Log supply vs bitcoin supply

Lets start with the current block heights:

LOG - 291644
BTC - 394574

Due to the target 2 min. block time of the woodcoin network, and the 10 min. block time of bitcoin, LOG will catch up to BTC in about 6 months.  Somewhere around block 420,000, by sheer luck 🙂  Let's call this Milestone 1.

Due to variance on the network, this could be a bit later, perhaps 450,000 or so.

Current target coinbase rewards per day:

LOG ~ 2448
BTC ~ 3600

This is an interesting time, as fewer LOGs are being produced than BTCs. This will eventually stop, because the logarithmic supply curve reward decreases much slower than the geometric series.  When they cross will be our Milestone 2.

Lets see how this will look after BTC reaches block 420,000.  At this point the coinbase rewards per day will be:

LOG - 1715
BTC - 1800

Look at that..  still fewer LOG than BTC.  BTC reaches block 630,000 sometime in 2020 or so.  At this point woodcoin, picking up blocks five times quicker, will have put another 1.05 million blocks on the chain, so it will be near block 1,470,000.  The coinbase rewards per day will be:

LOG - 489
BTC - 900

Still, fewer LOG than BTC.  OK lets look at the next BTC halfing, 2024 or so.  BTC block 840,000.  LOG block 2,520,000.

LOG - 286
BTC - 450

Still, fewer LOG produced than BTC.  The next halfing, 2028.  BTC block 1,050,000.  LOG block 3,570,000.

LOG - 201
BTC - 225

Still, fewer LOG produced than BTC.  Next halfing, 2032.  BTC block 1,260,000.  LOG block 4,620,000.

LOG - 155
BTC - 112

Aha!  We have found Milestone 2.   It will come in Julian year 2032 or so.  That's when the real advantage of the logarithmic supply function starts to kick in.

Just for fun, let's look at where we will be a century after Milestone 2.  At this point, BTC rewards drop to zero.  Fees only will support all network security.  At this point woodcoin will have roughly 31,000,000 blocks.  The per block reward will be 0.032 LOG and the daily coinbase rewards for both coins will look like:

LOG - 23.3
BTC - 0.0

A century later, LOG coinbase will be cut in half again.

This brings us to Milestone 3.  Milestone 3 is when the LOG supply passes the BTC supply.

 {1000000}*(log(n)+\gamma )-{5187377.51763962} = {20999999.9769}

Solve this for the block height n.


You've got about 500k years before this happens, so go ahead and take your coat off and stay a while.