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).
How coins are created

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.

Incentive to ensure integrity

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.

Coin limit

Restricted to 21 million coins

Restricted to 1 coin for every person on Earth. Currently 8,027,420,466

Coin reward halving

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.

Consensus Algorithm

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

Transaction fees for transfers

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.

Blockspeed and Transaction Confirmation Finality

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

Bad Actors / Security

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.