[ANN] Woodcoin [LOG] Pure Skein POW, Logarithmic Release, No Premine nor ICO

[Zer0p0inT]

And I still do not understand how this coin works.

[sq]

And I still do not understand how this coin works.

nope

[funkenstein]

And I still do not understand how this coin works.

nope

Which part is hard to understand?  The chopping algo?  The reward and money supply curve?  

The chopping algorithm is proof of work using the Skein hash function by Bruce Schneier et al.  
This should be easy to understand in analogy with bitcoin uses proof of work using Sha256.

The reward curve might be trickier to understand.   The motivation for the logarithmic system is that the reward never drops to zero but every block is worth a little bit less than the previous one.  This way there is not a problem of eventually having no reward, and there is symmetry over time, rather than periods of equal rewards separated by "halvings".  Choppers are always motivated to chop NOW because the reward is always a lot higher now then it will be in the future.  This is all accomplished without "runaway" inflation or "indeterminate" inflation which occur with a fixed reward or a reward pegged to hashrate.    

My apologies, a whitepaper is in the works, e.t.a. one or two days.  

[Zer0p0inT]

will look forward to the whitepaper

[funkenstein]

will look forward to the whitepaper

Thanks for the encouragement  I have released v1.0 at

http://woodcoin.org/woodcoin.pdf

I'll start a new thread to try and get some comments from larger altcoin community.  

Happy chopping!  

[funkenstein]

[SalimNagamato]

no one even bother making a GPU miner 

dev... want to send me the premine ?
I can destroy it for you
unless you sold it cheap already

[funkenstein]

no one even bother making a GPU miner 

dev... want to send me the premine ?
I can destroy it for you
unless you sold it cheap already

Lol.. hang in there Salim,  half the LOG will be released by the year 2300.  Release schedule goes to year 300 million.  This is week 2. 

Anyway, one thing I am looking into is creating a burn address.  Any pointers? 

[SalimNagamato]

ok.. i wait until 2300


http://p1.pichost.me/640/48/1712795.jpg

no one even bother making a GPU miner  

dev... want to send me the premine ?
I can destroy it for you
unless you sold it cheap already

Lol.. hang in there Salim,  half the LOG will be released by the year 2300.  Release schedule goes to year 300 million.  This is week 2.  

Anyway, one thing I am looking into is creating a burn address.  Any pointers?  

[Zer0p0inT]

I am waiting for the whitepaper to comprehend wtf is going on with this coin and how it works, but in the meantime can anybody please tell me how many total coins are in existence at this very moment? 

[wutouwuwei]

And I still do not understand how this coin works.

agree, more information is needed.

[funkenstein]

I am waiting for the whitepaper to comprehend wtf is going on with this coin and how it works, but in the meantime can anybody please tell me how many total coins are in existence at this very moment?  

Good morning!  Whitepaper, please take a look and let me know what you think:

http://www.woodcoin.org/woodcoin.pdf

There are just over 4.5m LOG out at the moment, you can check the plots earler in this thread or in the whitepaper, or check the block explorer:

http://www.multifaucet.     tk/index.php?blockexplorer=LOG&currency_info

[SalimNagamato]

nice writting
i dont understand why we need this coin
lately i don't understand why we need bitcoin. unless it will replace money. in some point in the future

[funkenstein]

nice writting
i dont understand why we need this coin
lately i don't understand why we need bitcoin. unless it will replace money. in some point in the future

Hey good questions Salim and thank you.  

Why do we need money is a good question.  If we were better organized we would barter directly for goods and services seemlessly from local to global.  However using an exchange commodity (thats what money is) helps to piece things together.  The duck tape of society if you will.  

We need public cryptocurrencies like bitcoin because they are not counterfeitable.  So called "fiat" exchange commodities are so broken and insecure it would be laughable if the damage to our societies and our ecosystems from their use was not so horrendous.  This is what I meant by the great wizard Satoshi saved us from the reign of the counterfeiters.  

We need experimental public cryptocurrencies like woodcoin to learn more about cryptocurrency technologies.  A diverse ecosystem of public currencies is the future, woodcoin aims to be one of those that lasts.

That's my take anyway.  Some people think altcoins are for pumping and dumping            

[Modo]

Woodcoin has been listed on Coins-e: https://www.coins-e.com/exchange/LOG_BTC/


Tweet: https://twitter.com/coins_e/status/529665250295939072

[Hippie Tech]

Woodcoin has been listed on Coins-e: https://www.coins-e.com/exchange/LOG_BTC/


Tweet: https://twitter.com/coins_e/status/529665250295939072

Be very wary of Coins-e. Do not trust them !

https://bitcointalk.org/index.php?topic=294224.0
https://bitcointalk.org/index.php?topic=418416.0
https://bitcointalk.org/index.php?topic=418803.0
https://bitcointalk.org/index.php?topic=420719.0

[SalimNagamato]

Woodcoin has been listed on Coins-e: https://www.coins-e.com/exchange/LOG_BTC/


Tweet: https://twitter.com/coins_e/status/529665250295939072

cool... nice exchange
thanks

Washington, you're next !

[kondiomir]

So.. there is no one pool. No one cpu/gpu miner. Only solo mining with wallet ?

[SalimNagamato]

correct
there is minerd somewhere but not sure if its good
wallet mining works with CPU
but my laptop worth too much for me to keep mining.

[helloword2013]

Coins-E have trade log ，why price so low？