When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This review of Woodcoin consists of three chapters: origin, technology and pros & cons.
Woodcoin is a cryptocurrency which uses LOG as its exchange. It is termed as a decentralized peer-to-peer currency and an open-source software system. Woodcoin launched in October 2014. A physicist called Funkenstein the Dwarf (pseudo name) is the man/pseudonym behind the coin. Also, Woodcoin launched again with enhanced features with the name of woodcoin-core on 21 March 2017.
Woodcoin brings Skein in action. It is a complete hash crypto-function. The logarithmic function of Woodcoin halves or decrease the number of coins released after each block reward. A peer-to-peer system supervise the transactions of this cryptocurrency (proof-of-work). Moreover, the holders of Woodcoin use addresses of the Base58 encoded system. These are sequences of 33 characters which begin with the letter W. The transactions are recorded in a ledger and the users are informed of about their confirmation by the addition of a new block.
- Logarithmic model is an effective model. It increases the amount of time of the existence of a specific block and its reward subsidy. The time can extend up to decades.
- Efficient system: while looking for the best crypto coins to invest in, this coin can be a great option. It does not half the reward system like other currencies but indulges in the reduction of coins with new blocks.
- Speedy transactions and confirmations: the users, also called miners, receive information about the transaction confirmation with each new block. The block subsidy receives rewards.
- Diminishing effects: The coin halves the coins after each block. For this reason, it cannot be stated if this cryptocurrency will live as long as other currencies in this business.
The people behind this coin could be in the run for making it the best virtual currency to invest in.
If you have concluded that this is the coin for you, congratulations! Buy Woodcoin here.