Woodcoin Airdrop Review : The Beginning And Development Of WoodCoin

About Woodcoin Airdrop

Woodcoin Airdrop, or Logarithmic Bitcoin, is a decentralized, non-premined, mineable, proof-of-work global public currency. The unit of exchange is LOG, and it began in October 2014. Woodcoin was created to solve a problem which exists with the supply economics of many public coins. This is giving away a total of $40,000 worth of LOG to 1,000 lucky giveaway participants. Create an account at Hermesus,  complete simple social tasks and submit your details to the giveaway page. A total of 1,000 participants will be randomly selected to win $40 worth of LOG each.

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Woodcoin Is Reliable

Unlike many other cryptocurrencies, the WoodCoin mining reward isn’t scheduled to drop quickly until far in the future. The WoodCoin Ecosystem will continue to subsidize miners and keep the coin alive – allowing for low-fee transactions and improved network security.

Woodcoin is a publicly released cryptocurrency

Unlike many other cryptocurrencies, the WoodCoin mining reward isn’t scheduled to drop quickly until far in the future. The WoodCoin Ecosystem will continue to subsidize miners and keep the coin alive.

Proof of Work Algorithm: Double Skein

The use of algorithms is often vulnerable to attacks. To improve security Woodcoin is the first consistent network built and secured solely with Skein2 or pure skein, a fast and robust hash function, as the proof-of-work hash function. Woodcoin uses only Skein512 for proof-of-work, computed twice. This is similar to Satoshi’s choice to use a double sha256 hash to secure the first public coin.

Logarithmic Coin Release

Woodcoin is the first coin to use a logarithmic coin release. The reward decreases continuously in a harmonic series. The algorithm that controls the creation of units of currency over time should be the first thing every educational site about a coin should present. In that spirit, here is the monetary policy of Woodcoin.

Elliptic Curve Digital Signatures: X9_62_prime256v1

They use the elliptic curve digital signature algorithm(ECDSA), just like most currently available public coins, to sign transactions and create public and private addresses. However, Woodcoin uses a different curve known as secp256r1. This curve was primarily used in the financial industry before Bitcoin. Some claim it is more secure as it takes better advantage of the parameter space than the Koblitz curve.

WoodCoin Uses A Decentralized System

WoodСoin Reward

The coin reward sits in between stagnation and inflation, increasing logarithmically. 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 Longevity

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.

Support and Reliability

The WoodCoin Foundation maintains the Woodcoin economy and helps spread the word about WoodCoin’s monetary policy. The protocol has remained stable without mandatory updates since its inception in October 2014.

WoodCoin Was Created To Solve Problems

Mining should grow with a pre-set 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. 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.

Android And IOS SPV WoodCoin Wallet

The wallets are open source non-custodial; users can back up their private keys and have total control of their funds.