The Groestlcoin cryptocurrency got its name from the Grostl encryption algorithm. The word Grostl is of Scandinavian origin, indicating that this algorithm was developed by experts from Denmark (University of Copenhagen). The project has been successfully working since 2014 and this cryptocurrency has its audience of followers. The main advantage of the Grostl algorithm is that the CPU is better suited for its calculation than the ASIC device. The basis of the Grostl algorithm is the SHA-3 encryption algorithm, to which numerous functions of the AES encryption algorithm have been added. A total of 105 million GRS coins may exist. The network complexity is recalculated using the Dark Gravity Wave algorithm, taken from the DASH cryptocurrency.
How do the crypto nodes of Groestlcoin work?
Groestlcoin nodes handle the confirmation of transactions on the network. To install the full GRS node, just download and install the software from the Groestlcoin depository. A combination of algorithms POW (Proof-of-Work) and PoS (Proof-of-Stake) is used. The reward for the owners of coins using the PoS algorithm is relatively small, about 2% per annum. The block signature is calculated in no more than 1 minute. This allows no more than 1 minute to confirm transactions. The size of the commission for a transaction is almost zero, it does not reach 1 cent. When sending any amount in GRS coins, the commission size will be the same. Groestlcoin nodes working via PoS become trust crypto nodes of the network. They are needed to provide additional privacy.
How do the Groestlcoin wallets work?
The unique feature of the Groestlcoin cryptocurrency is that it has a hot wallet written in HTML5. In this wallet you can store small amounts without registration and password, you don't even have to have a login. All you need to do to access the funds is to click on a secret link. Each of the Groestlcoin wallets becomes a lightweight GRS node. Between the lightweight cryptocurrencies nodes transaction in Groestlcoin is transferred until it reaches the full blockchain node provider. Since they only transmit transactions, the light Groestlcoin nodes are also called relay GRS nodes. The full Groestlcoin node does a deeper check of transactions. If a transaction meets all the requirements, then the full blockchain node provider writes it to the blockchain.
Features of the Groestlcoin cryptocurrency
Unlike many other cryptocurrencies founded in 2014, the Groestlcoin project is actively growing and developing. Software updates for public crypto nodes and Groestlcoin wallets are released regularly. There are software wallets for operating systems Android, Blackberry, iOS, wallets for PC. Supported SEGWIT and Lightning Network, which allows you to make transactions between cryptocurrencies nodes cheaply and almost instantly. Technology SEGWIT tested in practice in the network Groestlcoin and successfully works since 2017. It is supported by Atomic Swaps, and the scalability of Groestlcoin blockchain is much better than most existing cryptocurrencies can offer. This is the only cryptocurrency that can be sent via SMS.
Further development of Groestlcoin
Project developers plan to use technologies that have shown their demand in other cryptocurrency projects. MimbleWimble algorithm will be used for additional privacy between free public nodes. GRS coin will be supported by Trezor and Ledger hardware wallets. Scheduled minor updates will allow to additionally compress blockchain and make transactions between free blockchain nodes even faster. The developers will continue to adhere to the principle that Groestlcoin software should have open-source and be available for audit.