Security for Wolf is very important, and creators choose a unique way to achieve it. The very standard bots often allow limited access to one exchange and one pair per bot, and, furthermore, they your API keys at remote servers. Those are then potentially vulnerable to cyber-security issues, such as to hacks and pump and dump attacks. User security and API key protection are on the top of the security list, which is why the platform features the only bot giving a user full control of their API keys.
To start from the beginning, the Wolfcoin is a utility fungible coin that can be traded once listed on exchanges. This basic feature, in combination with the Proof of Work and Masternode reward system, creates an ecosystem of Wolfcoin and related products, where the coin itself is more attractive to all users interested in earning more of masternodes. This can be then used towards subscription discounts and rewards. But what more are those masternodes good for?
In an addition to fairly standard Proof of Work (PoW) rewards for the coin, users are rewarded for running and maintaining masternodes. Masternodes are secondary currency used to power other platform features, such as Private Send, Instant Send, and a governance system.
The owners of masternodes are then obliged to hold 10,000 WOLF in their platform , which is then proven by the as it signs a message and broadcasts the info to the network. Coins, of course, can be then spent, yet beware, as their spending will disable the masternode status and its perks.
Understanding Wolfcoin Masternodes
So again and from a different angle. What are those masternodes?
A masternodes are servers with a full copy of the Wolfcoin guaranteeing a minimum level of power to perform related tasks, connected to the block validation, Private Send, and Instant Send. Accounts with this status are then masternodes, and they are rewarded for this service, using a concept of Proof of Service.
Anyone could possibly become a masternode operator, which is the ‘s objective, to have enough decentralization to make sure no one is able to control a significant fraction of masternodes.
4/5 of the rewards are paid to the masternodes and 1/5 to miners. Masternodes are randomly selected as rewards, and the more masternodes are there, the longer duration between rewards exists. Furthermore, the selection algorithm ensures that there is always a random aspect in the reward system, which doesn’t seem fair for short term users. The platform creators promised that the long term investors won’t regret, as by the theory of large numbers the distribution of masternodes shall remain constant.
Thus masternodes serve as an additional incentive to provide reliable services to the network, alongside an aspect of having multiple servers all around the world, working 24/7.
Instant Send
This feature allows WOLF to complete transactions nearly instantaneously in the same manner as credit cards, while traditional are obliged to wait for a given period of time to make sure a transaction is both irreversible and not an attempt to double-spend.
This takes time, but there are other approaches. Some of more modern ways include centralization authority for confirmation tasks. In the case of Wolf, it works differently. Masternodes check whether or not a submitted transaction is valid. If it is valid, the masternodes lock the inputs for the transaction and share the info with the network. This allows for a transaction to proceed quickly, preventing the blocked resources to be spent twice.
Philanthropy aspect of the trading platform
The company reserves a part of its revenue to fund philanthropic endeavors. However, it doesn’t say how big the part is. Furthermore, the company accepts donations in Wolfcoin and other Cryptos to help to fund charitable projects, and promises to match the donations ‘dollar for dollar’.
The section of the company, called „Wolfpack Philanthropy“ claims, that it is dedicated to the responsibility to use a portion of the company’s profits to help create a better world and a brighter future. „As we move forward, our philanthropic efforts will include environmental stewardship, renewable energy, human rights, economic development, as well as animal and wildlife rescue and conservation,“ Wolfpack states.
Wolfpack Philanthropy focuses on the financial systems from all over the world and plans to help change the way people see and money. If it is going to work, or if the company will switch to a path of corporate greed, we shall see in the coming years.
Wolfpack team
The team consists of three board members and seven core members. More specifically we can find in here:
- Philip Longhurst (Chief Executive Officer)
- Rogier Pointl (Chief Financial Officer)
And the core members are:
- Jay McKinney (Chief Web Development and Design Officer)
- Gabriel Condrea (Software and Web Development Officer)
- Albert Hofmann (Software GUI Development Officer)
- Igor Otorepec (Chief Hardware Development Officer)
- Manik Ehhsan (Director of Marketing and Public Relations)
- Rance Garrison (Chief Marketing Officer)
- Paul Gabens (Chief Public Relations Officer)
- Blake Stanley (Marketing and Social Media Officer)
- Martin Kilgore (Market and Trading Analyst)
- Jonathan McDonald (Chief Trading Strategy Officer)
- Matthew Daniel (ICO Advisor)
Published at Sat, 09 Mar 2019 14:09:41 +0000
