Hello, Silicoin warriors, the AMA(Ask Me Anything) starts now！Today,we have selected 13 of the many questions in the past few days, and now we will start to answer them.
1.What plans do devs have to distinguish silicoin from being just another chia fork?
A:Compared with other Fork projects, Silicoin is not just a simple copy. We have more different thinking and plans. We hope to build another world based on Chia.
Silicoin combines the features and strengths of both PoST, and PoS. In the process of producing blocks, PoST is still the foremost consideration; the more plots miners have, the greater the probability that they will be selected to produce blocks.
And as more miners join, space on the network will increase, and so the difficulty of the “hashing calculation” will need to be adjusted accordingly. This is the system of Chia. In Chia’s consensus mechanism, the difficulty coefficient is the same for all miners.
However, in the consensus mechanism of Silicoin, the system will first provide a base difficulty that is consistent across the entire network, and then the nodes will adjust corresponding individual difficulty according to the amount of coins staked by each miner. The lower the difficulty coefficient, the greater the probability of being selected to produce the block. In other words, the miners who stake SIT are easier to win the blocks.
Besides, nodes of Silicoin network participate in consensus, store copies of data and more services, participate in providing some specified services in the chain, for which they receive a reward. We named it application nodes. The tasks of these nodes are different in each phase.
Thirdly, privacy have always been regarded as one of the most valuable features in the cryptocurrency community. Silicoin adopt ZK-STARK with stronger scalability and security to ensure its privacy and security of the Silicoin network.
Last but not least, NFT and blockchain technology are consistent in many aspects. In terms of NFT, Silicoin creatively proposed the concept of NFT development module, which aims to lower the threshold for users to generate and use NFT. Silicoin will establish an ecosystem with mining and NFT as the main content and continue to absorb more popular contents to enrich and grow Silicoin’s ecosystem.
2.When will we list silicoin in Exchange?
A:Recently, many exchanges have contacted us. They hope to list tSIT. It is expected that everyone will see tSIT or SIT be traded on the exchange soon. But we still considered which one we should cooperate.
We will inform the community once we confirm the exchange
3.When will be created some light wallet for SIT just like nucle for Chia?
A: As one of the most innovative and inclusive Chia Forks, Silicoin will indeed have a wallet as support for users’ convenience. Now we are communicating with Nucle to support Silicoin network, and other development teams are developing SIT wallets as well.
4.How do you envision independent Silicoin using chia plots?
A: We have indeed considered this issue, but we have not put it on the agenda yet. At this stage, taking Chia’s plot is the best for the entire project and user interests. However, it does not rule out the possibility of independent plots in the future.
5.Hello, I have plenty of time available, how could I contribute to the project?
A: If you are a programmer, the most convenient way is submitting your codes on Github. Devs will merge them into the chain after verified those codes.
Then if you want to do some developments for Silicoin ecosystem. There will be development funds for rewards after the mainnet goes on next month.
Regarding Development fund, it gets 200,000 SIT for whoever contributes the codes for improving the Silicoin network, and it stays frozen for four years. On the other hand, 300,000 SIT is the bonus to help developers start their applications/programs based on Silicoin network, and these tokens are frozen. For more details, you can check whitepaper.
Last but not least, if you have other skills (such as community operating etc.), please feel free to contact our team and check the possibilities of working and accomplishing together.
6.will any pool support Silicoin?
A: Now, k32.net and KeePool are developing. Apart from that, two Russian mining pools are on the negotiating process.
If there is any updated news, we will inform our community.
7.Hello, what is your roadmap?
A：Regarding the roadmap, you can check our development plan with 5 steps on the official website(https://www.silicoin.cc). In short, we are going to implement an incentive non-compulsory staking mechanism within 1 month; The project will achieve the anonymous transfer function within 3 months; the smart contract will be online within 6 months.
8.How to join internal testing of staking from 25th Sep?
A：We will release a new independent mining client. Thus, everyone who are interested in the event can PM the team in discord. We will send you the invitation. It is the first to experience this more advanced consensus mechanism and mining behavior.
But the thing you have to know is that participants will only receive some fixed amount of tSIT as rewards. The token produced during the staking test will not map to any testnet or mainnet. In other words, it does not have any price on the market, but for every Silicoin farmer, this is a fantastic souvenir for a whole lifetime.
9.Hello, Could you further explain / detail the staking interest / mechanism ?
