA will hopefully bring about some eagerly awaited stability and order. In return, it will attract trust and result in the growth of our beloved crypto community. MiCA, we welcome you!

Roadmap update #2

It’s time for another project update!

Apart from an occasional sigh, the office was super quiet this previous month. That is until it’s time for the daily meetings. 

This is when things get heated up as every team member argues their standpoint to show why their solution is the optimal one. But every lively discussion ends with a consensus, which is what teamwork is all about.

But where exactly is our team at this point?

Wrapping up the first phase

As announced in our previous update, the team has just concluded the research and discovery phase, i.e., the first phase of the project.

During the previous month, the team was busy researching blockchain architecture and different components such as 

  • data structure
  • Genesis block mining, structure and definition
  • peer-to-peer network
  • communication, transactions, file handling and storage
  • validation and verification processes
  • incentives, stakes and consensus algorithm
  • security

All of these elements were researched in general, but the team also took a deep dive from the perspective of the previously mentioned blockchains: Avalanche, Solana, PeerCoin, NEAR, and Stealth.

Setting a firm basis is only possible if one makes informed decisions. Naturally, to be able to make them in the first place, you need extensive research and analysis. For all of you interested to learn more about this painstaking process, let’s take a closer look at the building blocks.  

Bit by bit, byte by byte

Data structure 

Nailing the data structure is essential as it represents the foundation of the blockchain architecture. It’s a specialized format for organizing, processing, retrieving, and storing data; to be more specific, with blockchain technology, it represents a list of blocks of transactions. The team, of course, has a basic notion of what each node, transaction, message, etc., will contain, but the specifics are yet to be determined.

Peer-to-peer

Peer-to-peer network is a structure in which there is no “main” node — all of the peers (a.k.a. nodes) are equal, which makes it decentralized. This is very important in terms of security because storing all data in one place means you are leaving it vulnerable to hacking and manipulation, which in turn compromises the integrity of the data. This makes it a top priority component for the team. 

Communication, transactions, file handling, and storage

Blockchain combine peer-to-peer data-sharing technology with public key cryptography and what the team is striving to test now is communication, transactions, file handling, and storage. Besides discussing it in theory and making comparisons between the solutions different blockchains use, the team is also approaching this hands-on. 

They are running virtual machines locally to create a simple network of, let’s say, three nodes. With this small-scale blockchain “concept”, they intend to exchange messages and store and send certain information. This “test” provides the team with ample opportunity to put all their problem-solving skills to practice. They will create a model of their network and design all components. 

A step closer

One of the definite decisions the team has made so far is which database they will use. They work round the clock to determine the processes of adding and reading the data to the database and the node. 

Whenever data, storage, and block building are mentioned, there’s always one fear looming in the back of everyone’s mind — what if the data is incorrect or the node is malicious? And this problem leads us to data validation and verification processes, which are components of major importance. 

In the meantime, the PoS2 model is all set for them to implement their code. The model will ensure data is safe from any hacking attempts on the network, as well as preserve data integrity via continuous calculations and monitoring the network.

What’s next?

We are entering into the second phase of the project called Proof of Concept. 

As the name suggests, the time has come to prove that the concept can be done in reality.

During the next period, the team will get cracking on

  • Defining and building a test blockchain network, that is, a group of nodes that can communicate with each other (i.e., exchange messages)
  • Defining and building a “primitive” shared ledger – this is a system for storing transactions (similar to a bookkeeping ledger in which everything is entered)
  • Building and implementing a simplistic version of the consensus algorithm (these are the decision-making nodes)

We won’t reveal more for now: you’ll hear all about our team’s latest challenges next time.

Gain control of your digital assets

Where you keep your crypto assets matters — we can all agree on that one too. But what crypto owners don’t necessarily agree on is WHERE to keep those assets. As for our team, we say — keep them in your wallet, not the exchange. Read on to learn why.

Continue reading

Roadmap update #1

ROADMAP UPDATE #1

“Preparation is the key to success” – Alexander Graham Bell.

We couldn’t agree more, Mr. Bell, we couldn’t agree more.

As a little reminder, as announced a while ago, GRN Association partnered up with Barrage, a software development company, on the development of the GRNGrid blockchain (Grid) and GRNWallet application.

We’ve been somewhat quiet, but that doesn’t mean we weren’t busy!

If you are interested in keeping up with the GRNGrid project, tune in to our first update to see how the team has kick-started the project.

Begin at the beginning

The first phase of the project, the research and discovery phase revolves around trial and error.

In an attempt to simplify this complex process, let’s say it involves: a lot of reading, compiling data, racking your brain about things, and enthusiastically presenting your findings to the team, only to have them disillusion you by pointing out something faulty in your logic. And then you masochistically return to do it all over again.

