Mould (Slime) Coral (Ceratiomyxa fruticulosa)

Kingdom: Protista
Phylum: Amoebozoa
Class: Protostelia
Order: Protosteliida
Family: Ceratiomyxaceae
Genus: Ceratiomyxa
Species: C fruticulosa
Binominal name: Ceratiomyxa fruticulosa
Synonym: Byssus fruticulosa
Common name: Coral slime

Ceratiomyxa fruticulosa a conspicuous, common, cosmopolitan species of slime found New Zealand wide. It has two forms of tiny, erect, translucent fruiting bodies, branched and unbranched; both grow on dead wood substrates. They can appear in great numbers on damp well rotten logs and can cover large areas.
The whitish, translucent sporocarps (fruiting bodies) consist of a series of erect, simple or branched columns. Individual sporocarps are 0.5-1 mm wide and 1-10 mm high. The spores are produced individually at the end of a thread like stalks on the outside surface and they give the sporocarps a fuzzy appearance.

Ceratiomyxa fruticulosa coral slime mould 1.jpg

The translucent nature of the columns can be seen and also the white, fuzzy outside surfaces where the spores (or one-celled sporangia) are formed on the end of threadlike stalks.
Ceratiomyxa fruticulosa a slime mould .jpg 

Thanks to Wikipedia for text and information: https://creativecommons.org/licenses/by-sa/3.0/