Groestlcoin is a blockchain and software development company founded by Igor Janson that launched their Grostlecoin privacy cryptocurrency on March 22, 2014. According to Groestlcoin's website, Groestlcoin was the first cryptocurrency coin to support segregated witness on its blockchain and have the first Lightning Network mainnet transaction.
Groestlcoin mining is decentralized with a focus on using multi-pool resistance, ASIC (Application Specific Integrated Circuit), and CPU hashing rates which make it cheaper to mine compared to using traditional GPU hashing rates found in other blockchain projects such as Bitcoin and Ethereum. Groestlcoin uses a Proof-of-Work (PoW) consensus mechanism and has a block time of one minute. The mining difficulty of Groestlcoin is adjusted 6% every week in order to discourage pump and dump schemes.
Groestlcoin allows users to make anonymous transactions using the Samourai cryptocurrency wallet. Groestlcoin also makes their own cryptocurrency wallet, called the GroestlPay wallet, that can be used on Android, IOS, BlackBerry, Windows, macOS, Linux, ChromeOS, and web based wallets.
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- Proof-of-work systemA proof-of-work (POW) system (or protocol, or function) is an economic measure to deter DOS attacks and other abuses (e.g. spam) on a network by requiring some work from the service requester, usually meaning processing time.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.