, a privacy-focused cryptocurrency, has had a stellar launch
— with plenty of interest and attention from both the cypherpunk and investor community.
The network experienced a relatively competitive start for mining and it continued to sustain a high hash rate — especially for a newly released cryptocurrency.
Some exchanges have taken advantage of the release of Grin and Beam in order to launch their own services and offer the pair for trading. One of the first exchanges to offer Grin pairs for trading was the Bisq Network, which is a decentralized exchange offering peer-to-peer transactions without any identity verification or registration requirements.
A privacy-focused coin coupled with a decentralized exchange
where users can maintain their privacy looks like a match made in heaven. However, everything has not gone as smoothly as hoped. Bisq is having issues with confirming executed Grin trades and has decided to remove it from the platform.
The development team behind Bisq has revealed that over 90 percent of all trade disputes are related to Grin and over 80 percent of all Grin trades go to arbitration. According to the statement, the issue might lie in the lack of a guaranteed finality of transactions. Being a privacy coin
also doesn’t help in dispute cases, where the arbitrator might have no possibility to check if a transfer has been made.
While this update might affect some Grin fans, the issue is likely not permanent and there are solutions for it. The Grin network might need additional validation tools that help exchanges like Bisq perform and confirm trades. Moreover, other exchanges that have a centralized mode of operation haven’t revealed any issues with Grin yet.
More than anything, the Bisq Network came to this decision in order to protect its own reputation and save its users from a complicated and drawn-out Grin exchange process. The team behind Bisq has clearly stated that it is looking to re-enable Grin trading as soon as it will have a method to deal efficiently with transaction validation.
Now, the ball is in the Grin community’s court.
Will the Grin team allocate resources to building validation tools? Will other exchanges reveal similar findings regarding Grin in the meantime? Tell us your opinion in the comments below!
Image courtesy of Twitter, Shutterstock.
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