Modeled on Bitcoin
When designing the Forestcoin Cryptocurrency, the developers closely analyzed Bitcoin and identified it’s key features that contribute to its success, and then modified them to create a Cryptocurrency with similar attributes that incentivises the planting of trees (instead of solving useless puzzles).
Miners compete to solve the puzzle and earn the right to create the block and claim the new coins.
Users plant trees and document it in the Forestcoin App. Other users inspect the planting and vote to approve and issue new coins.
New coins are issued to the miner, who is incentivized to keep the integrity of the network to protect the value of their coins.
New coins are issued and split between
- the tree planter,
- the user that referred the tree planter,
- 3x users who inspected and approved the planting,
- the node that is chosen randomly to create the block that pays the coins to the recipients,
- Forestcoin’s founders and developers,
who are all incentivized to keep the integrity of the network to protect the value of their coins.
Restricted to 21 million coins
Restricted to 1 coin for every person on Earth. Currently 6,079,779,989
Halves after every 210,000 blocks have been mined which is approximately every 4 years.
Halves every time the number of trees planted passes a 4% increment of the tree planting target, which is one tree for every person on Earth.
Proof of Work – using energy intensive computer power to be the first to solve the puzzle
Proof of Elapsed Time – node is chosen in a true random manner
Set by the miners at market rate to assist paying their enormous power consumption and very expensive specialist mining computers
No transaction fees as nodes incentivised by earning a portion of the newly minted coins that are created when users plant a tree. The node software uses minimal energy and can run in the background of most modern computers while the computer is available for other use.
TEN minute block time and SIX confirmations meaning it takes approximately 60 minutes before transaction is considered fully confirmed
FIVE second block time and ONE block confirmation finality make Forestcoin an ideal transaction coin
Fully anonymous and therefore is preferred by criminals. Stolen coins cannot be retrieved.
All users are required to go through User Identity Verification. All transactions are traceable to verified users making your funds more secure.
