What is Groestlcoin?

Groestlcoin (GRS) is an all-in-one cryptocurrency launched in 2014 by Holland’s anonymous “gruve_p.” GRS focuses on technological advancement, privacy, low transaction fees, and speed. Its intended purpose is to be an electronic payment system with a strong mathematical base and decentralized governance.

GRS
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Solid Ground

With a development team spread out worldwide and an engaged community of crypto enthusiasts, GRS is a truly decentralized project aiming to improve upon its predecessors, such as Bitcoin. 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 the number of its forks, so there’s no fear of running out of Groestlcoins in the foreseeable future, if ever.

Moving Forward

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

Where to store Groestlcoins?

Choosing a good wallet for storing your tokens and coins 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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