A：The Silicoin network bases on economic models and traditional PoW mechanisms to realize a fair coin production method that automatically adjusts the difficulty of mining. Then it combined with the consensus mechanism of PoS to reduce energy consumption, avoid the paradox of over-centralization of computing power. So it finally make a balance between workload and capital, giants and retail investors, interests and contributions. The Silicoin team called it Proof of Balance (PoB) consensus mechanism.
In this way, the advantages of resource-based and token-based consensus mechanisms are combined to ensure that the attacker must have dual advantages in resources and funds from the security of the consensus. From the fairness of the mechanism, everyone has the opportunity to participate in the Silicoin network.
The staking formula is as below:
Staking Factor mark as SF; Difficulty is D; The amount of Staking is S; Miner’s plots size(TiB) is N, 1TiB equal to 1; and special constants are denoted as A, usually A=1.
*SF = 0.5 + 1 / (S / N + A)
D’ = D * (0.5 + 1 / (S / N + A))
That is to say, Individual Difficulty(D’) = Difficulty(D) * Staking Factor(SF). For more details, please check the Whitepaper V2.0 in press_release
A detailed article on Staking will be released in next coming hours as well. Please pay attention to the announcement and press_release in Discord or official website.
10.Is there any benefit on tSIT will be converted to SIT? How to explain the tSIT/SIT conversion ratio of 10:1?
A：In the past two days, there various opinions in the community talking about the ratio of tSIT to SIT conversion.
Personally, I don’t think that a 10:1 exchange ratio will cause any loss to everyone. On the contrary, SIT will have a higher price and more excellent value.
Actually, the Silicoin team had planned to start the tSIT/SIT conversion and mentioned “The total amount of initial SIT test tokens in this test phase is 1,000,000 tokens, of which 50% are development fund and application treasury quotas, and the rest 50% can be exchanged for test coins(tSIT) produced. ” in the earlist version white paper. Some people did not pay attention to this information, so complaining that the team did not inform, it is unreasonable.
Anyway, the conversion ratio is only a mathematical calculation, not a manifestation of value and price. this is a very significant point.
Never worry that the value of your time and effort in the tSIT phase will be reduced by the ratio. To be honest, it is a very simple cognition. After the mainnet goes live, you will see how valuable your farming during this period of time will be.
It will bring many benefits to the mainnet token, such as a more stable price, a reasonable market circulation, a stronger attraction for potential miners and investors, etc.
11.What is the development status of Silicoin project？
A: According to website browsing data, we have obtained the global distribution of Silicoin miners as below:
Asia 23.33%; North America 19.23%; South America 9.4%; Europe 39.73%; Other regions 8.31%
This shows that we have great members around the world.
So far, the number of independent wallet addresses is more than 66,000, ranking 1st among all Chia Fork projects.Next, we will focus on marketing and technology iteration.
In terms of the market, we will actively promote the listing of SIT in major exchanges and make breakthroughs in community size and market influence;
At the technical level, staking, production reduction, and several technology developments are already under the test.
12.Talk more about the mainnet?
A: 1. First of all, in Mainnet, all test tokens in the testnet are mapped to the mainnet. The total amount of initial SIT test tokens in this phase is 1,000,000 tokens, of which 50% are development fund and application treasury quotas, and the rest 50% can be exchanged for test coins produced during the testnet.
2. Then the staking and mining functions are available at the same time to further test the Silicoin consensus mechanism (Proof-of-Balance) and mining system. Users can plot the file to mine the tokens with staking tSIT.
3.The rule of Silicoin network blocks generating was changed from the Tulip Network(Mainnet) .
A block of Silicoin’s mainnet is going to be generated every ten minutes but the initial single block production only produces 32 SIT, which means the output everyday is 4608 SIT and the total output of first year is 1,681,920 SIT
For more details, please read in the whitepaper V2. Everyone could start a new Farming Trip with Silicoin mainnet. It means that early participants in the testnet will inevitably obtain a greater probability of block explosions in the early stages of the Mainnet.
From the mainnet, we will step out of the small swiming pool of Chia Forks and quickly start the voyage in the blockchain ocean.
13.What is the value of SIT? Do I have a chance to get rich?
A：Silicoin is a community-based project. Our team is a group of people who share common ideals and loves. And we think good, achieve better.
1. Increase the profits of miners
In short-term, Silicoin is one of the value chia fork and it is going to increase miners’ revenue. In Silicoin economic logic, if the miners want to obtain higher returns, they need to buy or keep more SIT for staking so that their mining income will be higher. Therefore, its price will pump and it is expected to attract more Chia participants to join after being listed on a large exchange. As a result, SIT will enter a positive cycle of development, and its value will be reflected in token prices and volume.
