Woodcoin (LOG) was created to address a problem which exists with the mining reward schedule of other public coins. For a decentralized coin, mining must take place with a predetermined reward schedule / public monetary policy. If the reward schedule drops too quickly, the founders or early adopters hold all the existing coin and there is little incentive for new miners to secure the network - stagnation. Transaction fees do provide incentive for miners but high fees can also drag down the value of the coin. On the other hand, if a reward schedule drops too slowly, the supply increases without bound and inflation is the result.
Woodcoin’s coinbase reward finds the middle ground between stagnation and inflation by growing logarithmically. This means that the mining reward is always bigger today than it will be tomorrow, and that there will aways be a significant reward incentive for miners to secure the network.
The logarithmic money supply policy is designed for stability and longevity. Half the LOGs will be released in the first 200 years, instead of the first 4 years (as BTC or LTC). However, every block is worth less than the preceding one - so earlier adopters are always rewarded and the supply will never rise above 28.5 million LOG.
This site is maintained by Vermont Secure Computing consultancy in an effort to benefit the public coin economy, including Woodcoin users and other Bitcoin users who might be interested to learn of the monetary policy of Woodcoin. Woodcoin is a decentralized system, there are no alerts or checkpoints, trademarks, patents, no ICO (no premine), and no corporation or company controlling the protocol. The protocol has remained simple and robust without mandatory forks or updates since its inception in October of 2014, where it was created near the Royal Oak Tavern in Oxford England.