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Groestlcoin

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Discover Groestlcoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Groestlcoin?

Groestlcoin (GRS) is a Proof-of-Work (PoW) cryptocurrency designed for peer-to-peer (p2p) payments. It is known for its fast and secure transactions with almost zero fees, multi-platform wallets, and a strong focus on innovation and community engagement. Groestlcoin was the first to implement Segregated Witness (SegWit) and perform a Lightning Network transaction on mainnet, making it a pioneer in the cryptocurrency space.

How is Groestlcoin used?

Groestlcoin (GRS) is a cryptocurrency designed for peer-to-peer (P2P) payments. It is known for its fast and secure transactions with almost zero fees. Here are some key aspects of how Groestlcoin is used:

Transactions
  • Fast and Secure: Groestlcoin transactions are verified by GPU miners and are integrated with the Lightning Network, which enables instant payments and scalability.
  • Low Fees: The fees for transferring GRS are extremely low, making it an attractive option for frequent transactions. For example, sending 10,000 GRS would cost only a fraction of a cent.
Mining
  • ASIC-Resistant: Groestlcoin uses the Grøstl-512 mining algorithm, which is designed to be resistant to Application-Specific Integrated Circuit (ASIC) mining. This makes it more accessible to GPU miners and helps maintain decentralization.
  • Reward Structure: The mining reward started at 512 GRS per block and halved every week until it reached 5 GRS per block, where it will remain until all GRS are mined.
Wallets and Storage
  • Multi-Platform Wallets: Groestlcoin has wallets available for various platforms, including Android, iOS, Windows, macOS, and Linux, making it suitable for day-to-day payments.
  • Private Wallets: The Samourai wallet offers additional privacy features, such as Tor support and CoinJoin-esque transactions, for users who require enhanced anonymity.
Community and Development
  • Active Development: The Groestlcoin team releases new features and updates every three months, ensuring continuous improvement and innovation.
  • Community Support: The project has a dedicated community backing its development and adoption.

Overall, Groestlcoin is designed to provide fast, secure, and low-cost transactions, making it a viable option for those seeking an efficient and private payment system.

How do I store Groestlcoin?

To store Groestlcoin (GRS) tokens, you can use various wallets available for different platforms. Here are some options:

  1. Desktop Wallets:

    • Groestlcoin Core: A full Groestlcoin client offering high security, privacy, and stability, but it requires significant space and memory.
    • Electrum-GRS: Focuses on speed and simplicity with low resource usage, allowing wallet recovery from a secret phrase.
    • Sparrow-GRS: A modern desktop wallet supporting hardware wallets and emphasizing transparency and usability.
  2. Mobile Wallets:

    • Groestlcoin Mobile Wallet: Easy to use, reliable, secure, and fast, with a focus on decentralization and zero trust.
  3. Web Wallets:

  • Groestlcoin Web Wallet: A free online wallet for making worldwide payments securely and easily.
  1. Paper Wallets:

    • Groestlcoin Paper Wallet: A simple paper wallet generator using Segregated Witness (SegWit) addresses and transactions.
  2. Other Wallets:

    • Groestlpay Wallet: Securely stores multiple distinct Groestlcoin wallets, suitable for both business and privacy-conscious users.
    • AirGap Groestlcoin Wallet: Stores your private key offline, providing a convenient way to store and transfer GRS coins.

How to buy Groestlcoin?

To buy Groestlcoin (GRS) tokens, follow these steps:

  1. Create an Account:

    • Choose a reliable exchange that supports Groestlcoin (GRS) purchases, such as Coinbase, Binance, or Pionex.
    • Register for an account on the exchange's website or app, providing necessary information like email address and password.
    • Complete any required identity verification steps.
  2. Choose a Funding Method:

    • Select a payment method that suits you, such as:
      • Credit or debit card for instant purchases.
      • Bank deposit using SWIFT.
      • Peer-to-peer (P2P) trading.
      • Third-party payment channels.
  3. Buy Groestlcoin (GRS):

  • Navigate to the Buy & Sell section on the exchange platform.
  • Choose Groestlcoin (GRS) as the cryptocurrency you want to buy.
  • Enter the amount you want to purchase and complete the transaction.
  1. Transfer to Wallet:
    • Once purchased, you can either hold the GRS in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and trading options.

For specific details on buying GRS on Pionex, you can use credit cards, debit cards, bank wire, or ACH transfer, depending on your location.

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History of Groestlcoin

Groestlcoin (GRS) is a decentralized peer-to-peer payment protocol that was launched in March 2014. It was created as a fork of Bitcoin, aiming to solve the limitations of the original cryptocurrency. The project was developed by a team of developers from the Netherlands, who also participated in the National Institute of Standard Technology hash function competition finals in 2014. The team proposed a unique hashing algorithm called Groestl-512, which was inspired by the US Advanced Encryption Standard (AES) algorithm and designed to provide high security and handle various applications.

Early Development

In the early years, Groestlcoin focused on developing its infrastructure. Within nine months of its launch, the team released an Android wallet, an IRC, and a social media tripping bot. By the end of 2015, they had launched an Electrum wallet for GRS, added multi-signature capability to their Android wallet, and developed a GPU GRS miner.

Key Milestones

Groestlcoin achieved several significant milestones. In 2017, it became the first Bitcoin fork to integrate Segregated Witness (SegWit), which significantly improved its transaction speed and lowered fees. This integration led to a substantial increase in the coin's value, with the price rising from $0.001 to $2 by the end of the year.

