Groestlcoin (GRS) is a cryptocurrency founded by Igor Janson in 2014. It is a decentralized blockchain-based cryptocurrency with a focus on technological advancement.
Groestlcoin was reportedly the first crypto to activate SegWit and the first crypto with a Lightning Network mainnet transaction. Groestlcoin is said to be a fast, secure, and privacy-oriented cryptocurrency with almost zero fees.
Unlike many of the latest technologically advanced cryptocurrencies of today, Groestlcoin uses a proof-of-work (PoW) consensus algorithm rather than a proof-of-stake (PoS) consensus algorithm to secure the network and mint new coins. GRS is an ASIC-resistant cryptocurrency that utilizes the Grøstl-512 mining algorithm, hence the ugly name, Groestlcoin.
Like Bitcoin, Groestlcoin is pseudonymous. However, the development team has ported the popular Samourai wallet to give users full anonymity, allowing for private stealth addresses with both TOR and VPN support, as well as onboard AES-256 encryption.
According to the Groestlcoin website, the cryptocurrency is accepted at 30 different online stores and is integrated with 13 different payment processors. Adding to this, Groestlcoin has two different brands of debit cards, Paycent and Pungo, which can be pre-loaded with GRS tokens.
Groestlcoin (GRS) has a maximum token supply of 105,000,000 GRS and a circulating supply of 73,313,224 GRS. The Groestlcoin blockchain initially had block rewards of 512 coins and now has block rewards of 5 coins. The block size is 1 mb and block time is 1 minute. Anyone can begin mining Groestcoin and there are 9 different mining pools to join.