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.
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.
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.