What is Groestlcoin (GRS)?
Future of GRS Cryptocurrency and know how to buy GRS

#1: What is GRS?

GRS: The Basics

Groestlcoin was one of the first cryptocurrencies developed that promoted a fair network, and had inbuilt ASIC resistance due to its innovative Grøstl algorithm. With improved protection against network attacks and consistent and robust development, Groestlcoin has the potential to be the next big thing in cryptocurrency.

GRS Development

  1. GRS was launched on 22nd March, 2014 by Gruve_P. There was a small premine, however all of the premine has been given away or used for development, making it a fair launch coin.
  2. Groestlcoin was the first coin to employ the Grøstl-512 algorithm. It was initially a Proof-of-Work coin, but later switched to a hybrid Proof-of-Work / Proof-of-Stake mechanism.

#2: What are the benefits of Groestlcoin?

GRS Technology

  1. Groestlcoin was the first coin to apply the Grøstl-512 hashing algorithm. This innovative new algorithm is completely resistant to ASIC (Application Specific Integrated Circuit) cards. These cards were developed specifically to mine PoW coins with algorithms like the SHA-256 hash, like Bitcoin. This has caused the BTC blockchain network to be swamped with mining farms of ASIC cards, making it impossible for any solo miner with a sole GPU or CPU setup, no matter how powerful, to gain any meaningful profit from mining BTC.
  2. Since Grøstl-512 is ASIC resistant, CPU and GPU miners can mine freely on the network, which results in a fair and unbiased blockchain with true decentralization. Infact, the algorithm has been optimized so that GPUs actually consume less power, and emit less heat and consume less energy when performing hashing calculations. This makes the GRS network much less detrimental to the environment and extremely power efficient.
  3. The hybrid PoW/PoS mechanism allows GRS to have a very stable, lean, and secure blockchain that is not very power hungry. The block reward, initially 25 GRS per block, is now fixed at 5 GRS per block, with no halving. This leads to a much more manageable expansion in network difficulty. This is unlike coins like BTC, where as the rewards keep halving, raising the difficulty exponentially as more work has to be done proportionally by the nodes to get the same amount of coins.
  4. GRS was the first coin to release SegWit live on its blockchain, increasing the security of transactions performed on the blockchain immensely. SegWit is short for Segregated Witness, which fixes many known issues with the BTC code base, such as transaction malleability and blockchain scalability. SegWit does this by increasing the block size limit, which in turn increases the network capacity and its ability to support miners as well as secondary applications such as DApps or smart contracts on top of the blockchain.
  5. Groestlcoin was also one of the first coins to support the Lightning Network technology, which allows GRS to have instant transactions regardless of block confirmation times, scalability upto to billions of transactions per second, extremely low fees, and cross-blockchain transactions.

Key Features

  1. Fair network - GRS is one of the few coins on the market to be completely resistant to being overpowered by ASIC miners and mining farms. This allows for a truly decentralised and peer-to-peer network that is fairly distributed amongst all nodes in the blockchain. This is in stark contrast to other PoW coins like BTC who are dominated by ASIC miners, making GPU and CPU mining not feasible. The unique Dark Gravity Wave 3 difficulty readjustment algorithm readjusts the difficulty after each block, making the blockchain dynamic and responsive to the current load on the network and its total hashing power.
  2. Up-to-date code base - Despite being relatively little-known, the GRS team has been frequent and consistent in pushing updates and upgrades to the Groestlcoin code base. GRS was one of the pioneers in many aspects of blockchain technology and cryptocurrency world, such as being one of the first coins to implement ASIC resistance, the first to implement SegWit and support for the Lightning Network.
  3. Privacy features - The ‘Samourai’ wallet allows for completely private and anonymous transactions over the GRS blockchain. It also has support for VPNs and the TOR network. This make GRS a truly ‘all-in-one’ coin that is scalable, secure, anonymous, and fairly distributed.

