Groestlcoin
Crypto Overview
Overview and Intended Utility
Groestlcoin (GRS) is a cryptocurrency launched in 2014 with a focus on providing fast, secure, and private transactions using the Groestl-512 mining algorithm. The project aims to serve as a peer-to-peer electronic payment system with minimal transaction fees and quick confirmation times.
Technical Implementation
Groestlcoin implements several notable features including: ASIC-resistant mining to maintain decentralization, Lightning Network integration for faster transactions, Segregated Witness (SegWit) for improved scalability, and atomic swaps capability. The project maintains active development with regular updates and improvements to its core technology.
Actual Utility Assessment
Current usage primarily centers around peer-to-peer transactions and as a store of value. The cryptocurrency has achieved moderate adoption, with an active community and ongoing development. The project maintains transparency in its operations and regularly publishes technical updates. Trading volume and network activity indicate genuine usage, though at relatively modest levels compared to larger cryptocurrencies.
Token Distribution and Governance
Groestlcoin had no pre-mine or ICO, suggesting a fair launch. The development team maintains transparency regarding their holdings and activities. There are no concerning patterns in token distribution that would suggest founder enrichment schemes. The project is community-driven with open-source development.
Revenue Model and Operations
The project operates on a proof-of-work consensus mechanism without any interest-bearing components. Revenue generation is primarily through mining rewards, which is compliant with Islamic principles as it represents actual work and service to the network. The project does not facilitate or promote any haram activities in its ecosystem.
Crypto Impact
To assign a comfort level investing in Groestlcoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Groestlcoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.