HomeCryptoAltcoinGRIN publishes the Financial Report for the project

GRIN publishes the Financial Report for the project

On the 23rd of August, Daniel Lehnberg, the project manager of Grin, has published the financial report for the second quarter of 2019, so from April 1st to June 30th, 2019.

Grin is an open-sourced protocol and was launched on 15th of January. The launch was without any ICO or pre-mining. The team of core developers keep working hard on the committed deliverables, based on donations funding and the project seems to be relatively stable. 

The core team and the project contributors remain transparent and are sharing strictly all progresses around the supplementary technology projects, the accumulated donations and all funds distributions accordingly. 

As per the Grin financial report, at the end of the previous quarter (March 31st, 2019) Grin held the equivalent of $123,423.73. Three months later, at the end of June 30th, Grin held disposable funds to the equivalent of $828,991.74. 

The majority of the increase of the total portfolio in the second quarter has been generated by a solid donation to the project in the equivalent amount of 50 bitcoins back in the beginning of May 2019. 

The analysis on the donation itself relates it to a block, which was mined on 25th of November 2010. The core founder of the project – Ignotus Peverell – is still absent for an unknown period, so Lehnberg and team report several wallets for which only Ignotus has the respective privacy keys to. 

Daniel Lehnberg said

“Due to [Ignotus absence] in this period, the project has lost access to the GRIN, ETH, and ZEC wallet addresses, which contained the following balances by the end of the period: GRIN | 7120.367203 | https://donations.grin-tech.org ZEC | 5.8 | t1QGYYXan3HHEuiPEfccKnUuWEP4CsVvPA5 ETH | 1.742385670725710718 | 0x16726940eCEBdfb3c352C29bF2620f59EF919a3b We expect these funds to be unavailable temporarily and recoverable once Ignotus returns. There is also a risk that the funds could be lost permanently.” 

After publishing the financial report on Twitter, Daniel has received several questions on the Gitter platform, where everybody who is involved seriously in the project can raise up topics and participate in the discussions. Daniel is also commenting: 

“On the bright side, the project’s finances are in “good” health, and it doesn’t seem to be blocking progress. We could always need more funds, but we could also always need more developers, technical writers, marketers, event organizers, researchers, testers, and and and… I hope this answers most of the questions above. Please don’t hesitate to ask further if not or if anyone has anything else they are wondering about.” 

At the end of quarter 2, middle of June 2019, Lehnberg and the other core developer Yeastplume have published via Twitter an announcement for the proposal: Grin Governance iteration  

“Grin governance today consists of the Grin Technocratic Council, and the rest of the community. The council came to be as there was a need for some sub-set of community members to manage the multi-sig keys of the Grin General Fund, and it became a modest first pass at a governance structure.” 

Grin project keeps attracting more people, building trust and small communities all over the world – USA, Russia, Europa and Asia. It seems like everybody’s eyes are on Grin. 

“Grin wants to be better money, privacy preserving, scalable and fair.” 

Valeriya Georgieva
Valeriya Georgieva
Over 10+ years work experience in managing and supporting variety of technology enabled products and services of the Fortune 500 Companies.  Specialised in IT Business Process Outsourcing.  In 2018 Valeriya  joined the Crypto industry and is currently contributing to startups and small teams with projects based on open source. In 2020 Valeriya started her webinar called Shoes in Bitcoin, which is focused on learning the technology.