Groestlcoin (GRS)
Groestlcoin is a cryptocurrency that operates on a mixed consensus mechanism, utilizing both Proof-of-Work (PoW) and Proof-of-Stake (PoS). It was launched on March 22, 2014, with its development team based in Latvia. Groestlcoin is notable for being the first to implement Segregated Witness (SegWit) and Lightning Network technologies.
History of Groestlcoin
Groestlcoin is among the oldest mineable cryptocurrencies, originating from a fork of the Bitcoin blockchain in 2014. Launched on March 22, 2014, it was designed with a focus on technological innovation, ensuring compatibility with SegWit and the Lightning Network. The creators emphasized decentralization, encouraging support from individual miners rather than large mining pools. The development team is globally distributed and consists of over 20 members.
| Ticker | GRS |
| Category | Smart Contract Platform |
| Website | http://www.groestlcoin.com/ |
| @GroestlcoinTeam | |
| https://www.reddit.com/r/groestlcoin |
Overview of Groestlcoin
Groestlcoin emerged from a Bitcoin fork in 2014, emphasizing SegWit and lightning technologies. It employs a hybrid consensus model combining PoW and PoS. The team maintains regular development updates, with significant releases every three months. Groestlcoin enjoys robust community support and has developed more than 12 wallets, along with partnerships with various retailers.
Features of Groestlcoin
Groestlcoin utilizes a mixed consensus approach and has effectively integrated evolving technologies over the years. It offers several advantages over earlier cryptocurrencies like Bitcoin and Litecoin.
Hybrid consensus model
Groestlcoin employs a hybrid consensus model with Proof-of-Work and Proof-of-Stake systems, rewarding both miners and stakers. Users can earn approximately 2% per year by holding their funds in an account.
Mining Groestlcoin
Groestlcoin uses the Grøstl-512 algorithm, developed by the Technical University of Denmark. It is designed to prevent Application-Specific Integrated Circuit (ASIC) devices from mining, promoting smaller mining pools and individual miners. Mining can be done using desktop CPUs and GPUs with software like Easyminer and Sgminer. The team also developed an Android Miner for smartphone mining. Groestlcoin has a block time of 1 minute and a block size of 1 MB. The total coin supply is projected to be 105 million, with an initial block reward of 512 tokens, decreasing by 6% every 10,000 blocks. Transactions are fast and free of commissions.
SegWit and Lightning readiness
Groestlcoin was the first to adopt SegWit technology, implementing it in January 2017. It also supports the Lightning Network, addressing scalability challenges.
Low transaction fees
Groestlcoin leverages the Lightning Network to enable instant payments, scalability, and atomic swaps with minimal fees. Sending 10,000 GRS costs between 0.000045 and 0.00019 GRS, depending on the wallet used, with the core wallet offering the lowest transaction fees.
Private transactions
Groestlcoin allows for anonymous transactions. The Samourai wallet offers anonymity and security, featuring private stealth addresses with Tor and VPN support, along with Advanced Encryption Standard (AES) encryption.
Multi-wallet platforms
Groestlcoin offers wallets for various platforms, including Android, iOS, Windows, macOS, Linux, Chrome OS, and the web. It has had a mobile wallet since 2014. Third-party wallets like Guarda Cryptocurrency Wallet, Trust Wallet, and Electrum also support Groestlcoin. Its official hardware wallet is Bitfi, and it is compatible with over 10 third-party hardware wallets, including Ledger, Trezor, and KeepKey.