Groestlcoin is described as a Proof-of-Work based online transfer project and cryptocurrency. Designed for daily use, the cryptocurrency has an average block time of 1 minute. The 1-minute block time of the project, compared to the 10-minute block time of the leading cryptocurrency BTC, attracted a lot of attention in its early years. In this article, as Kriptokoin.com, “What is Groestlcoin?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is Groestlcoin? What does the GRS do?
The total supply of GRS Coin is also determined as 105 million due to the block time. The main idea behind the project is to produce a cryptocurrency that people can use in daily life. Using the Groestl algorithm, Coin performs all transfers in a decentralized way, just like BTC, without having an intermediary like PayPal or banks.
How does Groestlcoin work?
Groestlcoin is mined with the Groestl algorithm. Groestl is one of the 5 finalists in the NIST Hash function competition. It uses the same S-box as AES with specially designed architecture. At the same time, cryptocurrency acts as peer-to-peer open source software.
Transactions on the platform take place directly between the receiver and the sender. This means that it does not require a trusted intermediary such as a bank or PayPal to verify the details of the receiver and sender. Instead, transactions are specifically validated by Nodes. It is recorded in the open ledger on the blockchain.
How to buy Groestlcoin?
The largest exchanges traded with Groestlcoin; Binance is DigiFinex, Upbit, Pionex, CoinEx. Binance stands out as the most popular platform that users prefer to buy GRS Coins. To purchase coins, these steps are followed:
First, access the web/mobile application of the GRS listing exchange you selected as the first step. Then complete the account opening steps. Complete the next step, the authentication and approval process. Follow the steps of the exchange, which is the next step, to deposit funds. As the last step, select the GRS as the balance amount you want and create a purchase order. Store it in your trusted accounts.
