Frequently Asked Questions
What is Silicoin?
Silicoin was born in the community in 2021 to develop a more environmentally friendly, intelligent and fair decentralized network ecosystem, combining Proof-of-Work and Proof-of-Stake Securely. Under the collision of geek and punk thinking, several unknown programmers and miners came up of an arrogant idea: to overthrow and rebuild the whole world of hardware mining. In a brutal system with internal connections like the blockchain, a small initial energy may cause a series of chain reactions just as the domino effect.
Why we develop a new system based on Chia?
Studying the Chia code thoroughly, we came to a conclusion: Chia is highly suitable to transform into PoW+PoS. However, considering the flaws of Chia, no staking and low threshold.
The Silicoin team decided to carry out secondary development based on Chia, to achieve the combination of PoW and PoS consensus mechanisms.
Where can I get answers to questions about running Silicoin?
You should first read the repository FAQ, check out the wealth of information on the repository wiki and join us on Keybase in the #testnet or #beginner channels. We have also created a good summary of the basics of creating plots for Chia.
What is Proof of Balance?
Traditional PoW mechanisms to realize a fair coin production method, and combined with the consensus mechanism of PoS to reduce energy consumption requirements, avoid the paradox of over-centralization of computing power, and finally form a balance between workload and capital, giants and retail investors, interests and contributions. This new consensus mechanism combining Proof-of-Work and Proof-of-Stake securely, we named it Proof-of-Balance (PoB).
How does Proof-of-Balance work?
In the mining system of Silicoin network, all plot files that have passed the preliminary screening will enter the candidate list of producing blocks, and the program responsible for producing blocks will check the plot files in the candidate list in detail. It is Proof-of Work that similar with Chia project mining and the staking function is added in to finish Proof-of-Stake part.
Why is Silicoin better?
In Silicoin network, the higher the computing power of a single miner, the more SIT needs to be staked if they want to get matching profits. Under this mechanism, big miners need extremely high costs to monopolize computing power, which will damage the interests of small and medium miners and endanger the security of the Silicoin network. They cannot over-occupy network resources based on equipment resources or huge funds. Small miners can join the powerful Silicoin network with a low or even zero threshold, contributing to a more decentralized and fairer blockchain network and gaining benefits. From the fairness of the mechanism, everyone has the opportunity to participate in the Silicoin network.
Why do I want to mine Silicoin?
You can mine Silicoin on the unused storage of your laptop, desktop, or corporate network and, in return, you have the chance to receive rewards in Silicoin for helping secure the blockchain. Our software allows you to allocate a certain amount of unused disk space to create plots. Since the only resource intensive step is the initial plotting, once you download the Silicoin node software, your drives will be plotted in the background. Once plotting is complete, your computer will begin mining on your behalf and the software does all the work and tracks your rewards for you. Ongoing mining uses very little network bandwidth and almost no resources other than storage. By making the mining process available to anyone with unused disk space, we are moving towards our goal of a truly decentralized blockchain that will also serve as a cross subsidy to the storage and cloud industry.
What is the application node in Silicoin network?
A node is a device or data point in a larger network. In networking a node is either a connection point, a redistribution point, or a communication endpoint. In blockchain, a node is an open-source, cross-platform runtime that allows developers to create various services. 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.
Our Whitepaper has the details of the application node’s tasks in every steps.
What is the Silicoin Reserve?
Silicoin aims to establish an open and fair project, we invited everyone to observe and supervise the addresses of Silicoin Reserve. For more details, please check https://www.sitnetwork.org/post/the-addresses-of-development-fund-and-application-treasury
What is the development fund for?
Development fund is expected to compensate the contributors who participated in maintaining the core codes of Silicoin. We reserve 200,000 SIT for development fund in Poppy network (Step 3) to reward the contributors who contribute the codes and help to improve Silicoin network. These tokens is to stay frozen for 4 years before releasing in installments. The members of management team should be experts from various field, especially blockchain technology and finance.
Our Whitepaper has the details.
What is the application treasury for?
Is Silicoin doing any Private sale or ICO?
No. Silicoin is not planning any private sale or ICO. It is an open-source and non-profit project.
Can I buy SIT today?
SIT now has been listed on CITEX, please check the details via https://www.sitnetwork.org/post/announcement-on-the-listing-of-sit-on-citex-exchange.
In next coming months, Silicoin plan to launch SIT on more exchanges. Please stay tuned via our social media platforms.
What is Silicoin’s inflation?
After the Silicoin launch, Silicoin offers farming rewards of 32 silicoin every 10 minutes. Over the first 9 years the mining rewards will be halved at the end of each 3rd year. From year 10 to infinity, the rewards will remain constant at 4 silicoin every 10 minutes leading to ever decreasing inflation rates.
Why are you named Silicoin?
Silicon is inseparable from every electronic product, and if the earth's carbon-based civilization is ambitious, then silicon-based civilization is an essential step in development. Silicon, the second-highest element in the earth's crust, has promoted the sustainable development of the earth's information civilization in the past few decades.
Silicoin is a combination of Silicon and Coin, so we can determine that Silicoin is a silicon-based token.
How do I contact you with more questions?
You can email us: firstname.lastname@example.org or join us on discord.
Why my wallet cannot be synced? How can I fix it?
Please connect to other peers if your wallet cannot be synced more than 30mins. There is a updated list of full nodes you should try in discord channel #if-wallet-not-synced.