Groestlcoin Price Chart Update [GRS]

Groestlcoin is a proof of work cryptocurrency that was created in 2014. Its goal was to establish a payment model based on mathematical proof. Unlike Bitcoin, Groestlcoin has a block time of one minute, enabling faster transactions. The maximum supply of Groestlcoin is 105 million coins, in contrast to Bitcoin's 21 million. This cryptocurrency operates on a peer-to-peer model, removing the need for intermediate parties like banks or PayPal. Nodes verify transactions and record them in an open ledger, ensuring secure online transactions independent of centralized authorities.

How Groestlcoin operates

Groestlcoin is mined using the Groestl algorithm, which was selected as one of the five finalists of the NIST hash function competition. It utilizes the same S-box as AES in a custom construction. Transactions in Groestlcoin occur directly between the payer and payee, eliminating the need for intermediaries. This decentralized approach ensures that nodes in the network verify the sender's and receiver's details rather than relying on trusted third parties. Groestlcoin's use of open source software and peer-to-peer transactions makes it a secure and efficient cryptocurrency.

Problems addressed by Groestlcoin

Groestlcoin aims to overcome Bitcoin's limitations by providing faster transaction confirmations. With a shorter block period, merchants using Groestlcoin can receive payments without waiting for 10 minutes. Moreover, Groestlcoin enables individuals with less computing power to mine the cryptocurrency, increasing accessibility. While inspired by Bitcoin, Groestlcoin has also adopted fundamental features such as Segregated Witness (SegWit) and the Lightning Network. These add-ons enhance Groestlcoin's functionality and scalability, making it a versatile cryptocurrency suitable for everyday use.