Proudly proclaiming to have “almost Zero fees”, Groestlcoin has been described as an ASIC-resistant cryptocurrency. Much like Bitcoin, this coin is described to be pseudo-anonymous, however it is possible to have full anonymity since Groestlcoin team have ported the Samourai wallet to provide the option. But like many others, you’re probably thinking, what is this token? Well, we’re here to help.
The name Groestlcoin, which is not the easiest to say or write, gets it’s name from the Grøstl-512 mining algorithm of the coin, however, understandably, the community have requested the renaming and rebranding of the cryptocurrency to help adoption, however that is unlikely to happen, since the team have already said they won’t.
How To Buy GRS
So you’re interested in buying GRS? Currently, there is no way to buy GRS directly with fiat, so the best way to buy GRS is to first purchase Ethereum, transfer it to your chosen trading platform and change it to GRS. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for GRS/ETH and confirm.
3. On the GRS/ETH trading section you can now choose how much GRS you want to buy with your Ether. Once you have chosen your amount, press Buy GRS and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of Groestlcoin.
What is Groestlcoin?
Designed as a transactional cryptocurrency with peer-to-peer in mind, Groestlcoin ultimately has the same end goals at other popular cyrptocurrencies such as Bitcoin and Litcoin. However Groestlcoin’s true strength lies in it’s features
Even though Groestlcoin is a relatively unknown crypto currency, it’s features has competitor scrambling to be on a n even playing field, otherwise they will be overtaken. But why the features of the coin so special? Let’s have a look
The Groestlcoin team implemented quite a few firsts in the cryptocurrency world. Groestlcoin is the first crypto to have implements SegWit (Segregated Witness) into it’s platform and it was also one of the firsts to perform a transaction over the Lightning Network.
With the Lightning Network being implemented into the currency, it means that Groestlcoin has very minimal fees. A great example of this, is if you were to transfer 10k GRS, an estimated 6k in USD, the transaction fees are a fraction of a cent. This means that if GRS’s price surges, transaction fees will only every be a couple of cent.
Of course fees do vary between wallets, but overall they are much cheaper than their competitors.
Groestlcoin is one of the very few coins which are ASIC-Resistant, this means there are no dedicated ASIC machines designed for the sole purpose of mining GRS. Groestlcoin also used two rounds of Grøstl-512 for it’s algorithm. Giving it extra security.
While Groestlcoin is a pseudo-anonymous coin, the developers have designed an ingenious anonymous and private wallet known as Samourai. The wallet has TOR support, doesn’t recycle transactional addresses and features transaction similar to CoinJoin. The wallet also features, what’s known as “Stealth Mode”, which means is can dissapear from your phone’s home screen, app list and launcher, increasing it’s privacy.
Current GRS Supply
The Groestlcoin have stated that there is a total of 105 milltion GRS available with 70 million currently in circulation, with 35 million to be mined.
At this moment in time the Groestlcoin blocks are currently 1MB in size, but developers have already side that they would look to increase the size of them if 80 transactions a second was too few, which would help handle an increase in volume.
Originally, the rewards for successfully mining a block was 512 GRS. This has been halving since it’s released in 2014 and is now sitting at 5GRS a block, where it will stay until supply has been fully mined.
One of the unique things for Groestlcoin is the community. The community recently developed a tipping service for streamers, such as Twitch TV. Twitch streamers can implement GroestlTip into their live videos and watchers can tip the streamer live with GroestlTip. The best thing about it, is that it’s free to use and the only transactional fees are the ones from the GRS blockchain.
The Groestlcoin Team
On March 22nd 2014, Groestlcoin was founded by a member of the Bitcointalk forum, known as “Gruve_P”. Since it’s inception, it’s team has grown to just over 20 people, all dotted around the world. Most of the team member prefer to stay anonymous, with a members page consisting mostly of first names and counties of origin.
However, being dotted around the world has not stopped this team from consistently releasing new features and updates for Groestlcoin every 3 months. With such consistency, it shouldn’t come as much surprise that this team has made incredible progress on their timeline. if they’ve accomplished this in 4 years, think about the next 4.
in 2017, the team were the first to implement SegWit into their currency and their timeline shows that they are in the processes of releasing Lightning network integrated wallets for mobile and desktop.
The team don’t always focus on Groestlcoin, during their time together, they have developed 11 different android wallets, 10, wallets for the Blackberry OS and 3 for iOS. They’ve also developed numerous wallets for Desktop platforms. Let’s say they keep themselves busy.
Since Groestlcoin is a transactional cryptocurrency, they have some pretty well-known and heavy competitors, namely Bitcoin and Litecoin. But Groestlcoin has already completed more than these two coins by implementing Lightning Network Transactions on their blockchain.
While Groestlcoin is pseudo-anonymous by nature, it also steps on the toes on privacy-focused cryptocurrencies such as Monero and Dash, with their Samourai wallet for Android.
There are numerous wallets available for both Desktop and Mobile users, however these are our choice favourites.
For Desktop users, we would recommend Groestlcoin’s core wallet and the Electrum GRS wallet. Both are solid choices.
For Mobile users we would highly recommend their Samourai wallet service.
While Groestlcoin will have a hard time barging past the big hitters such as Bigcoin, their efficient release strategy could see them battle for the 2nd place spot, especially it Litecoin slows down it’s development.
It’s an exciting project, which we’re looking forward to seeing in the next 4 years.