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 attracted a lot of attention in its first years, compared to the 10-minute block time of the President crypto currency BTC. In this article, as Koindeks.com, “What is Groestlcoin?” We will answer the question. In addition to these, we will touch on all the bets that are curious about the project.
What is Groestlcoin? What does the GRS do?
The total supply of GRS Coin is determined as 105 million due to the block deadline. 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 manner, 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 S-box one-to-one with AES with its specially designed architecture. At one-on-one, cryptocurrency moves in the form of peer-to-peer open source software.
On the platform, processes take place directly between the sender and the receiver. This means that it does not require a reputable intermediary such as a bank or PayPal to verify the details of the consignee and sender. Instead, processes 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 buy 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 authentication and approval process, which is another step. Follow the steps of the exchange, which is the next step, to deposit money. As the last step, select the GRS as the balance amount you want and create a purchase order. Keep it in your solid accounts.