This is An Epochal Mining System
Bitcoin-like blockchains use a Proof-of-work (PoW) mechanism, where security holds if the majority of the computing power is under the control of honest users. However, this assumption has been seriously challenged recently, and Bitcoin-like systems fail if this assumption is violated. In this work, Silicoin propose a new blockchain structure that combines PoW and Proof-of-Stake (PoS) mechanisms.
Mining Service with POB Consensus Mechanism
The silicoin team combined the advantages of POW and POS, and proposed a new POB (Proof of Balance) 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.
Inovative Nodes in Network
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.
NFT and silicoin Ecology
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 hot contents to enrich and grow silicoin's ecology.
Unprecedented Significance. Impeccable Reliability.
In the current environment of Web3, the blockchain world urgently need s a more environmentally friendly, intelligent and fair decentralized network ecosystem, and silicoin came into being. silicoin was born in the community in 2021. After thoroughly studying the Chia code, silicoin’s technical team came to a conclusion: Chia is very suitable to transform into POW+POS. However, due to the flaws in Chia itself (no staking, threshold is too low, etc.), silicoin decided to carry out secondary development on Chia to achieve the combination of POW and POS consensus mechanisms. That’s right, this is Silicoin.
SIT is Silicoin's protocol token. In view of Silicoin's decentralization and community, most of the total amount of SIT will be generated by continuous mining activities and distributed to community participants who maintain the operation of the system.
Single block production
SIT production will be halved every
Are You Ready to Enter Silicon-based Civilization?
Under the collision of geek and punk thinking, several unknown programmers and miners came up of an arrogant idea - Silicoin Network, which is 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 like a domino effect.
Chia Network - Testnet 1
The Chia net is the first phase of testing, which is based on a fork of the Chia project. Mining in this phase no need to stake tSIT.
Tulip Network - Testnet 2
At 2nd stage, the staking and mining functions will be opened at the same time to further test the Silicoin consensus mechanism (Proof-of-Balance). So mining in this phase need to stake tSIT.
Poppy Network - Testnet 3
The application nodes start their task in this phase and all tSIT have to be exchanged to SIT. All the application nodes carried out the mission that provides SIT mixing service and get rewards.
Rose Network - Testnet 4
Smart contract is the most important function at this stage. The mission of rose network is testing whether smart contract works well on the chain.
Rainbow Network - Mainnet
After all the test function is stable, it will enter the Rainbow stage, and the Silicoin mainnet will be officially launched. In this phase, all test tokens in the Rose network phase will be mapped to the mainnet.