Grin Token, one of the privacy-based cryptocurrency has executed its first hard fork. It was implemented on Wednesday, July 17 at the block height of 262,080.
According to the official announcement, the main objective of the hard fork is to promote miner decentralization and discourage Grin mining via Application Specific Integrated Circuits (ASIC). The latest upgrade also packs a new version of its Grin Wallet supported “bulletproof rewind scheme.”
Grin developer John Tromp stated that the hard fork was planned before the launch of the token. He also claimed that as per the pre-launch plan, the project would execute 4 hard forks in 2 years.
He further added,
In a classical fork, the chain can split into two mutually incompatible continuations. In Grin, there is no way to continue growing the ‘old’ chain since the old code refuses to accept any blocks past the [hard fork] height.
The most major update introduced on the Grin network is alteration in one of two mining algorithms. However, this fork might prevent specialized machinery from being built for the GPU-friendly algorithm.
The platform also claims that in 6 months, additional tweaks to the newly will be activated by Grin developers. Tromp, also assured that for the second Grin fork, developers will take a step further by adding payment channels to the network.