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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 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, 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 introduce to you a fully decentralized blockchain called Wakacoin.

Wakacoin white paper

Wakacoin white paper  

Wakacoin blockchain consensus:
  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.

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

Further explanation

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.

In terms of this website, we have established a centralized system, and users can freely transfer wakacoins between centralized and decentralized system.

Although the issuance number of Wakacoin is only about 20 million, however, Wakacoin introduces the concept of user charge in its consensus. 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 sustainability, it means there will always be enough incentives to encourage miners to participate.

The open source code

The open source code  

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

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

Wakacoin API: The reference exchange rate provided from https://each1.net/wakacoin/api/get/price is based on the statistics of the mode and median of the transaction prices on the trading platform, and the statistical model will use AI to eliminate the transaction data that causes statistical distortion. According to this method, the exchange rate of Wakacoin to USD is calculated.
Using AI to exclude transaction data that causes statistical distortions means that when the number of Wakacoin users reaches an economic scale, the statistical results should faithfully reflect the reality, that is, people can easily match transactions based on the statistical reference exchange rate. In terms of statistical technical terms, the statistical model needs to meet the 95% confidence interval.