How does it work?​

Groestlcoin is mined using the Groestl algorithm. Groestl was chosen as one of the five finalists of the NIST hash function competition. It uses the same S-box as AES in a custom construction. The cryptocurrency operates as open source software on a peer-to-peer model (transactions take place directly between the payer and payee). This means that no trusted intermediary such a bank or PayPal is required to verify the details of the sender and receiver. Rather, the transactions are verified by nodes (the network of computers/users spread globally) and recorded in an open ledger.

How does it work?​

Groestlcoin is mined using the Groestl algorithm. Groestl was chosen as one of the five finalists of the NIST hash function competition. It uses the same S-box as AES in a custom construction. The cryptocurrency operates as open source software on a peer-to-peer model (transactions take place directly between the payer and payee). This means that no trusted intermediary such a bank or PayPal is required to verify the details of the sender and receiver. Rather, the transactions are verified by nodes (the network of computers/users spread globally) and recorded in an open ledger.

What does it aim to solve?​

With a shorter block period than Bitcoin, Groestlcoin aims to be more functional for everyday payments. Merchants don’t need to wait 10 minutes to confirm whether or not they have received their payment. The reduction in hashrate intensity also gave Groestlcoin an opportunity to be mined by individuals 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 simple fork, Groestlcoin also works to adopt developments and additions inspired from discussions surrounding the Bitcoin network, and was actually one of the first adopters to several key features such as Segregated Witness (SegWit) and the Lightning Network.

What is Groestlcoin?​

Groestlcoin (GRS) emerged in 2014, designed to push the boundaries of cryptocurrency technology. Unlike Bitcoin, Groestlcoin boasts an average block time of just one minute, making it more suitable for everyday transactions. This rapid block time is complemented by a maximum supply of 105 million coins, significantly higher than Bitcoin's 21 million.

The cryptocurrency leverages the Groestl algorithm, a finalist in the NIST hash function competition, which uses the same S-box as AES in a custom construction. This algorithm underpins Groestlcoin's proof-of-work (PoW) system, ensuring secure and decentralized transactions without the need for intermediaries like banks. Transactions are verified by a global network of nodes and recorded in an open ledger, reinforcing its decentralized nature.

Groestlcoin is not just about speed and security; it also embraces cutting-edge technological advancements. It supports Segregated Witness (SegWit), Taproot, and the Lightning Network, enhancing its scalability and transaction efficiency. The cryptocurrency also features decentralized offline key generation and multisignature transactions, adding layers of security for users.

Regular development updates keep Groestlcoin at the forefront of innovation. Its public repository on GitHub showcases ongoing improvements and community engagement. Additionally, Groestlcoin offers a web wallet, providing users with a convenient and secure way to manage their assets.

Designed for accessibility, Groestlcoin's reduced hashrate intensity allows individuals with less computing power to participate in mining. However, the development of ASICs for Groestlcoin, albeit at a higher cost than Bitcoin ASICs, indicates its growing adoption and technological maturity.

What is the technology behind Groestlcoin?​

Groestlcoin (GRS) leverages a unique blend of technologies to offer a robust, efficient, and secure cryptocurrency experience. At its core, Groestlcoin operates on a blockchain that uses the Grøstl-512 mining algorithm. This algorithm is known for its efficiency, allowing for faster and cheaper transactions. The Grøstl-512 algorithm was one of the five finalists in the NIST hash function competition, highlighting its strong cryptographic foundations. It employs the same S-box as AES in a custom construction, ensuring a high level of security.

One of the standout features of Groestlcoin is its average block time of one minute, significantly shorter than Bitcoin's ten minutes. This shorter block time makes Groestlcoin more suitable for everyday transactions, as merchants and users do not have to wait long periods for transaction confirmations. The maximum supply of Groestlcoin is capped at 105 million coins, compared to Bitcoin's 21 million, which allows for a broader distribution and potentially more widespread use.

Groestlcoin incorporates several advanced technologies to enhance its functionality and security. Segregated Witness (SegWit) is one such technology, which separates transaction signatures from transaction data, allowing for more transactions to fit into each block. This not only increases the transaction capacity but also reduces the risk of transaction malleability, a type of attack where transaction IDs can be altered before confirmation.

Another significant technology integrated into Groestlcoin is the Lightning Network. This second-layer solution enables off-chain transactions, which are faster and cheaper than on-chain transactions. By allowing multiple transactions to occur off the main blockchain, the Lightning Network reduces congestion and enhances the scalability of Groestlcoin. This makes it feasible for microtransactions and everyday payments, addressing one of the critical limitations of many cryptocurrencies.

Groestlcoin also supports Atomic Swaps, a feature that allows for the direct exchange of different cryptocurrencies without the need for a trusted third party. This is achieved through smart contracts that ensure both parties fulfill their obligations before the swap is completed. Atomic Swaps enhance the interoperability of Groestlcoin with other cryptocurrencies, providing users with more flexibility and options for their digital assets.

The security of Groestlcoin's blockchain is maintained through its proof-of-work (PoW) consensus mechanism. In this system, miners use computational power to solve complex mathematical problems, validating transactions and adding them to the blockchain. This process is decentralized, meaning no single entity controls the network. The decentralized nature of the blockchain, combined with the computational difficulty of the PoW system, makes it extremely challenging for bad actors to manipulate the blockchain or launch attacks such as double-spending.

