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Have other existing privacy cryptocurrencies been considered?

Grin is a lightweight privacy cryptocurrency using MimbleWimble. It uses a fair distribution (no pre-mine), with an emission of 1 GRIN per second:

Yes the problem with Grin is that it allows perfect input/output linkage (see: https://github.com/mimblewimble/docs/wiki/Grin-Privacy-Prime... under information leakage).

Grin also doesn't meet our standard of <5 second blocktime.