Wakacoin Blockchain
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, Bitcoin, Ethereum Blockchain Comparison ❯
| Wakacoin | Bitcoin | Ethereum | |
| Ledger start | 2020 | 2009 | 2015 |
| Architectural complexity | make it as simple as possible | simple | very complicated |
| Smart contract | Yes | No | Yes |
| Supply limit | About 50,000 per year | about 20 million coins | initial supply 72 million coins about 18 million per year |
| Block time | about 10 minutes | about 10 minutes | about a dozen seconds |
| Transaction fee | 1 coin per transaction | No fixed fee The transaction fee is set by the user. If the fee setting is too low, miners may not be willing to process the transaction. If your transaction has not been included in any block for more than several days, then it is likely that your fee setting is too low, and you need to submit another transaction and set a higher fee. As for the old transaction you submitted before, you can only assume that there will never be miners willing to process it, because the electronic cash is implemented on the blockchain, in order to avoid double spending, the transaction that has been submitted cannot be canceled. | No fixed fee The transaction fee is set by the user. If the fee setting is too low, miners may not be willing to process the transaction. |
| Security | In the Wakacoin open source code, it asks for more than 255 confirmations per transaction. 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. | Users are advised to wait at least six confirmations per transaction. In theory, wait for more than 120 confirmations to avoid a 51% attack. | Throughout the history of Ethereum, there are many examples of successful hacking attacks. The hard fork of Ethereum led to the split of ether into different cryptocurrencies, which further derived more attack modes such as the Replay Attack. |
| Code repository | https://github.com/wakacoin/ | https://github.com/bitcoin/ | https://github.com/ethereum/ |
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.
Quantum computing will enable great innovations in the future, but it will be accompanied by risks. The key cryptographic protocols used to secure the internet and financial transactions of today are all susceptible to attack by the development of a sufficiently large quantum computer. The quantum threat will increase data breaches of sensitive health and financial personal data, challenge the integrity of digital documents and break certain cryptocurrency encryption.
Although there is a wide range of opinions on when quantum computers might be powerful and stable enough to affect our current encryption systems, it is important to note the issue is not necessarily when the quantum threat materializes, but what the relative risk is over time. Furthermore, with the risk of “harvest now, decrypt later” attacks, where attackers collect confidential encrypted data to store until they can decrypt it using quantum computers, it is critical to act now.
In other words: we need to protect today’s secrets against tomorrow’s quantum attackers.
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.
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.
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.
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.
The Open Source Code & Developer Guides ❯
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 Price API: https://each1.net/wakacoin/api/get/price
The Wakacoin Developer Guides: https://each1.net/wakacoin/developer