Wakacoin Blockchain

Ledger start

The developer of the Wakacoin blockchain refers to the experience in the history of blockchain in the ten years from 2009 to 2019, including consensus protocol, system architecture, open source code, then built Wakacoin Blockchain from scratch.

Wakacoin is designed as a new blockchain that aims to solve the problems of the two early blockchains, Bitcoin and Ethereum, with the quantum era in mind.

Post-Quantum Cryptography (PQC) will replace existing cryptosystems like RSA and ECC, which are seriously threatened by mature quantum computers. This is an ongoing process and the US National Institute of Standards and Technology (NIST) has already selected four algorithms to be standardized as PQC. All systems worldwide, not just blockchains, must understand when to switch to PQC.

For example, bank websites or the online services we use in our daily lives don't need operators to explain to users when they will switch to PQC. When the switch is necessary, all systems in the world have to update, otherwise they will be vulnerable to hacking. But, open source projects must clearly specify the details of switching to PQC in official documentation so that the open source users can reach a consensus.

Because the Wakacoin blockchain is an open-source blockchain that adopts the Proof-of-Work (PoW), it will naturally become more decentralized as the number of users increases. Each1.net, as the first Wakacoin mining pool, helps users to mine through their browsers. Its aim is to help people without programming skills to have the opportunity to become early users too. After all, 99% of the world’s population are not programmers. True fairness should mean that everyone in the world can obtain Wakacoin for free in the early stages, rather than just benefiting programmers.

Architectural complexity

In terms of the storage structure of cryptocurrency, Bitcoin and Wakacoin adopts addresses, and Ethereum adopts accounts.

The advantages of using addresses as the storage structure of cryptocurrency are simple architecture and high privacy protection. The advantage of Ethereum adopting the concept of account as the storage structure of cryptocurrency is that it is closer to the subjective cognition of users. However, sticking to the user’s intuition means that the architecture is often complicated.

Ethereum shortened the block time to more than a dozen seconds, resulting in a large number of candidate blocks in the mining process of the miners. Just try to imagine that when many nodes around the world mine at the same time, when the block time is only a dozen seconds, a large number of candidate blocks are bound to be generated at the same time. To solve this problem, Ethereum uses complex rules to solve it. In addition, Ethereum embeds Smart Contract directly into the blockchain, yet another complex feature. Because the structure of Ethereum is very complex, and the resulting blockchain is also very large, it may be difficult for you to find someone who has a complete Ethereum blockchain ledger.

Today, we can all understand several facts. First, blockchain is indeed a useful technology. Second, the concept of blockchain is a very inefficient P2P network. Third, the simpler the architecture, the easier its open source code is to be understood independently by one person; conversely, complex architectures require a group of people to work together to maintain, and they often only understand part of the open source code. Finally, since the blockchain is based on the concept of the distributed ledger to achieve the ideal that the ledger can not be tampered with, all nodes holding a complete ledger should be able to verify the ledger in their hands at any time.

The architecture of Wakacoin is designed to be as simple as possible and to implement the Smart Contract feature in an original idea. The architecture of Wakacoin blockchain is simpler than that of Bitcoin and does not support any scripting language. This means that the open source code of the Wakacoin blockchain can be easily understood by a programmer, confirming that the content of the code is indeed safe.

Smart contract

The Bitcoin blockchain did not implement the Smart Contract feature. A few years later some people used the middle layer concept as the smart contract layer for Bitcoin.

Ethereum implements smart contract functionality in the blockchain with a sophisticated scripting language. This approach has many disadvantages, including complicating the blockchain, making the blockchain more inefficient; increasing the size of the blockchain, people are not sure if there are still miners who have a complete Ethereum blockchain, let alone verify the entire blockchain; the smart contract code written by the user cannot have any loopholes, when a loophole occurs in a smart contract, the user cannot fix the loophole, even if it is just a security loophole that can be exploited by hackers; The web3 application built using the Ethereum blockchain smart contract is very inefficient when operating, and the user experience is very poor.

Users of Wakacoin smart contracts can fix contract vulnerabilities by adding new contracts. The Wakacoin smart contract mechanism preserves the complete process of users creating new smart contracts and adding patched versions, ensuring that these smart contracts can be verified by the public and that the contract content has not been tampered with.

Wakacoin implements the Smart Contract feature in the form of contract chains. The key of each address can generate and manage a contract chain, and store the block hashes of the contract chain in the main chain in the form of transactions.

There are many advantages to using Wakacoin blockchain smart contracts. Since users can build an infinite number of contracts in the contract chain of the client, they can transmit the latest block hash of a contract chain to the main chain for tamper-proof authentication, which means that many contracts only need to pay a transaction fee, which makes the cost of using Wakacoin blockchain smart contracts can be very low. In addition, web3 applications built using Wakacoin blockchain smart contracts operate at the same efficiency as general applications commonly used in user’s daily lives.

Transaction fee

In the Bitcoin blockchain, since processing transactions requires huge computing resources, more than 10% of miners are unwilling to process any transactions, they are only willing to focus on acquiring new coins, and this trend continues to rise. Besides, for users of the Bitcoin blockchain, how to set transaction fees is a very troublesome thing. In addition, in the Bitcoin white paper, when the Bitcoin blockchain stops minting new coins, whether the transaction fee is still enough to attract miners to continue to maintain the Bitcoin blockchain is not sure.