It’s necessary to look into the future and think through every detail to ensure that you define strong building blocks for the development phases. 

If done thoroughly, this phase helps:

  • estimate (and decrease) costs
  • create a more precise roadmap 
  • reduce risk

Decisions, decisions…

The first decision – choosing the consensus mechanism – was made even before the phase began. In truth, PoW was never an option. 

In their race to win a reward, PoW miners spend significant amounts of energy to validate transactions. Of course, this wasn’t always the case, but as more miners joined, the “game” became more merciless, requiring more power. Simply put, PoW’s excessive energy consumption goes against everything GRN Association stands for. 

Since Ethereum’s PoS upgrade will lower its blockchain’s energy consumption by 99.9%, rooting for PoS2 as a mechanism has even more sense. PoS2 will enable maximum all-around sustainability and scalability of the GRN blockchain, therefore correcting some of the POS’ flawed features.

Another major decision based on the initial assessment was that Rust is the perfect programming language for the code base. 

Besides being the “weapon of choice” of most modern blockchains, it’s also crucial to mention that Rust is:

  • memory-safe, a.k.a. protected against software bugs and vulnerabilities related to memory access
  • thread-safe, a.k.a. ensures that all threads behave appropriately in a multi-threaded code

This makes it fast and secure. Regarding “famous” use cases, we can mention Mozilla’s browser engine Servo, and Figma’s (collaborative interface design app) real-time syncing server.

Test ‘em all

Once they had some basic postulates set, it was time to get down to the nitty-gritty: how do you know what you’ll be up against and what elements you want to include if you don’t know what’s out there and how it works? 

So, the initial code assessment started with analyzing the existing blockchain solutions and their elements. 

The team decided to dive deep into 5 blockchains: 

  • Avalanche
  • Solana
  • PeerCoin
  • NEAR
  • Stealth

Each team member was tasked to work on one blockchain and inspect each aspect of each blockchain solution. Analyses such as these provide an overview of the challenges that wait for them once they start building GRN Grid blockchain. Besides these, the team plans to check out several more blockchain software solutions.  

The idea is to be able to create custom configurations of each selected blockchain software solution, check whether the nodes and APIs function properly, and of course, if the performance is optimal (e.g., that there are no system flow restrictions).

As each of these blockchain solutions is unique, a lot of reverse engineering had to be done – that is, devising the requirements specifications, functions and design by analyzing the code. Don’t worry, it isn’t complicated as it sounds, basically, the team is trying to find solutions that can be useful so we don’t reinvent the wheel and use well-tested solutions to achieve GRN Grid’s goals.

Each day the team meets to talk about what they did, share if they ran into any challenges and what they intend to work on next. The challenges they experienced are then turned into a team sport for everyone to pitch a solution to. 

Each day, the same team member always comes with a short and decisive “I didn’t figure out much today” or “I have no clue what I’m doing”, only to deliver a 20-minute speech when asked a question about that one thing “he has no clue about”. Ambitious undertakings put everything to the test: the team’s perseverance, willpower, resourcefulness, and knowledge. Luckily, our team possesses enough know-how and experience to truly see these situations as opportunities for growth.

What’s next?

There’re a lot of solutions out there, but not a lot of wholesome ones. 

With these types of complex projects, one of the worst things that could happen is being a couple of months deep into the development and then realizing that your basis is flimsy, to say the least. Code refactoring is not uncommon or problematic in itself, but making major changes to a project that has already gone far ahead can seriously affect your roadmap and the end result.

Therefore, proper research is a crucial step that can allow developers to work faster because many of the processes and functionalities have already been considered. 

This phase will last about another month – until that time, the team is documenting their findings. Those findings will not only help them in the following phases, but they are also creating unique intellectual capital for GRN Association. 

We want to keep the community updated, so you can expect more updates like these in the following months!

Crypto mass adoption: What’s the hold-up?

Bitcoin was created in 2009.

The first altcoin, Litecoin (LTC), was forked from the Bitcoin blockchain in 2011.

It’s 2022, and crypto transactions are STILL not a universally accepted payment method, nor are they overtaking credit card transactions.

Why is this so? What’s taking so long? Are the governments the only ones making it difficult, or are other elements involved? For all of you asking yourselves the same thing, we will examine four significant factors affecting the mass adoption of cryptocurrencies in this blog.

Consumers’ perspective

Let’s face it: understanding what cryptocurrencies are can be quite an achievement, let alone how mining or staking works. And now, imagine having to explain it to your grandparents.

Different blockchains, wallets, safety, privacy, keys, and transactions are just some of the terms the general public will have to understand if we want the mass adoption of crypto. And if you can’t find a way to simplify things so that even those with less technical knowledge would understand, such as your grandparents, they’ll never be accepted and used on a mass scale.

