Groestlcoin is a cryptocurrency that originated back in 2014 and is undervalued by both users and investors. The main goal of the developers of the platform in question is to create a blockchain network that provides equal mining opportunities for all existing users.
Cryptocurrency Groestlcoin
The Groestlcoin cryptocurrency appeared in 2014, in the first year of its existence, it experienced two hard forks but continues to develop successfully. The main goal of the creators of the coin is to provide equal mining opportunities for each user and promote cryptocurrencies to the masses. The system supports the Proof-of-Work (PoW) algorithm and is used to quickly and securely transfer funds between system participants. Analysts note that the transfer commission is very low, which makes Groestlcoin a platform convenient for traders who like to play on changes in prices of various cryptocurrencies. The described blockchain network has the following advantages:
- availability for an ordinary user;
- decentralization;
- system security against hacking;
- the presence of its algorithm for mining – Groestl;
- the presence of several types of wallets for storing the earned currency.
Separately, the development team of the Groestlcoin platform should be mentioned. A relatively small number of people are working on the project, but they have already achieved decent results. In particular, the creators of Groestlcoin were the first to implement the SegWit protocol, which allows you to control coin transfers and provides additional protection for the process. SegWit also confirms and records the fact of the transfer of cryptocurrency between users. With the full implementation of this system in Groestlcoin, certain difficulties arose, but some other blockchain networks (including top cryptocurrencies) do not use this system in principle.
Ordinary users and supporters of decentralization consider it an advantage that the Groestlcoin system is protected from mining using ASIC equipment. If necessary, owners of this type of equipment can mine GRS coins, but the effect will not be better than when mining from personal computers. The developers of Groestlcoin have worked out the mining algorithms in such a way that owners of outdated equipment with slow CPUs and video cards could produce it. At the same time, the speed of transactions does not suffer. This attracts ordinary users interested in having a fast, reliable, and undemanding blockchain platform.
Among the advantages of the platform, the working system Lightning Network is also noted, which translates as “Lightning Network” (and gives some idea of the speed of information transfer in it). This data transfer algorithm allows you to reduce transfer fees and speed up the exchange of information between users. Using the Lighting Network allows us to develop not only the Groestlcoin platform but also to popularize blockchains in general. Using the same system, the Atomic Swaps algorithm is connected – a system for exchanging various cryptocurrencies without resorting to intermediaries and exchange exchanges. A full-fledged implementation of this algorithm is possible precisely based on the Lightning Network.
The Groestlcoin platform allows you to store GRS coins in several different wallets. As storage, there are 11 types of wallets for the Android system, 10 types for the Blackberry system, 3 types for iOS, and 10 wallets for the desktop (that is, for home PCs). Some repositories are no longer supported, but they are functional. At the same time, the developers solve any problems encountered by users with no longer supported wallets. This is done in order not to force people to switch to new types of wallets unless necessary. Of the available storage, the following types should be noted:
- Groestlpay is a multifunctional online wallet that works in various payment systems, with improved protection of information about the owner. Stored on the network, not on a PC;
- Groestlcoin Segwit Paperwallet is an offline wallet that allows you to access funds using a code stored on a tangible medium. Many users compare this type of “paper wallet” to a credit card;
- Groestlcoin Core is an installable Groestlcoin client with a full set of functions available in the system. High level of burglary protection and reliability. But it requires additional system resources for full work.
Developers continue to develop new types of wallets for new systems, as well as improve existing ones.
Prospects for the development of Groestlcoin
At the moment, the Groestlcoin project has good prospects. What analysts and ordinary users note is the intensity of development. The creators’ plans are more specific and less promising. The project website has complete information on the development progress of each promised feature. And every three months, the developers talk about the functions that have been added to the system. This allows you to control the development of the cryptocurrency and predict changes in its course.
Each user can visit the Groestlcoin website and see how much time is left until the next three-month release – the countdown timer runs constantly. On the same page, a description of the most significant innovations is given. The feedback system is worth mentioning separately. There is a full-fledged test server where users evaluate every feature added to the system. And the developers do not launch any innovation without consulting the community. For example, the Groestlcoin Easyminer project was launched at the request of users, and the development process was completely controlled by testers from the community.
But the project also has several drawbacks. First, analysts point to a poor marketing campaign. The GRS coin deserves the attention of a wide audience, but, unfortunately, many simply do not know about it. Secondly, a small group of developers is not always able to fully cope with the assigned tasks. So far, they have dealt with emerging problems better than several large companies, but in the future, they may need to expand their staff. Thirdly, the currency has a strange, not the most memorable name. Many users believe that the name needs to be changed to make the brand more sonorous and memorable.
