Detailed introduction

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The concept of silicon originates from the silicon element, which has promoted the sustainable development of the earth’s information civilization in the past few decades. Human wisdom has given infinite imagination and creativity to this element with the second highest content in the earth’s crust. The earth’s carbon based civilization is bound to move forward to silicon-based civilization. The silicoin team hopes to drive more people and make long-term contributions to the development of silicon-based civilization through blockchain technology and digital certificate thinking in the long river of human historical development.

Introduction

Under the situation of the power consumption of BTC mining is exceeded in Norway, and BTC is being cracked down by governments around the world due to environmental issues at the same time. Shouldn’t we make changes? FIL, a so-called decentralized storage hard disk, is filled with junk files, meanwhile XCH degenerates into a hardware competition with all kinds of PoS projects on the market. Shouldn’t we make changes? In terms of PoW, PoS, and PoC are driven by capital and desire, those are gradually moving away from the original intention of decentralization. Shouldn’t we make changes?

Silicoin was born in the community in 2021. Studying the Chia code thoroughly, Silicoin’s technical team came to a conclusion: Chia is highly
suitable to transform into PoW+PoS. However, considering the flaws of Chia, no staking and low threshold, for example, the Silicoin team decided to carry out secondary development based on Chia, to achieve the combination of PoW and PoS consensus mechanisms. That’s right, this is Silicoin. 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.

About the project

Based on blockchain technology, silicon uses POB consensus mechanism to build a fair, green, independent, open and win-win digital society through the five in one framework of energy-saving mining output, network node service, green digital assets, Dao autonomy and a new generation of smart contract.

Project features

PoB consensus mechanism

The Silicoin network combined the advantages of PoW and PoS, andproposed a new PoB (Proof-of-Balance) consensus mechanism. The Silicoin network operates with its own technology, based on economic models and traditional PoW mechanisms to realize a fair coin production method. This method automatically adjusts the difficulty of mining and gradually halves block rewards. It combines the consensus mechanism of PoS to reduce energy consumption requirements, avoiding the paradox of over-centralization of computing power. Taken care of the aforesaid issue, the Silicoin network finally achieving the goal of balancing between workload and capital, giants
and retail investors, interests and contributions. We call it the PoB consensus mechanism. In this way, the advantages of resource-based and token-based consensus mechanisms are combined to ensure that the attacker would have to be equipped with 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.

Mining

Silicoin provides a relatively balanced foundation for the token production end of the whole network through an extremely simple and environmentally friendly zero threshold mining system and a reasonable and sustainable pledge model, so that it can develop stably for a long time. Miners can use the remaining space of the hard disk to mine and participate in block blasting. The amount of mining everyday in the first year is only 4608 SIT, and the block reward is halved every three years.

In mining in Silicoin network, miner does not forcibly stake SIT. Individual Difficulty(D’) = Difficulty(D) * Staking Factor(SF), the miners who stake SIT are still easier to win the blocks. So what is the Silicoin staking formula?

SF = Staking Factor, D = Difficulty of Entire network, D’ = Individual Difficulty, S = The amount of Staking , N = Miner’s space size(TiB), N＞0, N = 1 TiB

When S≥N, SF = 0.5+1/ (S/N + 1)

When S＜N, SF = 0.05+1/ (S/N + 0.05)

How to understand this updated formula? Check https://www.sitnetwork.org/post/an-update-of-silicoin-staking

In conclusion, we can forecast that the value of SIT will keep rising in the long term, and the price will increase steadily. In this economic logic, Silicoin finds the use case of SIT and avoids the monopoly of giants, and helps small miners increase their profits. The staking system of Silicoin makes SIT tokens integrate into its table fully, long-term and safe ecosystem and form a complete economic circle. This is definitely far more attractive to miners than similar projects. It is enough to make Silicoin outstanding from many mining coins and become one of the best projects with the best community and ecosystem.

Application node

In silicon network, nodes are connection points, redistribution points or communication endpoints, and are relay bridges in computing layer, settlement layer and application layer. The application node is the web created by silicon   As an important part of 3.0, similar to other blockchain projects with nodes, silicoin nodes will also provide decentralized communication services and distributed storage to provide convenient services for ecological contributors and users; In addition, it also has the function of relay node between computing layer and settlement layer to realize anonymous transfer, hot data interaction and distribution. Application node contributors can receive airdrop rewards before the end of test network 2; Then, the node will gradually realize the anonymous mixed currency service (and get rewards from it), and can also help users create and run smart contracts on the network; In addition, future nodes can also initiate Dao autonomy proposals.