It’s also essential to teach consumers not to fall victim to the FUD (fear, uncertainty, and doubt) around crypto. The word “money” has always been known to attract scammers, and new technology can be scary, but that doesn’t mean that danger lurks behind every corner. But sometimes, the community and the companies involved in crypto are the ones to blame. They are simply not as transparent as they should be. This is the reason why GRNGrid aims to spread crypto knowledge and is as transparent as possible. In addition, the GRN Association acts as a safeguard for GRNGrid to uphold these standards. Simply put, checking your sources and taking things in stride are the best pieces of advice for a crypto newbie.

Besides knowledge, another tricky thing from consumers’ perspective is usability. If they can’t use it in everyday situations, such as paying bills in stores or gas stations, you can’t expect to get many individuals on board. The same goes for companies.

Governments’ point of view

The most common question asked by someone entering the world of cryptocurrencies for the first time is: is it legal?

But the response to this question lies in the hands of your government. This means that the real question you should be asking yourself is — does your government see cryptocurrencies as legal?

There are many reasons state authorities might be reluctant to embrace crypto. Generally speaking, every time something new is introduced, there’s a lot of hassle from the legal side, lots of debates, laws writing and re-writing, and of course, waiting. All of that puts a strain on the budget and one of the most valuable resources in today’s world — time.

Also, the fear of fiat money (government-issued currency) losing its value doesn’t seem unreasonable in their eyes, as fiat’s power rests only on the faith and trust of the government that issued it. They fear that if people start predominantly using cryptocurrency, fiat will lose much of its power and, with it, the government.

Decentralization puts their influence and power to the test — and that’s not something a country’s government will welcome with open arms.

What’s interesting, though, is that some countries have secondary motives to undermine Bitcoin and other altcoins: just take China, for example. The PBoC (People’s Bank of China) is planning to launch its own digital currency, making it the first major bank to do so. The main reason behind this: more control. The state will keep a closer eye on transactions by offering people a digital alternative to the Chinese Yuan.

Commercial adoption

A growing number of businesses are seeing the benefits of introducing crypto as their payment method: it helps them access new demographic groups and simplifies money transfers, all the while ensuring their security. So, why aren’t more of them using crypto?

Well, we briefly touched upon the complexity of putting crypto in state laws — we all know that most countries’ laws are still written by a generation that sticks to its traditional ways. These individuals aren’t keen on losing their place in the hierarchy and don’t welcome changes with open arms.

Commons sense tells us that the authorities will have to give in and accept the facts, and then we’ll bear witness to their struggles to balance the needs of the state budget and their citizens’ well-being.

Once the legal perspective is implemented, many processes need to be implemented for companies to use cryptocurrencies in their daily operations efficiently. Bureaucratic apparatus is slow in almost every country in the world, so, at that point, it’ll be a game of patience and will of persistent entrepreneurs to fight through the tiresome and outdated processes and get what they want.

Energy consumption

We’ve all heard that Bitcoin mining requires A LOT of energy: to be more precise, it annually consumes more electricity than Argentina. Due to its great popularity, many (wrongly) use Bitcoin as a synonym for all crypto, so naturally, all the “negative” sides related to Bitcoin stick to other cryptocurrencies. But the general public, those less familiar with this world, don’t know that the crazy energy consumption is associated with PoW (Proof of Work) cryptocurrencies.

Luckily, PoS (Proof of Stake) crypto’s consumption is significantly lower, which is one of the main improvements if we compare PoW and PoS mechanisms. Although energy consumption is not a problem for PoS, there are elements GRNGrid project aims to polish by introducing PoS2 (Proof of Stake v2). The biggest challenges with PoS are its staking model, whose simplicity makes it easier for the big players to manipulate, as well as scalability. PoS2 intends to give smaller validators a fair chance all the while staying secure and transparent. The three main points to remember about GRNGrid project are energy efficiency, high performance and low fees.

Switching to renewable sources of energy is inevitable, while carbon neutrality is another viable solution, at least for now. As “green” vocabulary is sometimes misused by companies, for those not sure what carbon neutrality is, it doesn’t mean that there is no CO2 emission but that that emission is balanced by removing an equal amount, e.g., by planting a particular number of trees.

Complex yet solvable

As with every complex subject, there’s no singular solution or response.

We have to simultaneously work across different fields to kick-start mass adoption.

A sustainable future is the only future for crypto. Raising awareness has already motivated the shift toward renewable energy sources, which might be the first step to busting myths around the widespread use of cryptocurrency.

Once the general public is well-informed and its interest encourages activity levels around different cryptocurrencies, the governments will finally cave in and back it up from the legal standpoint, making it easier for consumers to use crypto.

So, what’s stopping mass adoption? We are, by not being involved enough.

Join the community, spread the word, and be a reliable source to newcomers. All other elements will gradually fall into place. All we need is patience.