The WOO Coin, or Woolong, uses CryptoNight as a Proof of Work algorithm. Shinichirō Watanabe’s fictional Woolong is used within the Cowboy Bebop universe as a universal currency, used to purchase real estate, food, pets, and for the payment of intergalactic bounty contracts.
Woolong is a decentralized cryptocurrency. In contrast with state-issued fiat currencies, WOO is a secure digital currency maintained by a vast network of individual users. Woolong network participants confirm transactions and balances through a distributed consensus model and record them on the immutable Woolong blockchain.
Unlike traditional cryptocurrencies, WOO can be received and sent in a completely anonymous fashion. Both sending and receiving addresses transacting WOO are hidden by default, regardless of amount. It’s not possible to link Woolong transactions to any real-world user or identity.
Bitcoin and other major Proof of Work cryptocurrencies rely on algorithms that require energy-intensive, specialized hardware. The cryptocurrency mining arms race has created a mining ecosystem in which everyday users are prevented from participating in mining by large-scale organizations. Woolong, however can be mined with everyday hardware — allowing any freelancer to participate in and profit from the maintenance of the Woolong network.