My Initial Impression On GroestlCoin

What Is GroestlCoin?

GroestlCoin is a privacy based, ASIC resistant, POW blockchain created with the GRS algorithm in 2014. It was surprisingly the very first blockchain to have announced segwit and Lightning network support.

There’s a few ASIC resistant blockchains around, but what makes this one special?

Development

The dev team consists of over twenty members from all corners of the world. They’re all fairly transparent with their work and available for contact through Discord, Slack, Reddit, Twitter, etc.

They release “Development Releases” every three months, in which they show off what the team has accomplished since the last release.

You can also check in on their github, to see what’s actively(and publicly) in the works.

At the moment, they don’t have much boasting rights for privacy, however devs are stating confidential transactions will be implemented toward the end of 2018(proof).

Wallets

To my surprise, everything the blockchain will ever need for coin storage, is complete.

The team has already created support for all desktop/laptop OS’s, along with support for IOS, Android, and Blackberry(rare) devices. You can find more information about wallet’s and support here. They even have a paper wallet generator, here!

Accidental Cross Chain Transactions

It’s happened before… If you accidentally send BTC to a LTC address(for example), it’s gone and there’s nothing you can do about it.

However, if you manage to do this with GroestlCoin, you’ll quickly realize your mistake as the transaction will not initiate. Since the algorithm functions differently, the addresses generated are different from most coins. The developers knew this, and put in place the code to make sure you don’t send your precious money, into nothingness.

Mining

GroestlCoin is both “Multipool Resistant”, and ASIC Resistant. This makes it far less likely for a fork to get stuck within the coins blockchain, creating all sorts of anomalies and issues. Taking out the multipool problem helps level out fair distribution through proof of work among smaller pools and miners.

The algorithm isn’t your standard Eth, Equihash, or Cryptonote clone. GRS is designed specifically for power preservation, and helps keep your mining power consumption to a minimum(finally).

GRS also allows for miners with low hashing power to turn over decent profits(allowing for you to purpose your old laptop). This is what makes it “The Peoples Coin”.

Groestlecoin also has an easy to use miner, allowing new miners and crypto enthusiasts to start earning. You can find out more about here.

It’s also important to note that the block reward for mining decreased by 6%, every week. It’s not locked in at 5 GRS per block. This forced the coin to steadily grow in worth overtime, and helped reduce the chances of damaging pump and dumps.

Conclusion

Based on my research, Groestlcoin is incredibly similiar to Vertcoin. There’s nothing that this coin doesn’t have the Vertcoin does. In fact, there’s more to it… As there’s already full wallet support, a miner optimized for AMD+Nvidia cards, and privacy.

Since my initial discovery, I’ve invested about 20% of my portfolio(which is really only around $100 USD) into the coin. It seems as if it’s incredibly undervalued at the time of writing, all it needs is some better marketing/exposure. I could see it reaching over $1.00 USD, with its current potential.

Sources:

GroestlCoin, GRS Discord, GRS Reddit.