What/Why

What

Woodcoin is a truly decentralized, non-premined, mine-able, proof-of-work global public currency. The unit of exchange is LOG, and began in October 2014.
Whitepaper: English, Spanish, German

Why

Woodcoin was created to solve a problem which exists with the supply economics of many public coins. The reward schedule either drops too quickly (like Bitcoin and Litecoin) or too slowly (like Dogecoin and Ethereum).

Woodcoin’s reward decrease is a harmonic series, which more closely models renewable resources rather than non-renewable. This means that while it is always better to chop LOGs today than tomorrow, there will still always be an incentive to secure the network tomorrow.

The logarithmic money supply curve is designed for stability and longevity, with the longest reward schedule of any other cryptocurrency. Half the LOGs will be released in the first 200 years, instead of the first 4 years (Bitcoin). However, every block is worth less than the preceding one - so earlier adopters are always rewarded.

Technical Details

Woodcoin is a public cryptocurrency like Bitcoin. There are three major changes, with design considerations listed here:

  • Proof of Work algorithm: Double Skein
    • This is the first consensus network built solely with the skein hash function. Read more about Skein here We hope to encourage further use and testing of the Skein family with this coin.
  • Elliptic Curve for Digital Signatures: X9_62_prime256v1.
    • To sign transactions and create public and private addresses we use the elliptic curve digital signature algorithm ECDSA just like Bitcoin. However we use a different curve as a basis to do so. This curve is perhaps the most used in the financial industry. Some people think it is better. We like to encourage cryptographic diversity.
  • Logarithmic Coin Release
    • Woodcoin is the first coin to use a logarithmic coin release. The woodcutting reward is continually adjusted according to the harmonic series. From /src/main.cpp:
      int64 static GetBlockValue(int nHeight, int64 nFees) {
      	int64 nSubsidy = 1000000 * COIN;
      	if (nHeight<100) return 1*COIN;
      	else return nSubsidy/nHeight + nFees;
      }
      This leads to a total money supply S which increases logarithmically in block height n:
      log = natural logarithm
      gamma = euler-mascheroni constant
      forest = 5187377.51763962
      S = 1000000* ( log n + gamma ) – forest
      
      Unlike Bitcoin and most other cryptocurrencies, the reward will never drop to zero and will smoothly decrease. (Technically it isn't scheduled to reach zero until the reward drops to under 1 Logatoshi, but that isn’t for about another 350 million years.) Here is a plot of the woodcutting reward per day, compared to Bitcoin, for the next 50 years or so:

    Downloads / Code

    Graphical (Stable)

    Linux: Download (1.2.0.10) / Github
    Mac: Download (1.2.0.10) / Github
    Windows: Download (1.2.0.10) / Github
    Android: Not Available (Yet) / Github
    iPhone: Not Available (Yet) / Github
    Web: LogAddress.org / Github

    Woodcoin-Core (NEW Mar. 21, 2017 Release)

    Source: Woodcoin-Core 0.13.2
    Windows Executable: Woodcoin-Core 0.13.2

    Daemon


    The-Real-Woodcoin (Satoshi 0.5.3 Based)
    Woodcoin-minimal (Satoshi 0.8 woodcoind only)

    Miner

    GPU CCMiner (Nvidia)

    Miscellaneous

    Linux/Mac/Windows: VanityGen
    Linux/Mac/Windows: Original repo