Groestlcoin is a cryptocurrency that runs on mixed consensus mechanis founded using PoW and PoS. It was first announced on March 22, 2014 and the development team is located in Latvia. It claims to be 1st to implement SegWit signatures and also Lightning Network technologies.^[1]

History

Groestlcoin is one of the oldest mineable cryptocurrencies. It is created from fork of Bitcoin blockchain in 2014 and launched on 22nd of March 2014 with a focus on technological advancement, is SegWit and Lightning Network ready. The Groestlcoin creators were convinced that decentralization is a key condition for the success of any cryptocurrency, and it needs supports from as many private and individual miners as possible, rather than large pools or mining companies. The team is spread across the globe and currently have over 20 members.

Overview

Groestlcoin created from the fork of a bitcoin in 2014 focusing on SegWit and lightning technologies. It currently uses a hybrid consensus mechanism combining POW and POS. It's team has kept it developing regularly and it claims to have major developed release every 3 months. Groestlcoin still has big community support. Groestlcoin team has developed more than 12 wallets and also has tie up with various shops.^[2]

Features

Groestlcoin uses a mixed consensus method and has adapted evolving technologies well over the years. It has many advantages and features compared to early cryptocurrencies like Bitcoin and Litecoin.^[3]

Hybrid Consensus

Groestlecoin is using hybrid consensus developed using Proof-of-work system (PoW) and Proof-of-stake (PoS) to reward both miners and Stakers. User get reward about 2% per year simply by storing funds on account.

Mining

Groestlcoin operates on algorithm, Grøstl -512. It was designed in competition to SHA-3 by Technical University of Denmark. It prevents Application-specific integrated circuit devices from working, but it also prohibits large pools, which usually receive a huge share of mining profits thanks to their hashrate. Thus, Groestlcoin encourages individuals or pools of small size. It can be mined on Desktop CPU and GPU using software like easyminer, sgminer etc. The team has also developed Android Miner for mining using android smartphones. It has blocktime of 1 minute and block size of 1mb. The total projected number of coins, with 105 million reward for the first extracted block equal to 512 tokens, and after every 10000 blocks, this number is reduced by 6%. Intra-network transfers are characterized by high speed and the absence of any commission.^[3]

Segwit and Lightning Ready

Groestlecoin was first to to use SegWit technology. It is considered a pioneer to first implement Segwit in January 2017. It has also enabled Lightning Network technology to solve scalability problems.^[1]

Low Fees

By using Lightning network, it has achieved instant payments, scalability and Atomic Swaps with almost zero fees. Sending 10,000 GRS will only cost you between 0.000045 and 0.00019 GRS ($0.00007 - $0.0003), depending on the wallet you use. Core wallet has the cheapest transaction fees.^[4]

Private Transactions

You can send Groestlcoin anonymously. The Samourai wallet, boasts its anonymity and security, as it allows for private stealth addresses with both Tor and VPN support, as well as onboard Advanced Encryption Standard encryption.^[3]

Multi Wallet Platforms

Groestlcoin has wallets for every platform: Currently it has developed wallets for Android, iOS, Windows, MacOS, Linux, Chrome OS, Web. It has a mobile wallet since 2014. There are many third party available like Guarda Cryptocurrency Wallet, Trust Wallet, Electrum on which you can store Groestlcoin. It has its official hardware wallet, Bitfi and also supported by more than 10 third party hardware wallets including majors like Ledger, Trezor and KeepKey. ^[1]

Growing Community & Active Team

Grostlcoin has extremely interested and growing community that is backing the coin for its proven innovation and contributions to the technological advancement. It also has an extremely hardworking team to ensure the smooth running of the Coin. There are major development releases every 3 months.

Utilities

Apart from wallets, transfers and atomic swaps, Groestlecoin has gone step ahead to developed debit cards using which user can spend Groestlcoin anywhere. Currently it has 4 types of Debit cards namely, Paycent GRS Ruby Card, Paycent GRS Sapphier Card,Paycent GRS Solitair card and Polispay GRS Epay Card. It has also partnered with ATM technologies like MCash and General Bytes. Currently, Groestlcoin is accepted in more than 20 shops and marketplaces across the globe and that list is growing. The team has also developed various apps like BIP Tool, Groestlcoin Broadcast tool, Groestlcoin Sentinel, Electrum Personal Server and many others. It was also first coin to implement SMS push transaction technology.^[3]

Tokenomics

Groestcoin is denoted by ticker symbol GRS. The maximum supply is set at 105,000,000 GRS. It is listed on many cryptocurrency exchanges, inlcuding popular ones like Binance Upbit, Bithumb Global, Hotbit, Huobi Global, LBank, Bittrex and many more. It registered all time high of $2.69 USD on Dec 21, 2017 and all time low of $0.000060 USD on Nov 17, 2014.^[4]