Legend and Philosophy of WoodCoin
We had some concerns then as we do today: global economic, political, and security concerns were the issues of the hour.
Computer security was for Luke a key concept. As he used open source components, he had to make sure that he had security locked in.
Philosophy was not clearly defined at outset, but evolved and developed over time.
The key issues the founders wanted to address include:
Ensuring that with enough hash power the blockchain participants could ensure fairness and openness of the Woodcoin system.
For Woodcoin, fairness is fundamental –there is no premining, no developer payment system.
What is the main purpose of the coin
Woodcoin is good as a means of developing an experimental, well built blockchain. It is suitable for projects with more speculative features. Users determine how it can be used. As popularity increases, so does cost; eventually there will be transaction fees and a more popular mining community. Akin to Litecoin, Woodcoin is an option to go to as markets fluctuate. Particularly in the case of significant pumps or breaks in other currencies. It's exciting to think about well-developed use cases, such as internal currency for an exchange like Hermesus. We can even use our blockchain for other tokens, notarizations, and storing data (for long, long time).