What is Groestlcoin Cryptocurrency (GRS)
Groestlcoin (GRS) is a fast and reliable coin with almost zero rates, which is focused on privacy. Release of core features every 3 months. Groestlcoin was the first coin to activate SEGWIT and become the Lightning Network ready.
Groestlcoin works as open source software on a peer-to-peer model (transactions occur directly between the payer and the recipient). This means that a trusted intermediary such as a bank or PayPal is not required to verify the details of the sender and receiver. Rather, transactions are verified by nodes (a network of computers / users distributed around the world) and written to an open register called blockchain.
A bit of history
The cryptocurrency, which was created on March 22, 2014 after the Bitcoin fork, and despite the increase in the number of new altcoins in 2014, the Project was able not only to survive, but also to gain the trust of users. Groestlcoin got its name due to its atypical type of encryption for altcoins Groestl. Groestl is an algorithm that protects cryptocurrency from mining using ASICs.
During its first year of life, the GRS cryptocurrency was subjected to 2 hard forks, but this did not reduce its mood to become “the first among altcoins” that can be mined using conventional computers.
The goal of creating the GRS cryptocurrency was to popularize cryptocurrency mining among the masses of the population. That is why, to mine Groestlcoin coins using mining on central processing units (CPU mining) and graphic processors (GPU mining).
- Maximum Number of Coins in Turn: 105,000,000 GRS
- Mining Algorithm: 2 rounds of Grøstl-512
- Block time: 1 minute
- Block Size: 1 MB
- Reduction of subsidies: every 10,080 blocks (1 week), until reaching 5 GRS
- Difficulty reassignment time: each block
- Blockchain Size: 1.45 GB
- Initial block rewards: 512 coins
- Current block rewards: 5 coins
- The following half (estimated date): None. Fixed block reward – 5 GRS
Groestlcoin uses a mixed consensus method – PoW and PoS. Proof-of-Work works using the Groestl algorithm, which effectively counteracts ASIC mining. In turn, Proof-of-Stake can be used for cryptocurrency mining – just storing funds in your account, you can get about 2% per year.
The project team every 3 months adds new improvements for their offspring:
Each user can go to the Groestlcoin website and see how much time is left until the next three-month release – the countdown timer works constantly. The same page describes the most significant innovations.
The creators of the project were the first to introduce the SegWit protocol, which allows you to control coin transfers and provides additional process protection. SegWit also confirms and fixes the fact of cryptocurrency transfer between users. There are some difficulties with the full implementation of this system in Groestlcoin, but a number of other blockchain networks (including top cryptocurrencies) do not use this system in principle.
Ordinary users and supporters of decentralization consider the protection of the Groestlcoin system from mining using Asic equipment a virtue. If necessary, owners of equipment of this type can mine GRS coins, but the effect will not be better than with mining made from personal computers. The developers of the project worked out mining algorithms in such a way that owners of outdated equipment with slow CPUs and video cards could produce it. At the same time, transaction speed does not suffer. This attracts ordinary users interested in having a fast, reliable and low-resource blockchain platform.
Among the advantages of the platform, the Lightning Network working system is also noted, which literally translates as “Lightning Network” (and gives some idea of the speed of information transfer in it). This data transfer algorithm allows you to reduce the commission for transfers and speed up the exchange of information between users. Using the Lighting Network allows us to develop not only the Groestlcoin platform, but also to popularize blockchains in general. Using the same system, the Atomic Swaps algorithm is connected – a system for exchanging various cryptocurrencies without contacting intermediaries and exchange exchanges. A full-fledged implementation of this algorithm is possible on the basis of the Lightning Network.
4 types of wallets
The Groestlcoin platform allows you to store GRS coins on several different wallets. As a storage, 11 types of wallets for the Android system are offered, 10 types for the Blackberry system, 3 types for iOS and 10 wallets for the desktop (that is, for home PCs).
- HTML5 The easiest and most convenient option, which is created in just a few moments. It is considered a ‘hot’ wallet, in the role of the key to which is a secret link. And as an enhanced protection, a password can also be used. This technology is perfect for instant opening of the brain-wallet, as well as for free access to the wallet from more than one device.
- Electrum A multi-signature wallet that is optimal for most customers. The file in which funds information is stored is password protected. The key is generated by determination, and if it is lost, there is the possibility of recovery. The client can see his balance at any time without requesting a transaction history for this. Multi-signature allows you to split the transaction, distributing funds between 2 or more wallets.
- Multibit. Another convenient solution for storing your savings in the Groestlcoin system. It is supported on different operating systems, it allows you to run multiple wallets at once, has a high speed connection to the network. All private keys are securely stored in encoded files both on an external medium and on a computer. No need to edit the settings file or look for an additional node. Multibit is open source, supports several world languages. Exporting and importing keys is very easy, and a visual diagram of your expenses and income over the past month is also displayed.
- The deterministic Groestlcoin wallet. An option specifically for devices running on Android. You can get coins here through the link and QR-code. Knowing the secret paraphrase, you can return your funds even if you lose the device. The advantages of this wallet are that it allows you to have several accounts at once, and also assigns a unique address to each transaction. When creating, you can immediately make a backup, 12 easy words will be used for this
At the moment, the Groestlcoin project has good prospects.
The project website has complete information on the development progress of each promised function. And every three months, developers talk about those features that have been added to the system. This allows you to control the development of cryptocurrency and predict changes in its course.