Poloniex, a top-15 cryptocurrency exchange by trading volume and subsidiary of Circle, announced Thursday that it has listed Mimblewimble privacy coin Grin (GRIN) and has committed to sharing transaction fees with the upstart project for the next year.
— Poloniex Exchange (@Poloniex) February 14, 2019
According to the announcement, Poloniex and Circle will contribute 50% of all fees for the first month and 25% of all fees for the remaining 11 months to the Grin General Fund. This donation is due to the fact that the coin was launched without an ICO and developers are largely volunteer at this stage.
“We hope to see these funds support ongoing security audits, developer campaigns, bug bounties, open-source development of Grin ASIC design and general endeavors that strengthen the Grin ecosystem. This program will be reassessed after 12 months,” said Jed Breed of Circle.
Given that Grin transactions don’t use public addresses, Poloniex had to develop a novel front and back end solution to enable deposits. The two methods currently available include URL-based deposits, which is ideal for depositing from a mining pool, and file-based, which is designed for the more advanced users due to the file sharing necessary between Poloniex and the customer.
Photo: Marco Verch / Flickr
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