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Wakacoin Blockchain

A fully decentralized public chain that everyone can easily get and use Wakacoin.
 
 

What is blockchain?

In simple terms, blockchain can be seen as a way of bookkeeping. Each user holds an account book, for example, if there are 10 thousand users, it means that there are 10 thousand account books, and these books are kept in sync through blockchain technology. Therefore, even if a small number of account books have been tampered with, they will still be recovered to the information recorded in most books when they are synchronized. So, this bookkeeping way has a feature that cannot be tampered with.

The first application of blockchain technology in history is widely known as Bitcoin. Bitcoin has been in existence for more than a decade, this proves that the blockchain is a feasible way for bookkeeping.

However, each blockchain has its own consensus agreement, it records issuance number of digital currency and specification. The specification has the advantage of being non-tamperable, but it also limits the application of the blockchain. Therefore, when the concept of blockchain be understood and adopted by people, there will be more blockchains in response to various application scenarios.

Next, this article will explain the blockchain initiated by Each1 team, called Wakacoin, specifically designed to address the issues raised in this project.

White paper
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White paper  

Consensus agreement:
  1. Use Proof-of-Work (PoW).
  2. The maximum capacity of each block is 5 MB, containing up to 5,000 transactions.
  3. A block is generated every 10 minutes on average.
  4. Incentives: coinbase and transaction fees.
  5. Mint: In the beginning, 5,000 wakacoins are minted per block, then halved the number of wakacoin minting per 2,160 blocks until it decreases to fixly mint 1 wakacoin per block.
  6. Transaction fee: The fee for each transaction is 1 wakacoin.

To sum up, each block can approximately contain up to 5,000 transactions. So that when mint decreased to 1 wakacoin per block, the reward of each block is up to 5,000 wakacoins.

According to the above consensus agreement, the total amount of Wakacoin issuance is about 20 million. Moreover, about 50,000 wakacoins will be added every year.

Further explanation
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Further explanation  

Wakacoin blockchain is a fully decentralized public chain, supporting a variety of traditional blockchain operation modes. For example, miners set up their mining hardware, mining pool, exchanges and so on. All of these applications need to download and use the source code to set up.

Each1 team also establishes a centralized system, connecting the fully decentralized public chain of Wakacoin. The centralized system contains two parts, one is the mining pool that can provide the public with mining embed code, the other part is Waka Waka trading platform. Users can freely transfer wakacoins between centralized and decentralized system.

To sum up, the 3 main differences between Wakacoin and Bitcoin are as below,
  1. Everyone can get and use Wakacoin, users do not necessarily need to have programming skills.
  2. Wakacoin offers escrow service to avoid fraud.
  3. Although the issuance number of both Wakacoin and Bitcoin are about 20 million, however, Wakacoin introduces the concept of user charge in its consensus agreement. So that the rewards of every block can maintain up to about 5,000 wakacoins. This concept ensures fairness and sustainability. The fairness means miners might get the same rewards no matter when they join. As for the sustainability, it means that there will always be enough incentives to encourage miners to participate.

The open source code
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The open source code  

The source code of Wakacoin: https://github.com/wakacoin/blockchain

The database of Wakacoin: https://each1.net/public/wakacoin

You can pay to become an alliance member to get the technical support and real-time information from Each1 team:

Joining fee: 5,000 wakacoins
Annual fee: 500 wakacoins

Once you suspend paying the annual fee, your qualification as an alliance member will be terminated. If you would like to rejoin in the future, you will need to pay the joining fee and annual fee again.