Groestlcoin's commitment to innovation is evident in its early adoption of Taproot, a proposed Bitcoin upgrade that enhances privacy and efficiency. Taproot allows for more complex transactions to appear as simple ones on the blockchain, improving privacy for users. It also reduces the amount of data needed for transactions, which can lead to lower transaction fees and faster processing times.

The open-source nature of Groestlcoin means that its software is publicly available and can be reviewed and improved by anyone. This transparency fosters trust and allows for continuous development and enhancement of the technology. The peer-to-peer model ensures that transactions occur directly between users without the need for intermediaries, further decentralizing the network and reducing the potential for censorship or control by centralized authorities.

Groestlcoin's blockchain is maintained by a global network of nodes, which are computers that validate and relay transactions. These nodes work together to ensure the integrity and security of the blockchain, making it resistant to attacks and tampering. The decentralized network of nodes also means that Groestlcoin can operate independently of any single point of failure, enhancing its resilience and reliability.

By integrating these advanced technologies and maintaining a focus on security, efficiency, and decentralization, Groestlcoin offers a comprehensive and robust solution for digital transactions.

What are the real-world applications of Groestlcoin?​

Groestlcoin (GRS) is a proof-of-work cryptocurrency created in 2014, designed for everyday use with an average block time of one minute. This makes it significantly faster than Bitcoin, which has a block time of ten minutes. Groestlcoin aims to establish an electronic payment model based purely on mathematical proof, using the Groestl algorithm for mining. This algorithm was one of the five finalists in the NIST hash function competition, ensuring a high level of security.

One of the standout features of Groestlcoin is its readiness for Segregated Witness (SegWit), Taproot, and the Lightning Network. These technological advancements enhance transaction speed and reduce fees, making it more practical for everyday transactions. For instance, merchants can accept payments without waiting the ten minutes typically required for Bitcoin transactions, thus improving the efficiency of business operations.

Groestlcoin has also been adopted by various industries, including healthcare, financial services, and manufacturing. In these sectors, it is used for continuous integration and continuous deployment (CI/CD), automation, DevOps, and DevSecOps. These applications help streamline operations, improve security, and enhance the overall efficiency of business processes.

In addition to its industrial applications, Groestlcoin can be used for everyday transactions. It serves as a payment method for merchants, allowing consumers to make purchases quickly and securely. The peer-to-peer nature of Groestlcoin means that transactions occur directly between the payer and the payee, without the need for intermediaries like banks or payment processors. This decentralization ensures that transactions are secure and transparent, recorded on an open ledger verified by a global network of nodes.

Groestlcoin also offers a wallet for its peer-to-peer network, providing users with a secure and convenient way to store and manage their GRS. This wallet supports various features, including multi-signature transactions and hardware wallet integration, enhancing security and usability for both individual users and businesses.

By adopting key features from the Bitcoin network and implementing them more rapidly, Groestlcoin has positioned itself as a versatile and efficient cryptocurrency suitable for a wide range of real-world applications.

What key events have there been for Groestlcoin?​

Groestlcoin (GRS) emerged on March 22, 2014, as a proof-of-work cryptocurrency designed for everyday use. It was created to offer faster transactions with an average block time of one minute, significantly shorter than Bitcoin's ten minutes. This design choice aimed to make Groestlcoin more practical for daily transactions, with a maximum supply of 105 million coins.

One of the early milestones for Groestlcoin was its readiness for Segregated Witness (SegWit), a protocol upgrade that helps reduce transaction size and increase the blockchain's capacity. This readiness positioned Groestlcoin as a forward-thinking cryptocurrency, eager to adopt technological advancements.

In 2017, Groestlcoin became one of the first cryptocurrencies to implement the Lightning Network, a second-layer solution designed to enable fast and low-cost transactions. This move further solidified its commitment to technological innovation and scalability.

The year 2019 saw Groestlcoin integrating Taproot, another significant upgrade aimed at enhancing privacy and efficiency in transactions. Taproot's implementation demonstrated Groestlcoin's ongoing efforts to stay at the forefront of blockchain technology.

Groestlcoin has also been actively developed on GitHub, with numerous repositories and commits indicating a vibrant and engaged developer community. This activity is crucial for maintaining and improving the cryptocurrency's infrastructure and features.

In 2023, Groestlcoin experienced a notable release that contributed to its growth in the cryptocurrency sector. The focus on fast and secure transactions with almost zero fees made it an attractive option for users. However, the same year also brought challenges, including delisting from major exchanges and the bankruptcy of Bittrex, which impacted its accessibility and trading volume.

Throughout its history, Groestlcoin has maintained a focus on technological advancement and practical usability. Its adoption of SegWit, Lightning Network, and Taproot, along with active development on GitHub, underscores its commitment to providing a robust and efficient cryptocurrency for everyday use.

Who are the founders of Groestlcoin?​

Groestlcoin (GRS), a proof-of-work cryptocurrency created in 2014, was designed for everyday use with a block time of one minute. The founders of Groestlcoin are Gruve from the Netherlands and an international team, primarily based in the Netherlands. This team, consisting of over 20 dedicated members, focuses on delivering a fast, secure, and privacy-oriented coin. Despite their significant contributions, the team members maintain anonymity, often sharing only their first names and countries of origin. The Groestlcoin Team continues to drive the project's development, ensuring its ongoing evolution and adoption.