In this publication we will focus on cryptocurrency project with a rather complicated title Groestlcoin.
About the project Groestlcoin
Groestlcoin cryptocurrency is a project, which was launched in March 2014 a year after the fork Bitcoin. Along with the fact that the increase in number of altcoins in the cryptocurrency market creates more competition for “a place under the sun”, a project Groestlcoin not only survived, but was able to earn a good reputation and to get your own custom audience. The name of the platform is quite unusual and difficult to pronounce – it has the name of the algorithm, based on which operating platform Groestlcoin. Groestl is a specially developed encryption algorithm providing a high degree of protection of the token from the implementation of mining cryptocurrency through the use of ASIC’s resources.
For the first 12 months since the launch of the system Groestlcoin has gone through 2 hard forks, that did not stop her to keep her course on leadership in the world of cryptocurrency among those coins which can be extracted using the capacity of typical computers.
Main task of the developers Groestlcoin is to increase the level of popularity of mining of digital assets among users. For this reason, the platform Groestlcoin mining coins is only using the CPU and GPU, CPU – and GPU-mining, respectively. The use of high capacity type ASIC unavailable.
The system Groestlcoin is based on the principles of decentralized management. The algorithm of the platform laid Groestlcoin hybrid consensus Proof-of-Work and Proof-of-Stake. Work through the resources provided by the PoW algorithm Groestl-oriented protection against ASIC attacks, while PoS allows you to create tokens on desktop computers and to hold the assets to generate a profit as an annual percent. The total issue of coins Groestlcoin is 105 million units, and the amount of remuneration for the first decrypted block was 512 tokens GRS with a consequent reduction in the award of 6 per cent every 10 thousand blocks and a recalculation of the level of difficulty after each open block. Coins are generated every 140 units, and the implementation of the transaction takes place at high speed and at low commissions.
The Groestl Algorithm
The algorithm called Groestl, which operates the token Groestlcoin, was developed by the Danish technical University. And though it is a blockchain algorithm, but has a number of distinctive characteristics compared with other algorithms SHA-type. Groestl not only prevents the utilization of the power the ASIC during mining, but also prevents the receipt of the mining pools with high hash rate yet the main share of the profits from the extraction of tokens. Mining Groestlcoin in the system is focused on stationary home computers and small pools. Mining cryptocurrency through Central and graphics processors allows to reduce the amount of energy consumed.
To start mining coins GRS need to download and install special software – you can find it on the official website Groestlcoin http://www.groestlcoin.org. There users can get the wallet to work with tokens GRS. Easyminer software is fully automated – it adapts to the requirements and properties of the user’s device, eliminating the need of finding the pool and “tinkering” with the settings of the connection.
A bargaining chip platform is the token Groestlcoin GRS. At the time of publication of the review, the cost koina GRS is 0,613581 the U.S. dollar at rates of market capitalization over 42 million dollars.
The possession, purchase Groestlcoin cryptocurrency
After 12 months since the launch of the koina GRS Groestlcoin and platform the project team took the decision to establish 4 of cryptocurrency wallets for operating currency GRS. The first of the cryptocurrency industry is written in HTML5 it is featured by simple and fast operation. The second wallet is Electrum, which supports multipages. The third wallet is Multibit, and the fourth – deterministic client to work on mobile devices that support Android. Any of these clients can be used to manipulate tokens GRS.
Coin Groestlcoin traded on exchanges, including Livecoin, Cryptopia, Bittrex, Upbit, Litebit, CoinExchange, C-Cex, Bitsquare, Bartedex and others. Harnet coin GRS can be in the framework of exchange platforms, however, the allocation of basic resources recommended outside of the exchange.
The prospects of the project Groestlcoin
The pace of development of the platform Groestlcoin talking about some prospects for the project. Exit every 3 months releases and updates to optimize the operation platforms, and the integration SegWit the available functionality of the Network provide Lightning system Groestlcoin impressive chances of promotion and popularization among the masses of the cryptocurrency community.
Conclusions about the project Groestlcoin
Despite the lack of enormous popularity of the project Groestlcoin is on the 85th place in the list of cryptocurrencies in terms of market capitalization – the developers of the system Groestlcoin “equal” to the forefather of all digital currencies, Bitcoin. Groestlcoin cryptocurrency platform first integrated SegWit technology, but the introduction never ended. The reason for this may be the lack of specialists in the project team.