The cryptocurrency community recently celebrated the 10-year anniversary for Bitcoin. While this was a great milestone, the real celebration is what the blockchain technology has achieved for various industries around the world. And these include but not limited to introducing decentralized financial systems, distributed ledger technologies (DLTs), blockchain as a service in industries such as transport, healthcare and both online and offline payment systems.
In this case, let me introduce Groestlcoin (GRS), a cryptocurrency project that is privacy-focused, providing users with instant transactions at subatomic fees. The privacy feature is made possible using a special wallet referred to as Samourai. The platform is available across multiple devices including BlackBerry, iOS, Android, Windows as well as Linux.
About Groestlcoin (GRS)
Like Bitcoin, Groestlcoin is mined coin developed a pseudo-anonymous ‘character’. However, unlike Bitcoin which uses the Proof of Work algorithm, Groestlcoin incorporates a different consensus called Grøstl-512 mining. This also happens to explain how the name ‘Groestlcoin’ was chosen. The community has been calling for rebranding, although the developers are not keen on the matter.
As mentioned below, Groestlcoin presents itself as the preferred means of payment. The protocol functions as a peer-to-peer (p2p) digital asset. It is in many ways similar to both Bitcoin (BTC) and Litecoin (LTC), nevertheless, it approaches transaction on an entirely different level using unique attributes that have made it stand out among the growing number of cryptocurrencies in the market.
Some of these attributes include the implementation of Segregated Witness (SegWit). At the same time, the team was among the first to perform the integration of the Lightning Network on its mainnet. Secondly, Groestlcoin transactions fees are almost zero allowing users to have control over their funds without losing a lot in transactions fees. The protocol, Grøstl-512 is Asic resistance hence protecting small scale miners. Its special wallet, Samourai ensures that every transaction is accorded a unique password in addition to having Tor support. Moreover, the developers have introduced a feature within the wallet called CoinJoin-esque transactions.
Christmas comes early
Following the overwhelming decline last week, the market has not been able to come out of the bear range. Besides, Bitcoin price is motionless faintly above $5,500 with the tables showing a 0.75% drop on the day. Ripple’s XRP price currently sits comfortably in the second position on CoinMarketCap while trading at $0.5. Ethereum is still suffering under bear acute pressure and currently retesting $170 support. Most of the other assets are in the red accept for selected altcoins like Groestlcoin.
Although other cryptocurrencies are showing no signs of recovery, for Groestlcoin, Christmas seems to have come early. There was a correction from the low that formed a support around $0.35 yesterday. Selling pressure at $0.38 limited the move but the buyers pushed for a break as GRS zoomed above $0.4 to trade highs of $0.416. At press time the crypto is trading at $0.3951 against the US dollar.
The data on CoinMarketCap shows a 6.43% rise in the last 24 hours amid rising trading volume. The volume stands at $2 million up from $377,995 recorded yesterday. The market cap has also witnessed a slight positive change from $26 million to $28 million in the same period. Groestlcoin (GRS) is ranked 146th but if the current trend is sustained, we could see it among the top 100 before the end of year.