Data Structures and Algorithms

   

Woodcoin a Peer to Peer Electronic Currency Designed for Stability and Longevity

Authors: Funkenstein the Dwarf

We outline here the design considerations and implementation of woodcoin, in particular those which separate it from other cryptocurrencies. Woodcoin is a cryptocurrency very much like bitcoin. However the design of bitcoin explicitly models a non-renewable resource: gold. For woodcoin we more closely model a sustainable resource. In particular woodcoin avoids the time asymmetries of the bitcoin release model, maximizing the incentive to participate and the longevity of the coin at the same time. Our solution is logarithmic growth of the money supply. In addition, we outline the design considerations behind two other changes to the core protocol: mining with the Skein hash function and securing digital ownership with the X9_prime256v1 curve using ECDSA.

Comments: 4 Pages. Published Oct. 2014

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Submission history

[v1] 2016-02-02 18:19:36

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