Additional Features and Integrations

Groestlcoin continued to advance its technology by integrating the Lightning Network, allowing for super-fast transactions. The project also supported atomic swaps, both on-chain and off-chain, making it possible to convert GRS coins into other altcoins quickly and without the need for an exchange. Additionally, Groestlcoin gained support from hardware wallets like Ledger and Trezor, as well as mobile wallets like Coinimi and Samourai.

Current Status

Today, Groestlcoin remains a decentralized, open-source cryptocurrency focused on peer-to-peer payments. It boasts almost zero fees, is semi-anonymous, and is one of the few coins that remains ASIC-resistant. The project continues to improve its features, with a focus on enhancing user privacy.

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How Groestlcoin works

Groestlcoin (GRS) is a decentralized, peer-to-peer cryptocurrency designed for fast, secure, and private transactions. It was launched in 2014 and has since become known for its innovative features and low fees.

Mining and Algorithm

Groestlcoin uses the Grøstl-512 mining algorithm, which is ASIC-resistant and designed for GPU mining. This helps maintain equity among miners by preventing the dominance of Application-Specific Integrated Circuit (ASIC) miners. The algorithm is also highly secure, making it difficult for malicious actors to compromise the network.

Block Structure and Rewards

The blockchain is divided into small blocks, each containing unique hashes. Miners verify transactions and are rewarded with 5 GRS coins for each block mined. Initially, the reward was 512 GRS coins, but it has decreased over time to its current fixed rate.

Transaction Verification and Fees

Transactions are verified by GPU miners and then integrated into the blockchain. Groestlcoin utilizes the Lightning Network, which enables instant and private transactions with almost zero fees. The fees are so low that sending 10,000 GRS coins would cost only a fraction of a cent.

Privacy Features

Groestlcoin places a strong emphasis on privacy. It has a wallet called Samourai, which is designed to be anonymous and private. The wallet does not recycle addresses, supports Tor, and includes CoinJoin-esque transactions. Additionally, it has a Stealth Mode that hides the wallet from the phone’s home screen and app list.

Development and Community

Groestlcoin has an active development team that releases new features and updates every three months. The community is highly engaged and supportive, with a strong focus on innovation and technological advancements.

Key Features
  • Multi-pool Resistant: Prevents the negative effects of forks, ensuring fair distribution among smaller pools and miners.
  • Lightning Network: Enables instant and private transactions with minimal fees.
  • Segregated Witness (SegWit): Increases block sizes for better scalability.
  • Private Transactions: Utilizes Tor servers and advanced encryption for secure transactions.
  • Low Fees: Transaction fees are extremely low, making it suitable for everyday use.

Overall, Groestlcoin is a fast, secure, and private cryptocurrency that offers a unique set of features designed to improve the user experience and promote widespread adoption.

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Groestlcoin's strengths

Groestlcoin (GRS) has several strengths that make it an attractive cryptocurrency:

  1. Fast Transactions: Groestlcoin has an average block time of one minute, which is significantly faster than Bitcoin's ten minutes. This makes it more functional for everyday payments, allowing merchants to confirm transactions quickly.

  2. Low Fees: Groestlcoin transactions have almost zero fees, making it an affordable option for users. The fee for transferring 10,000 GRS is extremely low, ranging from 0.000045 to 0.00019 GRS, depending on the wallet used.

  3. Security and Privacy: Groestlcoin uses the Groestl algorithm, which is ASIC-resistant and can only be mined using GPUs and CPUs. This ensures that mining is more equitable and accessible to individual miners. Additionally, the coin's transactions are verified through a private TOR server, providing a high level of privacy.

  1. Multi-Platform Wallets: Groestlcoin has a wide range of wallets available for various platforms, including Android, iOS, Windows, macOS, Linux, ChromeOS, and Web. This makes it convenient for users to manage their GRS across different devices.

  2. Active Development Team: The Groestlcoin team is highly active, releasing new features and updates every three months. This continuous development ensures that the coin stays advanced and competitive in the market.

  3. Innovative Features: Groestlcoin was the first coin to activate SegWit and Taproot, and it also integrates the Lightning Network, enabling fast and scalable transactions. It also supports atomic swaps, which further enhances its functionality.

  1. Strong Community: Groestlcoin has a dedicated and growing community that supports the coin's development and adoption. This community backing is crucial for the long-term success of the project.

These strengths position Groestlcoin as a secure, fast, and affordable cryptocurrency with a strong development team and community support.

Groestlcoin's risks

Groestlcoin (GRS) is considered a low-risk investment by InvestorsObserver due to its low risk gauge score. This score is determined by analyzing the amount of money required to shift the price over a 24-hour period, as well as recent changes in volume and market capitalization. The gauge ranges from 0 to 100, with lower scores indicating higher risk and higher values representing lower risk.

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Groestlcoin's ecosystem

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Groestlcoin’s team

  • Founder: Gruve_P (Igor from Holland)
  • Development Team Lead: jackielove4u (Jackie from the Netherlands)
  • Full Stack Developer: Hashengineering (Eric Britten from the USA)
  • Python Developer: Kefkius (Tyler Willis from the USA)
  • .NET Developer: Yokomoko (Adam Chapman from the UK)

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