Wakacoin Blockchain is a fully decentralized public blockchain. In simple terms, blockchain can be seen as a way of bookkeeping and this way has a feature that cannot be tampered with. Each blockchain has its own consensus, it records issuance numbers of native digital currency, etc.
Wakacoin Blockchain Consensus
- 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 minting 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.