Woodcoin uses pure Skein. Its unit of exchange is LOG. It is similar to other cryptocurrencies, but has key differences, namely in its release schedule. Whereas most cryptocurrencies use an approach that has their block reward halved every so often, Woodcoin uses a logarithmic distribution model which gradually reduces the number of coins produced with each new block.
Woodcoin does not have a halving process like Bitcoin, Litecoin, or most other cryptocurrencies. Instead, Woodcoin’s release schedule is logarithmic and lessens after each block. According to the whitepaper, this is a central point of distinction.
Crucial to the financial application and stability of a cryptocurrency is the reward schedule, or the release schedule. This might also be called the money supply inflation schedule. With a public cryptocurrency, this schedule is not private or discretionary but is planned in advance and is verifiable and audited (regulated) by all participants. Satoshi chose a model which very crudely simulated mining of a nonrenewable resource. […] It is these properties that we wish to improve on with a logarithmic release coin.
The use of the logarithmic model also effectively extends the length of a time a viable block reward subsidy will exist by many decades, though it is hard to predict whether the Woodcoin network will exist at the end of such a projected formula. More information can be found in the Woodcoin whitepaper http://woodcoin.org/woodcoin.pdf.
Woodcoin was launched by the pseudonymous Funkenstein the Dwarf, reportedly a New England-based physicist, in October 2014. A segregated witness enabled version built from Bitcoin_Core source was released as Woodcoin-core 0.13 on March 21, 2017.
A peer-to-peer network similar to bitcoin’s handles Woodcoin’s transactions, balances and issuance through skein, the proof-of-work scheme.
LOGs are currently traded primarily for both fiat currencies and other cryptocurrencies, mostly on online exchanges.
Woodcoin users utilize addresses, which are Base58-encoded hashes of users’ public keys. They are strings of 33 characters always begin with the letter W. As such, they use value 29 from the Base58 symbol chart.
Transactions are recorded in the Woodcoin blockchain (a record of transactions held by most clients which amounts to a ledger). A new block is added to the blockchain every 2 minutes. Woodcoin miners, affectionately called loggers or woodcutters by its community, confirm transactions with each block they find. They are rewarded the amount of their block subsidy as well as any transaction fees paid by users looking to send coins to other addresses.