There are currently over 1,500 crypto assets cryptocurrencies that investors can choose from to construct their digital asset portfolios. While the bulk of a portfolio should ideally be composed of the market-leading coins and tokens such as bitcoin, ether, litecoin, monero, and ripple there is always space for a few smaller coins that have the potential to multiply in value faster than their large-cap counterparts.
While there are a select few cryptocurrencies that are able to compete with the top ten cryptocurrencies in terms of public attention, there are some digital currencies that have some noteworthy characteristics that may lend them to widespread use, which could result in a substantial increase in price. A good example of this would be groestlcoin.What is Groestlcoin?
A competition was organized by the US National Institute of Standards and Technology (NIST), called the NIST hash function competition, which attempted to develop an algorithm that would work in tandem with older SHA algorithms and mitigate any challenges therein.
While the Keccak group eventually won the competition and was subsequently used to formulate the SHA-3 algorithm by NIST, Groestl was declared to be a finalist in this competition. Its cryptographic design, known as Groestl-0, became the basis for the technology upon which Groestlcoin is now built upon.
Groestlcoin (GRS) features an algorithm that is unique to the digital currency, created during the competition. The algorithm is defined as “an iterated hash function, where the compression function is built from two fixed, large, different permutations. The design of Grøstl is transparent and based on principles very different from those used in the SHA-family.”
The algorithm utilizes a cryptographic tool known as wide pipe design, which is based on a cryptographic architecture named the Merkle-Damgard construction. The whitepaper explains further:“The Grøstl hash function ...