• Sun. Jul 14th, 2024

Silicoin 2nd AMA Summary on 27th Nov


Nov 28, 2021

Hello every one, the AMA starts now.

1. If there are multiple computers in one fingerprint, the pledge remains unchanged, but the number of pledged farmland in the computer wallet is the actual number of farmland, and the total number remains unchanged. Can a total number of pledges be shared by multiple computers? It should be that the number of farmland corresponding to the pledge has changed. The figure shows the total number of pledges in each wallet. It can be seen that different farmland corresponds to one pledge number, and each computer’s fingerprint farmland corresponds to the same total number of fingerprint pledges. If I open a virtual machine and divide it into n wallets for farming, will the income increase n times?

Separating wallets for farming will not increase revenue. The principle is straightforward. According to the address generated by the farmer public key of the plot file, the focus is clear. The stake to this address will be read when finding the proof and verifying the block. The balance of the address has nothing to do with the number of wallets.

2.The harvester mode can only be pledged to the wallet of the master node. The number of harvester farmland cannot be seen in the staking.

If you load the sit farm summary on the machine running the farmer service, you can see the number of plot files.

3. How timelord or other farmer verify that block winner or proof founder are not cheating the staking balance? please point out the part of code that do something like this verification.

The staking amount would affect the individual difficulty, which would affect VDF, the iteration of finding the proof. So basically, we don’t directly validate the staking amount, but validate the proof when receiving or syncing the blocks. You can find the code changes mainly in consensus folder.

4. Possible dev adding more info regard the difficult and netspace farming to show how many coin need to stake

Yes. It has been added into our schedule.

5. What about promised 1:1 split testnet- mainnet ?

Again and for the last time, Silicoin has never promised that tSIT will be exchanged for SIT 1:1. As mentioned in the earliest version of the whitepaper, all tSITs produced during the testnet phase will be exchanged for 500,000 SITs. Maybe some people had false information.

6. When do you expect to release a new whitepaper/roadmap and what changes should be expected?

At present, there will be no new changes to the white paper. However, about Silicoin’s roadmap and.future plan, please read this article https://www.sitnetwork.org/post/road-map-future-plan-_the-great-voyage-of-silicoin

7.You’ve done staking, people need SIT for getting better income, this way you get demand and high price on exchange. Sooner or later demand will drop after saturation of people staking wallets and this will drop SIT price too. What’s your next plans, will you support demand with other things, improvements or developments?

It is a good question. First of all, let’s talk about how the relationship between SIT’s future circulation and price may happen.As we all known, when the circulaion is more than netspace, the price of SIT is going to drop.

The initial premine is 1 million SIT but there are only 500,000 in circulation. Besdies,the daily output is 4608 SIT. It means the total mining output of 1st year is 1,681,920 SIT. So the maximum circulating 1 year later is around 2.1 millions.In other words,the price will not dump if the netspace could reach 2100 PiB. Honestly, it is not too difficult for Silicoin network to reach 2100PiB. Therefore, we can be optimistic that the price of SIT will be stay in a reasonable range.

However,staking should not be the only way that keep the price be stable. We must find the use cases for SIT as you mentioned. In fact, our team has made a plan since the mainnet launched.

1. We are exploring the possibility of using different addresses to stake. For example,A has 100 SIT but he dosnt has any plots. B has 100 plots but dosnt has SIT coins.If B could stake for A,then share the profits in a setted way, that it is cool, right? It could solve many problems such as the security of private key. But all this is still hypothetical. Our technical team has also made some proposals for this, but so far we have not found a solution that can be implemented.

2. Chia is very suitable for payment, Defi and NFT.Especially now that CAT is released,we will follow the pace of chia development and study how to merge these important functions into Silicoin.

3. NFT & GameFi is the most popular topic at the moment.Actually,there are some cooperation between Silicoin and other projects who focus on developing games on chain. We will make a statement after the cooperation is confirmed.

4. According to our whitepaper, we have a initail idea about the application node in step3. These nodes provides SIT mixing service and it will be an important use case for Silicoin in the future.

8. When will SIT finish SMART contract , DeFI . or something like that

I think it is a similar question with the last one. We are studying the codes of chia now and will merge them once we confirm there is no conflict with Silicoin. What we need to do at this stage is to found the underlying architecture of Silicoin and release more functions step by step in the future.

9.Why dont you list SILI on Binace exchange, Okex Exchange or Top 10 Exchange?

When SIT listed in trusted exchange? Citex is not tracked by coinmarketcap. I suggest small exchange but have “high confidence rating” in coinmarketcap like HOTBIT, LBANK, COINEX, or GATE.IO which already listed Chia.

We have also noticed the problem you mentioned.The marketing team is currently in the process of talking with some exchanges, and I believe there will be good news for everyone next month. In addition, our exchange listing plan is divided into three stages, gradually landing on larger and more popular exchanges.

The AMA today ends here. If you have other questions, please DM me. I will update the questions and answers on this channel.

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