Woodcoin was intended to address an issue with the supply economics of various public currencies. Mineable public decentralized coins This is what distinguishes them as decentralized. Mining is carried out in accordance with a reward schedule or a monetary policy. The payout schedule frequently lowers too rapidly (as in Bitcoin and Litecoin) or too slowly (as in Ethereum) (like Dogecoin and Ethereum).
About Woodcoin
Woodcoin is a cryptocurrency similar to bitcoin. The architecture of bitcoin, on the other hand, expressly simulates a non-renewable resource: gold. We modeled woodcoin more closely after a sustainable resource. Woodcoin, in particular, avoids the temporal asymmetries of the bitcoin release mechanism, enhancing both the motivation to contribute and the coin’s lifetime. Our solution is to increase the money supply in a logarithmic manner. In addition, we discuss the design considerations behind two more major protocol changes: mining with the Skein hash function and ensuring digital ownership using the X9 prime256v1 curve and ECDSA.
What is Woodcoin [LOG]?
Woodcoin, also known as Logarithmic Bitcoin, is a non-premined decentralized proof-of-work public money. This digital currency was created to address the issue with the reward plan found in other cryptocurrencies, which lowers too quickly or too slowly. The LOG sign represents Woodcoin money.
Who Are the Founders of Woodcoin [LOG]?
Woodcoin, which employs pure Skein, was established in October 2014 by the pseudonymous Funkenstein the Dwarf, a physicist living in New England. On March 21, 2017, a partitioned observer-enabled version based on the Bitcoin Core source code was published as Woodcoin-core 0.13.
With the longest payout schedule of any cryptocurrency, the logarithmic money supply curve is intended for stability and endurance. Instead of the first four years, half of the LOGs will be issued in the first 200 years (Bitcoin). However, each block is worth less than the one before it, so early adopters are constantly rewarded, and supply will never exceed 28.5 million LOG.
What Makes Woodcoin Unique?
A digital signature algorithm, which enables a user to confirm ownership of a coin and so spend it, is perhaps the most crucial technology that permits a cryptocurrency to exist. The famous magicians Whitfield Diffie and Martin Hellman pioneered this method in 1976.
A comprehensive historical study is beyond the scope of this article, although it should be highlighted that their 1976 paper foresaw the advent of digital exchange commodities. To construct digital signatures, we, like other cryptocurrencies, utilize a different technique from the one presented in that paper: the Elliptic Curve Digital Signature Algorithm (ECDSA).
Wood is also an essential resource in other professions, and we intend to enhance LOG such that it can be used for a number of other cryptocurrency applications once atomic cross-chain transactions are enabled.
Where Can You Buy Woodcoin [LOG]?
If you’re looking for a place to purchase Woodcoin, the best cryptocurrency exchanges to use right now are Finexbox, STEX, and Crex24.
Frequently Asked Questions
Can I Buy Woodcoin [LOG] With Cash?
No. There is no direct method to purchase LOG using cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Are there any quick ways to buy Woodcoin [LOG] in Europe?
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
On what factors does the price of the Woodcoin [LOG] Depend?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact LOG price and market cap.
Woodcoin Official website – http://woodcoin.org/
Woodcoin Bitcointalk– https://bitcointalk.org/index.php?topic=831003.0