Cryptocurrency Review: Introduction Of Groestlcoin (GRS)

Cryptocurrency Review: Introduction Of Groestlcoin (GRS)

Grøstl’ which is the name of this currency is a multilingual interplay of words but represents an Australian dish comprising leftover pork and potatoes all cut into small pieces.

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GroestlCoin (GRS) is a relatively new cryptocurrency using the exclusive Groestl algorithm all for Proof-Of-Work. Simply put it, this particular cryptocurrency is all about one precise goal-facilitating effective mining for virtually everybody that is looking to mine these coins notwithstanding the status and even power of their computer whether a typically old CPU or the latest GPU releases as well.

The algorithm it uses (Groestl) is by far the most GPU-proficient form of an algorithm utilized for any crypto coin available in the market. What makes this particular network stand-out, is the fact that besides consuming a significantly less energy, it boasts a more robust security and uses more sustainable methods of rewarding miners compared to the standard sha256, x11, scrypt, and x13 based crypto coins as facilitated by its exclusive algorithm (Groestl).

One notable aspect of this cryptocurrency is that it is fairly accommodating even for CPU mining also, with just a slight 5x-10x hash disparity between CPUs and GPUs (which is a slightly lesser spread when compared to Scrypt coins). What this means is that virtually everyone-particularly for those that can neither afford or are unable to invest in the pricey mining equipment-can easily mine this currency and also harvest quite reasonable rewards.

With respect to all these features, GroestlCoin represents the decentralized and fairly distributed nature of standard cryptocurrency. It allows anyone to effectively mine cryptocurrency with minimal nuisance and even resource consumption.

About GroestlCoin’s name

Grøstl’ which is the name of this currency is a multilingual interplay of words but represents an Australian dish comprising leftover pork and potatoes all cut into small pieces. Using a pan, these ingredients are roasted with butterfat and onions as well. Generally, this named dish is seasoned with pepper, salt, cumin, parsley and marjoram and is served with kraut (cabbage) or fried eggs.

As such, this dish is somewhat similar to another American dish known as Hash. Its third letter o’ has been swapped with ø’ a Danish alphabet pronounced in a similar manner as the letter ö’.

Specifications

· Algorithm: grøstl

· Total Number of coins: 105 000 000 grs

· Block time: 60 seconds

· Transactions Confirmations: 6

· P2p port: 1331

· Rpc port: 1441

· Difficulty Adjustment: wave version 3 (Dark Gravity)

· Block maturity for Mined coins: 140 blocks

· Coins per block: 512 GRS

· Minimum block reward: 5 GRS

· CPU and GPU-friendly

· Lowest heat and energy during gpu mining (lesser than x11 algo)

· Fees: 0.02 grs (minimum transaction fee)

· Asic-free

· No multipools

· Open source and Secure

· Premine: 240,640 grs (0.22918095 % total). It is currently a 0 % pre-mine since the whole pre-mine has either been utilized for development or even given away.

EXCHANGES 

· PoloniEx

· BitTrex

DOWNLOADS 

· Windows

· Mac

· Online Wallet

PROS

· Very state-of-the-art code

· First coin which delivered segwit.

· Excellent stability and impeccable performance.

CONS

· Strange and difficult to pronounce name

· Not perfectly adopted.

SUMMARY

As the newest cryptocurrency in the market with a state of the art algorithm, Groestl is the first cryptocurrency that does not necessarily need heavy investment at all. Moreover, with lesser energy consumption and heat output and ease of mining, Groestl is the perfect embodiment of what cryptocurrencies should look like.

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