In Wakacoin consensus protocol, each transaction has a fixed fee of 1 wakacoin, which ensures there are always enough incentives to attract miners to process transactions. It is fair whether miners join now or ten years from now. The higher the transaction volume, the higher the volume of transaction fee. The more miners, the greater the transaction volume. So on and so forth.

Take Bitcoin as an example. Launched in 2009, it became congested around 2014, which is why the second blockchain (Ethereum) emerged. Blockchains built on Satoshi Nakamoto's theory cannot handle too many transactions in each block. The Wakacoin blockchain adopts a fixed one wakacoin fee to encourage users who directly use the blockchain to conduct transactions in large quantities of wakacoins. A 5MB block can only record a maximum of 5,000 transactions, and each transaction should ideally contain a large number of wakacoins. With only 50,000 wakacoins (the native cryptocurrency) issued annually, it is suitable for storing value.

The Wakacoin blockchain natively includes smart contract functionality, allowing users to issue tokens using smart contracts. For example, CBS (Coin Birds Stablecoin) was the first branded token issued using a Wakacoin smart contract. Users can emulate the approach of CBS by issuing tokens tailored to their own brand names for everyday use, such as buying coffee.

Security

The Wakacoin blockchain open source code stipulates that each transaction requires 255 confirmations. Since the hash superposition of more than 255 blocks ensures the security of the chain and the security of transactions, hackers cannot conduct the 51% attack, and the protection of the chain no longer needs to consider the amount of computing power.

The Wakacoin blockchain prioritizes security above all else. A digital currency system must be 100% secure to have true long-term value. Based on the experience from Bitcoin, more than 120 confirmations (more than 120 hash stacks) are already indisputably secure (without considering quantum computing). Regardless of computing power, stacking more than 120 hashes is theoretically inherently secure. If you have a background in computer science, you can use mathematics to prove that even if you had all the computing power in the world, you still wouldn't be able to tamper with a piece of blockchain that has more than 120 hashes superimposed.

Suppose there are only three computers with equivalent computing power running the Wakacoin blockchain in the world. One computer is honest, and the other two are dishonest (controlled by the same attacker). This means the attacker has the computing power to launch a 51% attack. However, because the Wakacoin blockchain open source code stipulates that each transaction requires 255 confirmations, the attacker still cannot steal any wakacoins by a 51% attack.

A 51% attack refers to having more dishonest accomplices than honest nodes. However, given enough time for honest nodes to verify the dishonest blocks submitted by the dishonest nodes, honest nodes will reject those blocks that cannot be verified. Therefore, a 51% attack is difficult to launch against blocks that have exceeded 6 confirmations. More than 120 confirmations are generally considered by the experts in the Bitcoin community to be completely secure.

Since the Wakacoin blockchain open source code stipulates that each transaction requires 255 confirmations, a 51% attack on the Wakacoin blockchain is meaningless. This is because honest nodes have at least two days to verify blocks passed on by dishonest nodes.

Why does the Wakacoin blockchain adopt 255 confirmations instead of 120? Because 120 confirmations would take approximately one day to produce 120 blocks, while 255 confirmations would take approximately two days. Given the pursuit of maximum security, one day versus two days makes no difference to the users. However, two days gives the programmers maintaining the blockchain more time to react. Furthermore, setting the required number of confirmations involves a parameter field. The smallest parameter field is a uint8, which ranges from 0 to 255, so it's simply specified as the maximum value of 255.

This parameter is spendableOutputConfirmations in the open source code, if you have interesting you may refer to https://github.com/wakacoin/blockchain/blob/master/src/wakacoin/config.go

When Bitcoin first appeared, since no one had any experience, the initial idea was that it could be used to buy coffee or something similar, so there was no mandatory requirement for the number of confirmations. Imagine, one confirmation takes 10 minutes. Later, it was discovered that at least 6 confirmations were required, which is an hour. 120 confirmations would take approximately one day.

If we accept that each transaction takes two days (255 confirmations) in exchange for undisputed security, then even if there is only one computer in the world running the Wakacoin blockchain, meaning even with very low computing power, the Wakacoin blockchain is still perfectly secure.

Most people concerned actually stem from a stereotype that blockchain requires massive computing power to ensure security. The hash value you generate for a digital piece of data in one second using a PC is the same as the hash value you generate using a supercomputer (with immense computing power). The only security concern with the blockchain, based on Satoshi Nakamoto's paper, is the 51% attack (the results of years of practical application of the Bitcoin blockchain have also proven this to be true). The massive computing power can increase the difficulty of a 51% attack. A 51% attack targets the most recently generated blocks, those latest transactions that haven’t reached six confirmations.

Therefore, since the hash superposition of more than 255 blocks ensures the security of the chain and the security of transactions, hackers cannot conduct the 51% attack, and the protection of the Wakacoin blockchain no longer needs to consider the amount of computing power.

1. It uses 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.

Since Wakacoin adopts a fixed transaction fee in its consensus protocol -- each transaction must pay 1 wakacoin fee to miners, ensuring fairness and sustainability. Fairness means that miners may receive the same block rewards whenever they participate. Sustainability means that there will always be enough incentives for miners to participate.

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.

Wakacoin Smart Contract supports contracts in all formats, including plain text, images, audio and video, code, etc. See the developer guides for details.

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

The latest version of Wakacoin blockchain by Each1.net: https://each1.net/public/wakacoin

The Wakacoin Developer Guides: https://each1.net/wakacoin/developer