- Based on Hyperledger Sawtooth
- Decentralised blockchain ledger
- Permissioned nodes using a the low energy consensus algorithm “Proof of Elapsed Time” (PoET)
- Permissioned wallets for user tracking to comply with KYC/AML laws
- Coins do not exist until a user plants a tree, documents the planting, and it is approved by other users
- Limited supply (1 coin for every person on Earth, currently 7.8 billion)
- Run Ethereum Virtual Machine (EVM) smart contracts on Forestcoin using SETH Hyperledger Burrow
Forestcoin has been developed on the HyperLedger Sawtooth platform.
Hyperledger (or the Hyperledger project) is an umbrella project of open source blockchains and related tools, started in December 2015 by the Linux Foundation to support the collaborative development of blockchain-based distributed ledgers.
The Forestcoin Cryptocurrency includes the following technical items:
Forestcoin controlled business layer
- Coins are minted and issued to Forestcoin users
- User administration
- Windows software that can be installed by any registered user
- Contains a full copy of the blockchain
- Participates in the lottery with other nodes on the network to create the next block in the blockchain and receives a percentage of the new coins if the block contains newly minted coins created from the planting of a tree
- Is very low resource and can run on most modern Windows computers in the background while the computer user is doing other things. Minimum requirements: Windows 10 64bit: Pro, Enterprise or Education (Build 14393 or later) + 4GB of RAM + HDD sufficient for full blockchain
Proof of Elapsed Time (POET) is a lottery-design consensus protocol that uses trusted execution environments provided by Intel’s Software Guard Extensions (SGX). POET is the low energy consensus algorithm that is used by Forestcoin to decide the mining rights or the block winners on the network. Based on the principle of a fair lottery system where every individual node is equally likely to be a winner, the POET mechanism is based on spreading the chances of a winning fairly across all nodes. Each node in the network is required to wait for a randomly chosen time period, and the first one to complete the designated waiting time wins the rights to create the next block. Every node in the blockchain network generates a random wait time in a secure manner, and goes to sleep for that specified duration. The node to wake up first – that is, the one with the shortest wait time – wakes up and commits a new block to the blockchain, broadcasting the necessary information to the whole peer network. The same process then repeats for the discovery of the next block. This design means that most of the time the computers that the nodes are running in are just sitting idle and counting down time, therefore the POET consensus algorithm creates very low energy blockchain.
The initial Forestcoin block time will be set to 5 seconds, however this can be modified up or down if required.
The initial Forestcoin block size will be set to 100 transactions, however this can be modified up or down if required.
A Forestcoin can be divided down to 10 decimal places, therefore, 0.0000000001 FC is the smallest amount that can be handled in a transaction. 0.0000000001 FC is also known as a “Carbon”. There are 10 billion “Carbons” in a Forestcoin.
Using Hyperledger’s advanced transaction execution engine which processes transactions in parallel to accelerate block creation and validation, Forestcoin can aim at thousands of transactions per second, making it an ideal transactional coin.
- Coin storage
- Transfers initiated
- Transmits transactions to the blockchain via connecting to a node
- The wallet connects to four nodes and tests their load time, then selects the one with the lowest load time to ensure prompt network connectivity and transmission
Mobile Applications iOS and Android
- User can document the planting of a tree
- User can view other user’s tree plantings and vote to approve or flag them as false plantings
- Wallet for storing coins
- The user can initiate transfers
- Social media sharing options so users can share their tree planting