Groestlcoin

Groestlcoin

Groestlcoin GRS Rank #511

Groestlcoin (GRS) Token Buying Guide - What is it, price and staking

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Groestlcoin is a proof-of-work cryptocurrency created in 2014. Designed for everyday use, Groestlcoin features an average block time of one minute, as opposed to ten for Bitcoin. As a result, it has a maximum total supply that will cap out at 105 million coins, up from 21 million Bitcoins. The main idea behind the creation of Groestlcoin was to establish an electronic payment model based solely on mathematical evidence. Use the Proof-of-Work (POW) system to facilitate secure online money transactions. This is a system independent of the influence of centralized authorities. How does it work? Groestlcoin is mined using the Groestl algorithm. Groestl was chosen as one of five finalists in the NIST competition for the hash function. Use the same S-box as AES in a custom build. The cryptocurrency works as open source software on a peer-to-peer model (transactions are made directly between payer and payee). This means that no trusted intermediary, such as a bank or PayPal, is required to verify sender and recipient details. Rather, transactions are verified by nodes (the global network of computers/users) and recorded in an open ledger. What does it intend to solve? With a shorter lock-up period than Bitcoin, Groestlcoin aims to be more functional for daily payments. Merchants do not have to wait 10 minutes to confirm whether or not they have received the payment. The reduction in hashrate intensity has also given Groestlcoin the opportunity to be mined by people with less computing power. However, companies and teams have created ASICs for Groestlcoin, albeit at a higher cost than creating ASICs for Bitcoin. Rather than just a fork, Groestlcoin also works to adopt developments and additions inspired by discussions on the Bitcoin network, and was actually an early adopter of several key features such as Segregated Witness (SegWit) and the Lightning Network.