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How much of Silicoin netspace in fact?

Silicoin token SIT has been online Citex for nearly two months. During the period, Silicoin has been actively developing its ecosystem. Especially in the recent market decline, SIT has not been affected, but has gone out of its own market, indicating that the development of SIT is highly recognized by the community.

 

However, there are many Silicoin young miners often have a doubt related to staking. To the logic of how much of whole netspace? I would like to introduce it to you based on my personal understanding.

 

So far, many miners have not figured out the logic of the entire netspace display.



Firstly, Silicoin's total netspace is the effective netspace after the staking shown is converted. Some users are a little confused, if the entire network daily output of 4608 tokens all are staked, it should only increased 4.608 PiB, but why sometimes the entire netspace could increase 10 PiB a day?

 

The answer to this question is very simple. Not only the total output of the day may be staked into the network, but many SIT produced in the past may also be staked by other buyers in the mine within a day. It cannot be simple calculation due to the rise and fall of the netspace is the market factor, not the law of linear growth.

 

The reason of new miners asking the above question that they might not understand the whole effective netspace logic. Well, let us a make an example for your easier understanding:

 

If there are two miners A and B, miner A has 200 PiB, but he staked 0 SIT, so his effective plots should be around 10 PiB; At the same time, miner B has 10 PiB and he has staked 10,000 SIT, so miner B's effective netspace is also about 10 PiB.

 

After we understand the logic of this, we can think about it further.

 

Let's say miner C joins the network, and he only has a machine with 5 PiB, and he pledges 20,000 SIT, so his effective plots is 10 PiB.

 

Assuming that there are only three miners A, B and C in the entire network, the effective netspace of the entire network in the current period is 30 PiB, which is what you see in the browser.

 

By comparison, it can be found that the space of A (200 PiB), B (10 PiB) and C (5 PiB) miners are different, but the actual netspace in the network is 10 PiB. The reason is very simple -- their amount of staking is different. At this point, the actual netspace is 315 PiB, and the effective space is only 30 PiB.

 

At present, in the middle of December 2021,  the effective netspace is about 300 PiB, and the actual netspace is about 2000 PiB.

 

The staking function of Silicoin is a complicated system. It is very difficult to judge the situation of the entire network from simple calculations. Miners who join the staking team every day may add more SIT through the exchange or other channels, to achieve better result of mining. 

 

Many miners want to know how many SITs are staked on the entire network. Regarding this feature, the team is currently developing it, and we believe it can be completed and be open source as soon as possible.


Conclusion

 

Silicoin stands out among many Chia forks because of its core economic model, the staking system in its Consensus mechanism. Thus, a relatively reasonable economic circulation is formed, which enables SIT to have a most primitive, simple and direct use scenario -- staking of SIT token to improve mining efficiency on the eve of ecosystem take-off.


Silicoin's staking mechanism is essentially for the better ecosystem of the whole, which is fair to all miners, curbing the infinite expansion of big miners and helping small miners to get low threshold and high profit. Under this ecological closed loop, the circulation supply of tokens will maintain a low inflation level for a long time and form a benign market demand.


At present, Silicoin has been running for a long time since the launch of the mainnet.


In all respects, Silicoin is walking to a bright future.

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