Cryptocurrency: Groestlcoin (GRS)
Official Website: https://www.groestlcoin.org/
What is Groestlcoin?
Groestlcoin is an established cryptocurrency with a incredibly active community and development team supporting it. Its main objective is to create an electronic payment system, decentralised in nature and independent from the control of centralized authorities. Its blockchain is based on the Grostl-512 mining algorithm, from which the team named decided to name the project after. The native coin GRS operates its own unique blockchain, designed with privacy, low fees and scalability in mind. The network promotes peer-to-peer transactions which can be supported through TOR network to preserve user anonymity. It was the first Cryptocurrency to activate SegWit in January 2017 in addition to supporting the Lightning Network.
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Grostl-512 Mining Algorithm
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Groestlcoin was launched in March 2014 with the objective to advance blockchain technology. Since inception the projects team have consistently developed and released new and innovative features for blockchain technology. The project was launched with an initial premine of coins which has since been used for development. Initially created as a Proof-of-Work coin it later adopted a hybrid Proof-of-Work/Proof-of-Stake consensus mechanism. Its founding principle is to create an electronic payment model based purely on mathematical proof. The Groestlcoin blockchain operates independent from the influence of centralized authorities and promotes fair and decentralised blockchain. It was one of the first projects to enable SegWit on its blockchain and support development of the Lightning Network. GRS is widely considered to be one of the most technologically advanced cryptocurrencies with a dedicated community supporting development. The Groestlcoin team have a proven track record in advancing the applications for blockchain technology. There are new features and developments released every 3 months, making Groestlcoin an incredibly transparent project that clearly states where its time and resources are deployed. You can view the status of all the announced upgrades and track development by visiting the Groestlcoin progress development page.
Groestlcoin Capabilities & Features
The Groestlcoin blockchain has several distinguishing features and services that differentiates it from other projects. Its blockchain is resistant to ASIC miners and mining farms, making it a very secure and decentralised network. This encourages users to engage with one another peer-to-peer and promotes fair distribution among all nodes maintaining the blockchain. The Groestlcoin team delivers real value to the project through the consistent release of new features and improvements. These developments are often-cutting edge and drives not only Groestlcoin forward but helps to innovate the entire blockchain industry. It has been shown over time that these new innovative features become recognised by the wider blockchain community and helping to bring new ideas, users and members to the Groestlcoin ecosystem.
Sub Atomic Fees
The Groestlcoin blockchain is able to process transactions with almost zero fees, because of the efficiently of its network. By deploying Lightning Network technology on its blockchain, GRS operates with near instant transactions regardless of confirmation times. This also serves as the foundation for scaling up to billions of transactions per second with low fees and cross-blockchain transactions.
Block Explorer & Wallets
Groestlcoin hosts their own block explorer containing public records of coins in circulation, transactions and addresses. This gives the project credibility and serves to support the long-term growth of the project. The project also has produced a variety of different wallets compatible with holding GRS. There have been 11 wallets produced for Android, 10 for Blackberry, 3 for IOS and over 10 available for desktops. Most Cryptocurrencies struggle to produce their own blockchain, explorer and wallets. Groestlcoin was able to develop and released applications for multiple platforms in record timing allowing almost any user and operating system to integrate with GRS.
Groestlcoin one of the only cryptocurrencies capable of being sent via SMS or email. The team released this early on and it has proven to be one of the most used blockchain features. There are many shops and payment processors throughout the world that have integrated and accept Groestlcoin. Atomic pay is an official partner for the project, its application encourages peer-to-peer transactions through a trust less environment, eliminating the need for third parties.
There is also a prepaid debit card available which is integrated with GRS. The Visa Electron card allows you to transact anonymously without requiring personal information such as an ID or bank account information to be provided. The card is compatible with all traditional point of sale merchants and can be linked to a secure wallet holding GRS.
The project has built and integrated Groestlcoin and GRS into the Samourai wallet application. This allows users to keep your communications, identity and transaction private. The Samourai wallet can operate within TOR’s global anonymity network maximising the privacy options for users. A stealth mode is also supported which can make the wallet disappear from your phones home screen, app and launcher.
GroestlTip is a tipping services built for video streams on platforms such as YouTube or Twitch. The community developed this service and application that integrates with live stream videos and allows for Groestlcoin tips to be received from viewers. This is another example of how the Groestlcoin team and constantly bringing out new features for GRS.
Groestlcoin can be mined using both CPU and GPU. The hybrid PoW/PoS system allows for a very stable and secure blockchain that does not require large amounts of computing power to be deployed. The mining algorithm has been optimised to consume minimal amounts of energy when performing hashing calculations. This makes the GRS network very power efficient, resulting in a fair, distributed and unbiased blockchain. The mining block reward is fixed at 5 GRS per block, this helps to manage future expectations of network difficulty. Information on how to get involved in mining GRS is available on the official website. There is a simple program available to mine GRS called EasyMiner. It can be downloaded and will automatically connect to a mining pool and share block rewards.
Groestlcoin holders can generate rewards by staking coins on the network. There is an annual interest rate of 2% set for those staking GRS within their wallets. Staking helps to further secure the network and provides rewards to those actively contributing and supporting the network.
Where to store Groestlcoin
The official wallets for Groestlcoin including Samourai wallet are available for download from the website.There is a wide variety of wallets available including desktop, mobile, web, paper wallets and others. This makes it very easy and quick to get set up with a wallet holding GRS. There are plans for Groestlcoin to integrate with Exodus wallet during 2019. Hardware wallet providers such as Ledger and Trezor also support Groestlcoin wallets across a range of their devices. Information on how to set up a hardware wallet with these providers can be found here.
It is highly recommended you keep you coins safe in a secure wallet and ensure you create a back up to retain emergency access.
Where to Buy Groestlcoin
You can purchase Groestlcoin (GRS) from the BC Bitcoin website: https://www.bcbitcoin.co.uk/buy/
The coins purchased will be sent to the GRS wallet address provided or can be held with our cold wallet service.
Groestlcoin is improving blockchain technology and solving countless problems inherent with other cryptocurrencies. With GRS being designed to be ASIC resistant, it encourages decentralisation amongst stakeholders and supporters. It has a proven history of innovation, building new applications for blockchain technology. It is widely recognised for leading cryptocurrency adoption and integral to the development of the blockchain industry. The strong focus on user privacy and anonymity demonstrates the project has placed the needs of its user at the core of the project. There are many future applications for GRS and its blockchain, making it a great project to be involved with and hold long term.
Groestlcoin Website: https://www.groestlcoin.org/
Groestlcoin Block Explorer:https://chainz.cryptoid.info/grs/
Groestlcoin GitHub: https://github.com/Groestlcoin/groestlcoin
Groestlcoin Whitepaper: https://groestlcoin.org/whitepaper.pdf
Bitcoin Talk: https://bitcointalk.org/index.php?topic=525926.0