Groestlcoin

Groestlcoin is mined utilizing the Groestl algorithm, which was one of the top five contenders in the NIST hash function competition. The algorithm integrates the same S-box as AES but in a unique framework. As open-source software, this cryptocurrency operates on a peer-to-peer model, allowing transactions to occur directly between participants without needing a trusted third party like a bank or PayPal to confirm the sender and receiver's details. Instead, the transaction verification is handled by nodes, a global network of computers/users, which also maintains an open ledger to record all transactions.

Groestlcoin, with its shorter block time compared to Bitcoin, aims to enhance usability for routine transactions. This ensures that merchants aren't left waiting for the typical 10 minutes to confirm a payment. Additionally, the lower hashrate intensity allows individuals with less powerful computing resources to mine it. Despite this, firms and teams have developed ASICs for Groestlcoin, though these are more costly to produce than those for Bitcoin. Beyond just being a simple fork, Groestlcoin actively integrates new developments and ideas inspired by Bitcoin network discussions. It was among the pioneers in adopting significant features such as Segregated Witness (SegWit) and the Lightning Network.