What is Groestlcoin?

Groestlcoin (GRS) is an all-in-one cryptocurrency launched in 2014 by the anonymous “gruve_p” from Holland. GRS focuses on technological advancement, privacy, cheap transaction fees, and speed. The main idea of creating Groestlcoin was to establish an electronic payment model that was based purely on mathematical proof and independent of influence from centralized authorities.

Solid Ground

The coin is named after its’ hashing algorithm Grøstl-512, which itself is a play on the name of the Austrian dish “gröstl”, similar to American hash. Grøstl-512 provides a Proof-of-Work (PoW) consensus mechanism that has worked well in decentralizing the cryptocurrency. The total amount of coins is 105 million, 5 times the supply of Bitcoin and a number of its forks, so there’s no fear of running out in the foreseeable future, if ever.

Moving Forward

As is proudly mentioned in the whitepaper, GRS was the first cryptocurrency to activate Segregated Witness (SegWit) and the first to successfully perform a Lightning Network transaction on its’ mainnet. Both of these revolutionary technologies allowed for faster transactions with very little transaction fees, making Groestlcoin a forerunner in the crypto world. Furthermore, it is still one of the few coins capable of being sent over SMS.

Where to store Groestlcoins?

Choosing a good wallet for storing your cryptocurrencies is the best way to secure your digital assets. Magnum Wallet lets you manage your GRS in a user-friendly interface with a built-in exchange. Your data is kept safe in the Magnum Wallet, as no one but you has access to your private keys, and no personal information is collected in the process.

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