Groestlcoin $GRS

Groestlcoin is a proof of work cryptocurrency established in 2014 with a focus on everyday usage. The cryptocurrency has a faster average block time of one minute compared to Bitcoin's ten, resulting in a maximum total supply of 105 million coins. Groestlcoin operates on a unique electronic payment model purely based on mathematical proof, using a proof of work system to ensure secure online transactions independent of centralized authorities.

Functioning of Groestlcoin

Groestlcoin is mined using a unique algorithm called Groestl, one of the five finalists of the NIST hash function competition. The algorithm uses the same S-box as AES in a custom construction. Groestlcoin operates as open-source software on a peer-to-peer model, allowing transactions to take place directly between the payer and payee. This eliminates the need for a trusted intermediary's verification and allows transactions to be verified by nodes (a network of computers/users globally) and recorded in an open ledger.

Goal and Objectives of Groestlcoin

Groestlcoin aims to offer a more functional cryptocurrency for everyday payments due to its shorter block period. It offers the advantage to merchants who don't have to wait for 10 minutes to confirm their payment receipts. Groestlcoin also provides opportunities for individual miners with less computing power due to a reduction in hashrate intensity. However, creating ASICs for Groestlcoin is possible but at a higher cost compared to Bitcoin.

Incorporation of Key Features

Groestlcoin is more than just a simple fork. It also adopts developments and additions inspired by discussions surrounding the Bitcoin network. Notably, it was one of the first adopters of several key features such as Segregated Witness (SegWit) and the Lightning Network, further enhancing its functionality and appeal.