Planning to invest in Groestlcoin (GRS)? Want to know about it in detail? Well, you’ve landed in the right place. This blog post contains some useful information that may be of help to you in understanding Groestlcoin.
What is Groestlecoin (GRS)?
Launched in March 2014, Groestlcoin GRS is a p2p cryptocurrency with a special focus on technological innovation. It is reportedly the first digital coin to implement SegWit and execute lightning network transactions on its own mainnet network. For the mining algorithm, it employs 2 rounds of Grøstl-512. GRS claims to offer major development releases every three months.
GRS is a Bitcoin fork that offers complete privacy and accommodates scalability to crypto traders. What makes it stand out is that it uses a hashing algorithm that opposes ASIC mining.
How does it work?
Groestlcoin (GRS) is comprised of a blockchain featuring unique hashes assembled into small blocks. Its hash functions are higher in number in comparison to Bitcoin’s SHA256 algorithm. Since it is resistant to ASICs, it offers equity among miners. Its Groestl-0 hashing algorithm is specially designed for GPU mining.
GRS transactions are validated by GPU miners who get 5 GRS coins for each new block mined. Groestlcoin has a dedicated team of highly experienced developers who work day and night to offer the highest level of privacy, super-fast transaction speed, and low fees. The Groestlcoin network is comprised of a payment protocol that is integrated with Lightning Network and SegWit, 40 TOR servers, and Bitcoin Armory.
When a Groestlcoin payment is initiated, the transaction message is sent through a dedicated, private TOR server for the highest level of privacy. Subsequently, it’s integrated with Lightning Network, which instantly transfers it using the Groestlcoin blockchain.
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Martin has been following the crypto space since 2013. He is a passionate advocate for blockchain technology, and believes that it will have a profound impact on how people live their lives. In addition to being an avid blogger, Martin also enjoys writing about developments in the industry as well as providing useful guides to help those who are new to this exciting frontier of finance and technology.