#3: How to Buy & store Groestlcoin?

How to buy Groestlcoin

  1. Groestlcoin can currently be bought at exchanges like Upbit, Bittrex and Poloniex, with Upbit being the largest by volume.
  2. GRS coins can also be mined using a CPU or GPU setup.
  3. Groestlcoin can also be earned through staking existing GRS coins in your wallet, with an annual interest rate of 2%.

GRS Wallet

The GRS wallet can be downloaded from their official website[1].

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the GRS cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for GRS on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate GRS wallet from the exchange to store your GRS cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

#4: What is the future of Groestlcoin?

Also Read: Complete Analysis of Groestlcoin | Live Groestlcoin (GRS) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.641136

0.675131

0.603651

0.639369

6339750

45111400

Mar 01, 2018

0.61434

0.652798

0.596278

0.644253

857327

42712800

Dec 01, 2017

0.601494

0.689463

0.578472

0.679917

2760690

41449300

Jul 01, 2017

0.162174

0.198817

0.13305

0.151306

616967

11001400

Oct 01, 2016

0.001268

0.001465

0.001126

0.001231

6

82826

Feb 01, 2016

0.001148

0.001388

0.001146

0.001187

42

71329

Sep 01, 2015

0.000713

0.000756

0.000582

0.000661

47

42424

Jan 01, 2015

0.000238

0.000269

0.000197

0.000239

73

12843

Sep 01, 2014

0.000549

0.000558

0.000526

0.000527

29

27730

May 01, 2014

0.004748

0.004878

0.003351

0.003941

9295

126638

  1. GRS managed to remain under the radar for quite a few years despite its robust technology and innovative features.
  2. This is due to the development team spending no money marketing the coin, with the philosophy that word-of-mouth and innovative features will attract users gradually. Instead, they channeled funds into active development.
  3. Due to the Bitcoin blockchain and most BTC-based coins becoming overpowered with ASIC miners, more and more people have been flocking to fairer mined coins such as GRS.

#5: How is Groestlcoin different from other cryptos?

  1. Consistent Development - Despite being relatively under the radar for quite some time, the dedicated development team of GRS has never stopped pushing out regular feature upgrades and additions, updates, and security features to the code base. This is different from most other altcoins where the developer(s) usually move on to other projects after a few years pass, leaving it up to the community to continue the development of the coin. Instead of spending money on marketing the coin, GS funnels all funds into ensuring a stable and frequent update schedule, relying on their innovative features to attract users.
  2. State of the art code - GRS is one of the most technologically advanced cryptos out there, with continuous updates being pushed by the development team frequently. GRS was the first coin to enable SegWit and support for the Lightning Network on its blockchain, even before giants like BTC and ETH. GRS also was one of the first coins to enable true privacy with the help of the TOR network, and the first cryptocurrency to promote a fair and truly decentralised blockchain by being resistant to ASIC miners and multipools.
  3. All-in-one coin - GRS is one of the few coins where one can find almost all of the best features of coins like BTC and ETH rolled into one. GRS has a secure and truly decentralised blockchain, ASIC resistance, SegWit and Lightning Network support, a unique, custom hashing algorithm, and an efficient and optimized hybrid PoW/PoS network. It also focuses on privacy, security, stability, and keeping itself on the cutting edge of blockchain technology, making it very different from other altcoins who usually fall into obscurity.

#6: Should you invest in Groestlcoin?

  1. GRS has recently seen a rise in popularity, with most CPU and GPU miners moving away from networks like BTC, where ASIC miners have completely saturated the mining pool.
  2. With its robust features, focus on privacy, and innovative technology, GRS is a very lucrative choice for these miners, and has the possibility to be the next big coin that hits the market.
  3. While investing in any cryptocurrency is subject to their inherent volatile nature, the immense market potential of Groestlcoin, along with its pioneering technology and dedicated development team, make it a very strong consideration for investment.
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