The Beginning And Development Of WoodCoin
The unit of exchange is LOG, and the genesis block was mined in
October 2014.
WoodCoin Uses A
Decentralized System
WoodCoin Reward
The coin reward sits in between stagnation and inflation, increasing harmonically. The reward for mining today is always greater than tomorrow; however, miners will still have a reward for securing the network for the long term.
Stability and Longetivity
Half the LOGs will be released in the first 200 years instead of the first four years (as BTC or LTC). However, every block is worth less than the preceding one, so earlier adopters are always rewarded, and the supply will never rise above 28.5 million LOG.
Simplicity and Relyability
The LOG network has never had a hard fork update nor has there been a checkpoint system maintained. The protocol has remained stable without mandatory updates since its inception in October 2014.
The 1MB block limit for BTC makes clear: crypto scaling occurs via altcoins. LOGs are cheap to use and reliable, are great for testing crypto systems, and promise to be around a long time.
The money supply should grow with a preset reward/governance strategy for a decentralized coin. If the reward schedule drops too quickly, the founders or early adopters own the entire structure of the coin, and there is little incentive for new miners to secure the network, leading to stagnation in the market.
Fees may boost miner incentives, but a high fee also lowers the value of the coins. If the reward schedule falls too slowly, inflation may occur. LOG strikes a balance between these two extremes, maintaining a supply cap to escape inflationary concerns while continuing to reward miners enough to keep fees low.
Android And IOS WoodCoin Wallets
These wallets are open source non-custodial; users can back up their private keys and have total control of their funds.
