Woodcoin is a global open-source cryptocurrency designed to have a long-term reward schedule. Just like any other cryptocurrency, Woodcoin is fully decentralised, mineable and public. However, Woodcoin has one main distinctive feature and it is its logarithmically growing supply. This means that the inflation of Woodcoin is much more gradual and ensures the longevity and the stability of the currency. Woodcoins’ generation is not called mining but woodcutting mostly because of the sustainable distribution system that reassembles more closely the renewable sources than the non-renewable. It is also no coincidence that Woodcoin’s logo represents the Chinese character for a tree.
Woodcoin was launched in October 2014 and was created by Funkenstein the Dwarf who decided not to reveal his real identity and still remains anonymous. Some basic information about the currency is that its unit of exchange is LOG and has a proof-of-work system. Woodcoin uses Skein which is a novel cryptographic hash function that runs really fast on a CPU. Woodcoin has a total supply of 28 million coins and currently, there are already some 8 million in circulation. The cryptocurrency was specifically created in order to offer an alternative release schedule that neither plunges too quickly like Bitcoin nor too slowly such as Etherium for instance.
In a matter of fact, Woodcoin is the cryptocurrency with the longest reward schedule. Half of the coins are planned to be released in 200 years instead of in 4 like Bitcoin’s tokens. That is because Woodcoin has a logarithmic money supply that decreases rewards’ value much more smoothly. Unlike the other cryptocurrencies, Woodcoin’s reward will never reach zero. From a technical point of view that is virtually impossible and may happen after about 350 million years. Woodcoin’s release schedule lessens after each block thus benefiting earlier adopters of the coin.
Woodcoin uses a peer-to-peer network similar to the one of the other cryptocurrencies. Woodcutters, or also known as loggers, verify the executed money transfers and earn coins that are equal to their block subsidy plus the fees paid by users for the issuance of the transaction. Currently, Woodcoins can be mine, bought on exchanges or earned from faucets. The cryptocurrency can be traded for bot fiat currency or other cryptocurrencies. Online exchanges that work with Woodcoins are C-Cex, Nova Exchange, Mega Crypto and Crypto-trade.net. The philosophy of this new and innovative coin is quite anarchistic as well, it is complete decentralisation not only in the world of cryptography but also on the Internet as a whole.