Another significant point that Silicoin could moon is circulating supply of Silicoin. Even though many people have their opinions about the ratio of tSIT:SIT, we have to admit that more coins cause a less value. If you really want Silicoin to get a better performance in price, circulating supply is a key factors that could not to be ignored.
Then when we talk about the circulating supply of Silicoin’s mainnet, there is one more very critical thing. The reward of every single block in Tulip phase( Silicoin Mainnet ) is halved, which means only 4608 SIT is producd per day. Why Silicoin do this? Make the circulating supply keep low inflation and make the price perform better.
So now you look back, you will realize that actually it is fair for the miners who participated in early time. Why?
Because compare to the early birds, a new miner who joined Silicoin in mainnet not only get less block reward, but also need to consider the staking cost.
Anyway, the staking system of Silicoin makes SIT tokens integrate into its table fully, long-term and safe ecosystem and form a complete economic circle. Thus, we believe that it is definitely far more attractive to miners than similar projects if you really understand how does Silicoin run.
2. Staking will give SIT market purchase demand
Different from the simple replication of other fork projects, the staking mechanism proposed by Silicoin will endow the tokens with real usage scenarios. The staking function is going to stimulate the demand for SIT tokens because the Difficulty of mining will significantly affect the revenue in the future. So we can forecast the value of SIT will rise in the long term, and the price will increase steadily as well. In this economic logic, Silicoin not only avoids the monopoly of giants and helps small miners increase their profits, but also regulate market liquidity then increase the value of token.
3. Realize the evolution of consensus mechanism
The PoW+PoS dual consensus mechanism has been discussed and pursued for a long time in the industry. Chia PoST laid the foundation for the emergence of the dual consensus mechanism. On this basis, Silicoin added the PoS mechanism and proposed a new dual consensus mechanism solution, which leads the industry’s mainstream development trend and builds a better and more valuable blockchain project closer to Satoshi Nakamoto’s philosophy. So that SIT has a higher status and market price in long-term.
It is evident that SIT will be widely recognized by the market, both in technology and the community, and will tell the world through currency prices that this is a project with excellent development potential. Therefore, any participation in the project through mining or trading will have the opportunity to grab wealth.
Now start to ask questions freely.You can ask different and valuable questions from the above. The 3 selected questions will receive 20 tSIT rewards. If you talk about irrelevant discussions, please chat in the general channel.
1、Hello,will there be a way to know easily the number of sit you have to stake to benefit from the best time to win ? Will this number of sit in staking be always the same or will it evolve with the netspace ?
A：Yes. A staking calculator is going to release
2、Regarding staking, is there a maximum benefit effect regarding the equation? Or with increased SIT can the benefit continue forever?
A：Once your amount of staking changed, the difficulty is going to change accordingly
3、I would like to know how SF is defined in the ecosystem. We can calculate it but is it it how much SIT is needed to be staked per plot ?
A：The calculator will help you find out the best amount of staking. It is changing according to many conditions
4、Oh it is an adjustment on difficulty
So Difficulty * SF = Farmers true difficulty?
A：Staking Factor mark as SF; Difficulty is D; The amount of Staking is S; Miner’s plots size(TiB) is N, 1TiB equal to 1; and special constants are denoted as A, usually A=1.
SF = 0.5 + 1 / (S / N + A)
D’ = D * (0.5 + 1 / (S / N + A))
That is to say, Individual Difficulty(D’) = Difficulty(D) * Staking Factor(SF).
5、Can you explain what the conversion ration will be using a concrete example?
A: Regarding tSIT exchange to SIT, Silicoin will take a snapshot at a block height. Total tSIT at the block height divided by 500,000 will be the final confirmed exchange rate.
6、When SIT is staked is it sent somewhere, or still in the farmers ‘possession’ but unavailable for transfer?
A: When you transfer staking coins, your Difficulty will immediately change. So your staking is not frozen
7、So minimum will be 10:1 and probably 12:1 -14:1?
A：Not really. Because there is 1,200,000 tSIT for community incentive. We will burn the remaining tSIT after the event finished. But now we have no idea that how much left yet.
8、Regarding utility of the coin: do you plan to focus first on a specific sector (e,g gaming, specific industry….) to improve the value or are there no plan defined yet ?
A：What we expected is developing some basic DeFi tools first then NFT and Games
9、will staking testing be in a special node that runs parallel or in place of standard node?
A: Be in place of standard node.
Well, the first time of Silicoin AMA is times up. If you have any questions, we will talk later. You can continue to discuss in discord and please pay attentions on announcement, we will release more articles to explain more details.