Groestlcoin (GRS) was launched on 22nd of March 2014 with a focus on technological advancement. It is a fast and secure coin with almost ZERO fees, and it prioritizes privacy. The development team releases major updates every 3 months. Groestlcoin was the first coin to activate SEGWIT and is Lightning Network ready. This cryptocurrency operates as open-source software on a peer-to-peer model, meaning transactions occur directly between the payer and payee. No trusted intermediary, such as a bank or PayPal, is required to verify the details of the sender and receiver. Instead, transactions are verified by nodes, a network of computers/users spread globally, and recorded in an open ledger known as the blockchain.

Groestlcoin operates as open source software on a peer-to-peer model, using the Groestl algorithm for mining. It was chosen as one of the finalists in the NIST hash function competition. The cryptocurrency utilizes the same S-box as AES in a custom construction. Transactions occur directly between the payer and payee, eliminating the need for a trusted intermediary like a bank or PayPal. The verification of transactions is carried out by nodes, which are a network of computers/users spread globally, and the details are recorded in an open ledger.

Groestlcoin aims to provide a more functional solution for everyday payments compared to Bitcoin. Its shorter block period allows merchants to receive payment confirmation without waiting for 10 minutes. Additionally, Groestlcoin offers the opportunity for individuals with less computing power to mine it due to its reduced hashrate intensity. Although ASICs for Groestlcoin have been developed by companies and teams, they come at a higher cost compared to Bitcoin ASICs. Furthermore, Groestlcoin actively adopts developments and additions inspired by discussions surrounding the Bitcoin network. It was one of the first to adopt key features such as Segregated Witness (SegWit) and the Lightning Network.