April 14, 2014
DescriptionWhitecoin (XWC) is a cryptocurrency originally launched in early 2014 focused on innovative software to securely manage and make transactions. Whitecoin is an open source scrypt based PoW/PoS hybrid coin now in the PoS phase. Whitecoin is driven by an active community of volunteers with contributions from a development team and community members. Whitecoin started in April 2014 by an unknown developer on the back of the launch of BlackCoin. At the end of the Proof-of-Work (PoW) phase, the coin was planned to enter a Proof-of-Stake (PoS) phase. The original developer abandoned the project and the shift to the PoS phase did not occur. The coin was close to being lost but was saved by a community take over. From this point on Whitecoin has been a purely community driven project. Volunteers took over development of Whitecoin and maintained the integrity of the blockchain by continuing to mine the PoW phase of the coin until the blockchain was repaired and the PoS phase commenced. This mining provided no block rewards for the miners but ensured the continuation of the coin was reward enough. In 2017 Whitecoins’ blockchain was upgraded to PoS V3, this was a completely community funded and driven project. This included a 1 for 1 coin swap process where each holder was able to claim an equal number of Whitecoins on the new blockchain. After the designated period of time the excess coins were burned by OP-RETURN reducing the total coin supply from 313,000,000 to 248,000,000. Whitecoin has since seen further success and growth. The value of Whitecoin has seen a healthy increase and the community has further expanded. In December 2017 the community had its first official meetup in China after being invited by local developers. This resulted in the first Whitecoin Summit.Starting from 1st of June 2018 the staking reward was increased from 2 XWC to 5 XWC, around the same time this project went through a rebrand to a more atractive look. Since the commencement of the PoS phase of Whitecoin all subsequent coins generated are through the staking reward. Each block has a reward of 2 XWC of generated coins and any additional network fees paid for transactions on that block. Whitecoin has a block time of 60 seconds and difficulty retargets after every block. The static block reward means a predictable 1,051,200 XWC generated per annum (an extra 2880 on leap years) with no cap on coin supply. This translates to a slowing % inflation rate; with inflation of 0.423% per year by December 2017 down to 0.421% per year by December 2018. The PoS system is energy efficient as it does not require specialist hardware consuming large amounts of energy to secure the network and produce new blocks. Instead users must maintain a balance of ‘mature coins’ in their wallet connected to the Whitecoin network. Coins reach maturity after 120 blocks and will begin to stake and secure the network if the wallet is open and in staking mode. Security is similar to PoW style coins where over 50% of hashing power needs to be controlled to alter the network. For Whitecoins’ PoS system over 50% of the staking power needs to be controlled to alter the network. With the implementation of WhiteNode for Raspberry Pi each staking wallet can receive block rewards and secure the Whitecoin network consuming approximately 34 Watts of power per day.