Silicoin has completed the staking test, and there is a plan to launch mainnet (Silicoin Tulip Stage) within a week.
Before the mainnet launch, there are few prepared jobs we have to finish. First of all, we calculate how much tSIT is left from pre-mined, and Silicoin will burn all of them. Secondly, took a snapshoot in a block height and shows to every community member. Then start to convert tSIT to SIT. Last but not least, SIT will launch a reliable exchange and got professional market makers for trading.
So how many tSIT will be burned?
There are 7139 community members who participated in the Community Incentive Program, and 1082000 tSIT will distribute to them as a reward. Then, the remaining 118000 tSIT is going to burn.
Another event is the Application Nodes Testing Event. There are total 46405 community members joined and 1899240 tSIT has been distributed before. It will burn the remaining of 100760 tSIT.
That is to say, the number of coins burning is 118000+100760=218760 tSIT in total. We estimated the burning event will be held on 18th Oct 2021. Silicoin will announce and transfer 218760 tSIT to the specialized address whose private keys are not accessible.
Coin burn is a process where the miners and developers remove the coins from circulation. In other words, coin burn is a process of destroying the coin so that it is not available for further use (trading or otherwise). Therefore, all the tSIT that burned will not count in the SIT exchange event.
The snapshotting of SIT exchange event will be held in block height 466000. We estimate the time is about 13:30 UTC on 20th Oct 2021. Then you can get the final exchange ratio of 10.2264:1.
Last but not least, SIT will launch an exchange that only focuses on mining coins and got the professional market makers for trading because we get the fund from capitals. Thank you all that support Silicoin for a long time, @everyone and we believe that Silicoin must be one of the best chia fork in the future.