Cryptocurrency exchange Poloniex, owned by the American startup Circle, opened the output of cryptocurrency Grin. At the same time, the site made the first installment to the Grin General Fund in the amount of 1.27864 BTC.
Grin withdrawals are our first monthly donation — 1.27864 BTC — to the @grinMW General Fund. #grin #mimblewimble
Read more here: https://t.co/t4m0CAqtxq
– Poloniex Exchange (@Poloniex) March 15, 2019
Note that within 12 months Poloniex will send part of the commissions from the Grin trade to the development team. In the first month, the payment amounted to 50% of the commissions collected; in subsequent years this amount will drop to 25%.
Funds must go for security audits, bounty campaigns and protocol development. A year later, the exchange will reconsider the need to support the project.
Recall that Grin cryptocurrency is the first and most well-known implementation of the MimbleWimble protocol. Its author was a developer who wished to preserve anonymity under the pseudonym Ignotus Peverell (the hero of the Harry Potter works), who published a partial implementation of the protocol in the Rust language, as well as his vision of the project's philosophy.
The launch of the Grin main network took place on January 15, and the listing on Poloniex took exactly one month.
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