Groestlcoin (GRS) is a new cryptocurrency utilizing the Groestl algorithm for Proof-Of-Work. To cut it short, Groestlcoin is about one thing - making efficient mining possible for EVERYBODY who wants to mine – whether on an old CPU or a new GPU.
Groestlcoin enables instant payments to anyone, anywhere in the world. Groestlcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Groestlcoin Core is the name of open source software which enables the use of this currency.
FEATURES.
Proof of Work.
Groestlcoin is proud to be the first cryptocurrency to utilize the Grostl algorithm that is set to be the future of mining. Grøstl is a new cryptographic hash function designed in response to the Cryptographic Hash Algorithm Competition announced by NIST. Grøstl was one of the five finalists in the competition and it is a tweaked version of its predecessor called Grøstl-0, the original submission to the competition.
The Grøstl is the single most efficient algorithm for GPUs in the cryptocurrency market. It has been shown to have the lowest power consumption, heat and noise of recently released algorithms, allowing for a quieter and more effective mining environment. It boasts a more robust security and uses more sustainable methods of rewarding miners compared to the standard sha256, x11, scrypt, and x13 based crypto coins as facilitated by its exclusive algorithm (Groestl).
This algorithm has a slight 5x-10x hash disparity between CPUs and GPUs (which is a slightly lesser spread when compared to Scrypt coins). What this means is that virtually everyone-particularly for those that can neither afford or are unable to invest in the pricey mining equipment-can easily mine this currency and also harvest quite reasonable rewards even with old CPUs.
No ASIC currently exists for Groestl & it is unlikely that one will be developed for it anytime soon. Through these features GroestlCoin embodies the fairly distributed & decentralized nature of Cryptocurrency. Anyone can mine effectively, with minimal resource.
Segregated Witness.
Groestlcoin was the first cryptocurrency to enable the Segregated Witness feature. The required support level of 95% was reached on January 17, and Groestlcoin admins released an updated client for users, with the SegWit code included.
SegWit redesigns the core process of the digital currency’s protocol itself, making it more efficient. The protocol change, which has also been referred to as ‘Separated Signatures,’ works by storing the currency’s proof-of-work signatures, the witnesses, at the end of each line of the transaction, segregating them. This makes them easy to ignore, and allows the file to be read faster by nodes relaying the transaction and miners including the transaction in a block. The separate signature files can eventually be discarded, to save hard drive storage space, as they are only useful in block verification. The older the block, the less likely the need to verify it again for any reason.
By decreasing a transaction’s size, more transactions fit inside each block, increasing the number of transactions that the network can process per second. This significantly alleviates, but doesn’t fully solve, the scaling issue.
As a bonus, SegWit automatically solves transaction malleability; a small weakness in the digital currency’s core code where a determined hacker could modify someone else’s transaction to make sure it isn’t accepted in a block. SegWit also makes scripting easier to upgrade as well as bringing many other benefits like Lightning Network, TumbleBit and Mimblewimble.
With that being said, SegWit is not used very actively in the Groestlcoin network as of yet. The cryptocurrency lacks wallets supporting the solution, so apart from some specially crafted transactions to test that the new feature worked, most Groestlcoin transactions still use the old, pre-SegWit format. It is expected that the situation will change by the end of the year. After the release of an updated Electrum version of the Groestlcoin wallet, SegWit transactions are expected to be become fully available.
Anyway, the coin skyrocketed after the pre-SegWit activation, and this was a great reward for both developers and investors.
Lightning Network.
Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. The Lightning Network is dependent upon the underlying technology of the blockchain. By using real blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.
Lightning enables:
- Instant Payments. Lightning-fast blockchain payments without worrying about block confirmation times. Security is enforced by blockchain smart-contracts without creating an on-blockchain transaction for individual payments. Payment speed measured in milliseconds to seconds.
- Capable of millions to billions of transactions per second across the network. Capacity blows away legacy payment rails by many orders of magnitude. Attaching payment per action/click is now possible without custodians.
- Low Cost. By transacting and settling off-blockchain, the Lightning Network allows for exceptionally low fees, which allows for emerging use cases such as instant micropayments.
