A Long Journey
On 21st Mar 2021, we revealed Silicoin Network to the world, and announced their intent to propose a new chain structure that combines Proof-of-Work(PoW) and Proof-of-Stake (PoS) securely.
In the days since that first announcement, a passionate and diverse community has rallied around the platform. This community has grown to thousands around the world, united behind that original vision, working together towards the most ambitious decentralized launch effort of a public blockchain network the world has ever seen.
We unanimously voted “Go” to move forward with the Silicoin Testnet 1 (Chia Net Phase) Launch on 23rd Jun 2021.
After testnet 1 of Silicoin Network launched, there are many analysis to do some tests on the chain. According to their results, we found the conclusion that Silicoin testnet 1 is stable and they should enter testnet 2 soon. According to the official announcement, Silicoin testnet 2 takes Proof-of-Balance as the core algorithm, while ensuring high decentralization of the public chain, it effectively prevents attacks in highly degree.
Silicoin Testnet 1 is currently in progress with mining without staking. We released the software requirements and users could run the code with linux/Mac/Windows.
The Tulip network (Silicoin Testnet 2) is the second phase of testing and the beta mining version of Silicoin's mainnet will be online after the staking algorithm is debugged. At this step the staking and mining functions will be opened 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.
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. The tasks of these nodes are different in each phase. In Chia and Tulip phase (Silicoin Testnet 1 & Testnet 2), there are 2 millions tSIT tokens for application nodes as airdrop. The application nodes are prepared for providing services in the future. The application nodes of Silicoin only needs to run the node program on the chain.
Only the Beginning
While this is an exciting milestone, this launch event is just the beginning. Silicoin Network has the potential to combine the PoW and PoS securely. In a brutal system with internal connections like the blockchain, a small initial energy may cause a series of chain reactions just like domino effect. Let’s look forward to the release of Silicoin testnet 2.