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 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 method 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, it records issuance numbers 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 is understood and adopted by people, there will be more blockchains in response to various application scenarios.
Next, this article will introduce to you a fully decentralized blockchain called Wakacoin.
Wakacoin White Paper ❯
- It uses Proof-of-Work (PoW).
- The maximum capacity of each block is 5 MB, containing up to 5,000 transactions.
- A block is generated every 10 minutes on average.
- Incentives: coinbase and transaction fees.
- 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.
- Transaction fee: The fee for each transaction is 1 wakacoin.
According to the above consensus, the total amount of Wakacoin issuance is about 20 million. Moreover, about 50,000 wakacoins will be added every year.
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.
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.
Wakacoin Smart Contract ❯
Wakacoin Smart Contract supports contracts in all formats, including plain text, images, audio and video, code, etc. See the developer guides for details.