Groestlcoin (GRS), launched on 22nd of March 2014 with a focus on technological advancement, Groestlcoin is a fast and secure coin with almost ZERO fees, that is privacy oriented. Major development release every 3 months. Groestlcoin was the first coin that activated SEGWIT and is Lightning Network ready. The cryptocurrency operates as open source software on a peer-to-peer model (transactions take place directly between the payer and payee). This means that no trusted intermediary such a bank or PayPal is required to verify the details of the sender and receiver. Rather, the transactions are verified by nodes (the network of computers/users spread globally) and recorded in an open ledger referred as blockchain.