Groestlcoin
Groestlcoin is a cryptocurrency which has a ticker GRS and appeared in 2014 as a result of the fork of Bitcoin. The creators of the project are convinced that decentralization is a key condition for the success of any coin, and it should be supported by as many private miners as possible, rather than large pools or mining companies.
Contents
Description
To achieve the stated position, Groestlcoin uses a mixed consensus method – PoW and PoS. Proof-of-Work works using the Groestl algorithm, which effectively counteracts ASIC mining. In turn, Proof-of-Stake can be used for cryptocurrency mining – simply by storing funds on account, users can get about 2% per year.
The total projected number of coins, with 105 million reward for the first extracted block equal to 512 tokens, and after every 10000 blocks, this number is reduced by 6%. Intra-network transfers are characterized by high speed and the absence of any commission.
Algorithm
It was developed at the Technical University of Denmark and has many differences from the widely used Secure Hash Algorithm 1. Groestl prevents ASIC devices from working, but it also prohibits large pools, which usually receive a huge share of mining profits thanks to their hashrate. Thus, Groestlcoin welcomes individuals or pools of small size.
Mining
To start mining, users need to download special software, as well as a wallet. Easyminers software adapts itself to the capabilities of a particular computer, and users can get the currency both through the video card and through the processor. There is no need to understand complex settings, make changes to bat files or search for pools to connect. It makes mining easy even for beginners.
Wallets
There are 4 types of wallets in the Groestlcoin project, each with its own characteristics:
- HTML5. The easiest and most convenient option, which is created in just a few moments. It is considered to be a hot wallet, the key to which is a secret link. A password can also be used as enhanced protection. This technology is perfect for instant opening brain-wallet, as well as for free access to the wallet from more than one device.
- Electrum. Wallet that supports multi-signature and is optimal for most customers. The file in which the information about the funds is stored is protected by a password. The key is generated by determination, and if it is lost, there is a possibility of recovery. The customer may at any time to see your balance without you needing to do this transaction history. Multisignature allows you to split a transaction by distributing funds between 2 or more wallets.
- Multibit. Another convenient solution for storing your savings in the Groestlcoin system. Supported on different OS, allows you to run multiple wallets at the same time, has a high speed connection to the network. All private keys are securely stored in encrypted files on both external storage and computer. No need to edit the settings file or look for additional nodes. Multibit is open source and supports several world languages. Export and import keys are very easy, and a visual diagram of your expenses and income for the last month is displayed.
- Groestlcoin wallet is deterministic. Option specifically for devices running on Android. You can get coins here through the link and QR-code. Knowing the secret paraphrase, you can return your funds even if you lose the device. The advantages of this wallet is that it allows you to have multiple accounts, and assigns each transaction a unique address. When creating, you can make a backup at once, for this purpose 12 easy words will be used.