Groestlcoin (GRS) is a proof-of-work cryptocurrency launched in March 2014 that uses two rounds of the Grøstl-512 hash function. Its design emphasizes a one-minute block target and support for payment features including SegWit and Lightning Network. GRS is mined and its official project materials list a 105 million coin supply cap.
How Groestlcoin works
Miners use two rounds of Grøstl-512 to produce proof of work, and nodes verify blocks and transactions under the network rules. The algorithm is distinct from Bitcoin’s SHA-256, but that distinction alone does not prove ASIC resistance: the project’s own history book notes that no ASIC existed for the algorithm at launch, which is a historical observation rather than a guarantee about present-day hardware.
The network targets a block every minute. SegWit support was activated in January 2017, and the project lists Taproot and Lightning Network support. Lightning is a separate payment layer; its availability does not mean every wallet or merchant supports it. Transaction fees and confirmation times depend on actual network conditions and wallet choices.
Tokenomics
GRS has a stated maximum supply of 105 million. The official project site lists a current block reward of 5 GRS and says the subsidy declined weekly until reaching that fixed reward. Its historical account also documents an initial block-one premine equal to 0.22918% of the maximum supply, used to start the project and fund early giveaways. This means claims that Groestlcoin had no premine are inconsistent with the project’s own history book.
Market data availability
At review, the CoinGecko URL for GRS redirected to a general page instead of a current coin listing. A current CoinGecko listing is therefore unavailable, so this entry does not show a live market table or quote a price, market capitalization, or circulating supply.
What to verify before using GRS
Check the receiving wallet’s network, address format, and support for SegWit or Lightning before sending funds. A project’s feature list describes protocol capabilities, not a guarantee that a particular service supports them. Mining and holding GRS also carry market, custody, software, and network risks.
Related Terms
See Also
- What Happens to Bitcoin When All 21 Million Are Mined?
- Does Ethereum TPS Include Layer 2 Transactions?
- How Crypto Invented Its Own Language
- Swap with ChangeNOW
Sources
- Groestlcoin — Official project information — The project site lists the launch date, supply cap, two-round Grøstl-512 algorithm, block target, and current block reward.
- Groestlcoin History Book — The project history records the launch distribution, initial premine, and early mining reward schedule.
- Groestlcoin Core release notes — The release notes document the project's SegWit activation and software history.
- CoinGecko — GRS route checked — The requested route redirected away from a current coin listing during this review, so no market values are shown.