Woodcoin
Crypto Overview
Overview
Woodcoin (LOG) is a cryptocurrency launched in 2014 that implements a unique logarithmic mining reward curve, designed to better mirror natural resource extraction and create a more sustainable mining model. The project aims to serve as a decentralized store of value and medium of exchange.
Purpose and Utility
The primary stated purpose of Woodcoin is to function as a peer-to-peer electronic cash system with an innovative approach to mining rewards that follows a logarithmic curve rather than Bitcoin's halving model. This design choice was made to create what the developers consider a more natural and sustainable distribution model.
Development and Adoption
The project maintains active development, with updates to its core software continuing through recent years. The project has a small but dedicated community of miners and users. While adoption remains limited compared to major cryptocurrencies, this does not impact its Sharia compliance status.
Token Distribution
Woodcoin had no pre-mine and no ICO, meaning all tokens have been created through mining since launch. This indicates a fair distribution model without privileged allocation to founders.
Technology Assessment
The cryptocurrency operates on its own blockchain using a Proof of Work consensus mechanism. The logarithmic reward curve is the key technological innovation, implemented through open-source code that can be verified by anyone.
Revenue Model
The project generates no direct revenue, as it operates as a decentralized cryptocurrency. Miners earn rewards through securing the network, which is compliant with Islamic principles as it involves actual work and risk.
Crypto Impact
To assign a comfort level investing in Woodcoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Woodcoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.