There are some good news at Silicoin Network!
Development of Staking on the Silicoin
First of all, we have finished the coding for our Staking function, and are now running internal testing. External, selective testing by invitation will begin on our Staking function in the coming days.
Regarding Staking, we put forward our initial hypothesis as follows:
Mining in the Silicoin Network works to avoid excessive centralization caused by anyone that might monopolize network resources and or have a large amount of funds. When the computing power of a single miner’s account reaches a certain threshold, there will be a staking requirement; a “linear weighted” staking. Simply, the higher the computing power of a single miner, the more SIT needs to be staked in order to realize corresponding profits.
X represents the size of a miner’s plots (TiB) and A is a certain threshold that determines immunity. Staking SIT is exempt when X < A. Silicoin sets the beginning threshold at 2, and the threshold is going to double at halving.
When X ≤ 1290.68 (TiB) the number of SIT that requires Staking is as below:
When X > 1290.68 (TiB), growth is slower in the number of Staking SIT, and reflected by a totally different formula:
With an aim to restrict the participation of large players in the early stage, Silicoin Network designed a Staking system that separates into 2 parts: Larger players can only enter as the network is gradually increasing in size, allowing growing space for smaller miners. What is more, it helps the network to avoid a 51% attack as no one can control more than 51% of the network's mining hash rate.
After digging deeper into the Chia chain, we realized we were unable to achieve our objective. And that is why we delayed our launch of the Staking function (the original launch date was the beginning of August). We have, however, found another way to offer Staking on the Silicoin Network and all our codes have been completed. The application of concept is a little different from before, but much more functional.
How does staking works on the Silicoin Network?
Silicoin combines the features and strengths of both Proof of Space & Time (PoST) and Proof of Staking (PoS). In the process of producing blocks, Proof of Space is still the foremost consideration; the more plots miners have, the greater the probability that they will be selected to produce blocks. And as more miners join, space on the network will increase, and so the difficulty of the “hashing calculation” will need to be adjusted accordingly.
In Silicoin consensus mechanism, the difficulty could be lower by staking SIT. As we all know, the lower the difficulty coefficient, the greater the probability of being selected to produce the block. In other words, the miners who stake SIT are easier to win the blocks.
Details of the Staking formula will be announced in our updated Whitepaper and in Silicoin’s official media. Please stay tuned!
Mining tSIT with NFT plots
We have also found a solution to the problem of NFT plots only getting 0.25 tSIT. As we all know, this issue was caused by Chia codes that no Chia fork could fix. Previously, Chia assigned new plots with unique NFT. Now you will find that you cannot get the same address with Chia chain if you decrypt the same smart contract in Silicoin. Simply, your reward of 1.75 tSIT was lost.
Luckily, there is a way to fix that. The problem is that the miners who have NFT plots could get 100% rewards (2 tSIT) if we change the codes. But the new pool standard of Chia network will be invalid. In other words, we need to rewrite the codes of this part in the future, instead of taking the codes from chia new pool protocol.
Therefore, we will hold a vote in Discord (https://discord.com/channels/855895952757620757/856791041260650506/876104807411253348), and let the community decide. Please consider carefully and then vote because it will affect Silicoin’s future development.
Updated development plan
Lastly, we believe you read our Whitepaper and have become well-acquainted with the development plan of Silicoin Network. As required by our community, we made some adjustments to our plan.
In Tulip Network, we will start the mainnet. In other words, all the tSIT will be exchanged for SIT in this phase, and start to mine with Staking SIT. Others are the same as the initial plan.
Silicoin is the number one fork of the Chia Network, and geared for “green-minded” crypto miners. Founded in 2021, the Silicoin Network securely combines Proof-of-Work and Proof-of-Stake mechanisms in a dynamic network that is truly decentralized. Visit our website at Silicoin.cc, or join community discussions at https://discord.gg/qqcnwHAP7C to become a part of The Domino Effect in the Blockchain World.