- Cross Blockchains. The Lightning Network also allows for coins to be trustlessly swapped for coins on separate Lightning-enabled blockchains instantly and easily. So long as the chains can support the same cryptographic hash function, it is possible to make transactions across blockchains without trust in 3rd party custodians.
The process does not require an exchange. Cross-chain atomic swaps can occur off-chain instantly with heterogeneous blockchain consensus rules. These cross-chain transactions would be a major use case for SegWit activated coins Litecoin, Groestlcoin and more. Two users can trade BTC and LTC, etc. instantaneous and without risk. For example, what if a merchant accepts only BTC but you only have LTC. You can now pay LTC and exchange them instantly through a LN exchange node and send BTC to the merchant. That’s basically decentralized ShapeShift.
Anonymity.
Compared to Monero and ZCash, GRS doesn’t have the same potential anonymity that other coins do. In most cases, this is absolutely fine, but at the end of the day, there are a lot of people who want that feature, for good and for bad. It won’t hurt GRS much in the long run, but it may also slow down adoption a bit.
BLOCKCHAIN PARAMETERS.
- Algorithm: grøstl.
- Total Number of coins: 105 000 000 GRS.
- Block time: 60 seconds.
- Transactions Confirmations: 6.
- P2p port: 1331.
- Rpc port: 1441.
- Difficulty Adjustment: wave version 3 (Dark Gravity).
- Block maturity for Mined coins: 140 blocks.
- Coins per block: 512 GRS.
- Minimum block reward: 5 GRS.
- CPU and GPU-friendly.
- Lowest heat and energy during gpu mining (lesser than x11 algo).
- Fees: 0.02 grs (minimum transaction fee).
- Asic-free.
- No multipools.
- Open source and Secure.
- Premine: 240,640 grs (0.22918095 % total). It is currently a 0 % pre-mine since the whole pre-mine has either been utilized for development or even given away.
GROESTLCOIN (GRS) OVERVIEW.
Coincapmarket ranking: 216.
Current coin Value: $0.125796 (3.73%).
Market Cap: $8,595,889.
24hr volume: $346,908.
Circulating Supply: 68,331,973 GRS.
There are 10500000 total Groestlcoin coins that are not fully pre mined, 5x that of BTC. There is already discussion about how to keep track of smaller and smaller BTC transactions because as valuation increases, smaller amounts of BTC are needed. GRS won’t run into that problem for a much longer time, and possible even never.
Exchanges.
- Poloniex.
- Bitsquare.
- Bittrex.
- Cryptopia.
Wallets.
There is a wallet available on virtually every platform imaginable which really makes GRS a coin of the masses. They are:
- Groestlcoin Core: Windows 64bit | Windows x86 | Linux | Mac.
- Groestlpay: Webwallet | Chrome OS| iOS | Android | Windows | Linux | Mac.
- Groestlwallet: iOS | Android.
- JSwallet: Webwallet.
- Groestlcoin Samourai: Android | Blackberry.
- Groestlcoin Electrum GRS: Android | Blackberry.
WHAT IS WITH THE GROESTL NAME?
The name “Grøstl” is a multilingual play-on-words, referring to an Austrian dish usually made of leftover potatoes and pork, cut into slices. These are roasted on a pan together with onions and butterfat. The dish is often seasoned with salt, pepper, marjoram, cumin, and parsley, and served with a fried egg or kraut (cabbage).
Hence, gröstl is somewhat similar to the American dish called hash. The letter ‘ö’ was replaced by ‘ø’, which is a letter in the Danish alphabet that is pronounced in the same way as ‘ö’. This way, the name, like the hash function itself, contains a mix of Austrian and Danish influences. The pronunciation of Grøstl may seem challenging. If you think so, then think of the letter ‘ø’ as the ‘i’ in “bird”. This letter is a so-called close-mid front rounded vowel.
IN CLOSING.
As the first cryptocurrency in the market with the state of the art Groestl algorithm, Groestlcoin is the first cryptocurrency that does not necessarily need heavy investment at all. Plus there are many wallets available and it’s easy to use and get started which is a huge plus for the continued longevity of the coin.
Although GRS is a great crypto as it is, it does not necessarily offer any innovative features like smart contracts, etc. using the blockchain itself. It may be poised to become a leader in feature implementation due to the possibilities SegWit offers, but until that happens, it’s still just a solid cryptocurrency among a handful of others.
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