Looking into the current mainstream encrypted digital currencies, BTC mining is not environmentally friendly and has been hit by many countries; the mining situation of ETH after being converted to POS is still unknown; FIL mining cannot temporarily solve the problems of staking cost and effective data; the threshold of Chia is too low, which results in unfair monopoly. The mining industry is at an impasse, and it seems that there is no successor.
In the current environment of Web3, the blockchain world urgently needs a more environmentally friendly, intelligent and fair decentralized network ecosystem, and Silicoin came into being. Under the collision of geek and punk thinking, several unknown programmers and miners came up of an arrogant idea, which is to overthrow and rebuild the whole world of hardware mining.
That’s right, this is Silicoin.
1.1 Original POB consensus mechanism
The Silicoin team combined the advantages of POW and POS, and proposed a new POB (Proof of Balance) consensus mechanism. The Silicoin network uses its own technology, based on economic models and traditional POW mechanisms to realize a fair coin production method that automatically adjusts the difficulty of mining and gradually halves block rewards, and combined with the consensus mechanism of POS to reduce energy consumption requirements, avoid the paradox of over-centralization of computing power, and finally form a balance between workload and capital, giants and retail investors, interests and contributions, this is the POB consensus mechanism.
1.2 Silicoin block producing detection mechanism
At present, many projects have shortcomings in the block producing mechanism, which has lots of hidden dangers. In this regard, Silicoin has designed and optimized the block producing detection mechanism. In the Silicoin network, all plot files that have passed the preliminary screening will enter the candidate list of producing blocks, and the program responsible for producing blocks will check the plot files in the candidate list in details. The block producing program will automatically eliminate plots that do not meet the above checks, so as to ensure the high-speed operation of the Silicoin network and eliminate unnecessary hidden dangers.
1.3 Zero-knowledge proof and anonymity
In the field of blockchain, the difficulty of anonymity lies in how to correctly verify the accuracy of user information without disclosing the content of user information and prevent malicious attacks. Among the various encryption schemes currently providing privacy for the blockchain, the zero-knowledge proof algorithm represented by ZK-SNARK (Zero Knowledge-Succinct Non-interactive Argument of Knowledge) and ZK-STARK (Zero Knowledge-Scalable Transparent Argument of Knowledge) is gradually being valued and accepted by many projects and professionals. The biggest advantage of the zero-knowledge proof algorithm is that it provides a simplified unforgetable password proof, which allows one user to prove the authenticity of his statement to another user without revealing any information beyond the validity of the statement. After careful consideration and voting by community startup members, Silicoin decided to adopt ZK-STARK with stronger scalability and security to ensure the anonymity and security of the Silicoin network.
1.4 System Architecture
After the frequency of on-chain transactions has risen to a certain level, a series of problems such as congestion and high gas in the performance of public chains such as Ethereum have been revealed. To this end, the Silicoin system will adopt a layered design concept to solve the above-mentioned pain points. The hierarchical logic is to complete different operations in different layers. The layers interact through interfaces, and each layer itself is also one or more blockchains. This can greatly improve the overall TPS capability, and by distinguishing the functions of each layer, the computing power and the processing efficiency and capabilities of the program can be expanded, and the corresponding cost (expense) can be reduced. In addition, after the layers are isolated, the security can be further improved. Even if there is a problem in the upper layer, it will not affect the security of the next layer.
1.5 NFT module
In terms of NFT, Silicoin creatively proposed the concept of NFT development module, which aims to lower the threshold for users to generate and use NFT. The NFT development module program can use smart contracts to parameterize any NFT, which means that even if you are completely unfamiliar with the computer programming code and the NFT production process, you can design and fill in the NFT parameters in the template according to your own preferences and needs, and then generate NFT within one-click.
2.1 Token Distribution
Starting from the test net 1, the Silicoin generate blocks every 10 minutes, and the initial single block production produces 64 SIT, which means the initial annual output is 3,363,840. After that, SIT production will be halved every 3 years.
2.2 Use cases
As the only universal token of Domino, SIT has rich usage scenarios, such as staking, DAO and DeFi application expansion.
In order to avoid excessive centralization caused by the monopoly of resources and funds, when the computing power of a single miner’s account reaches a certain threshold, there will be a staking requirement, and it is the linear weighted staking. That is to say, the higher the computing power of a single miner, the more SIT needs to be staked if they want to dig out matching profits.
Users who hold a certain amount of SIT can initiate upgrade proposals, such as staking weighting coefficients, development plan adjustments, etc. All SIT token holders can vote on the proposal, and the proposal that gets the majority of the votes will be passed, and the development team is responsible for implementation.
SIT holders can also achieve currency listing through voting or staking, and they can also use SIT for convenient cross-chain exchange. The Silicoin team will also contact offline partners to promote the value of SIT, so that SIT also has offline financial payment capabilities.
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.