Just two POW phases separated by a month nothing complicated .
And the advantage is a better distribution, fact that is widely criticized in full POS coins. The month of "pause" will let silkcoin gain some popularity, people who missed the first stage will still be able to mine during the second stage.

And we are now debating if we should set the second mining stage to X11, helping even more the distribution.

I missed that one, just remember a cheap golden wallet. What happenned?

Again, nothing is definitive, we will decide with the community of the future of this coin.
Please tell us what you think would be the best.

By the way if you want to see the wallet in action don't hesitate to check the demonstration here :

http://silk-coin.com/#screenshots

At first we went for another algo but then we thought it was best to keep it to scrypt since it is more widespread and the mining period lasts only 2 weeks.

In any case it's not a big issue since the main objective is to go full POS.

We'll keep the first mining session to scrypt since it is in 2 days but maybe we'll switch to X11 for the second mining period.
In fact now that you raised the subject I edit this post because the whole team finds a second phase on a different algo would be great. Expect a change of the algo on the second mining phase .

Nothing is definitive yet, it all depends on you !

Hehe thanks to all the great feedbacks even if its not very customized hah


50 million coins distributed during 7 days of POW then 1 month of POS then 50 millions generated through the second POW phase.

There is no limit to the number of coins generated by POS.

Interest will stay at 2% with 12 hours maturity.

Most of them are not limited at 1 person .

And there will be bounties that are more like wages for people doing ongoing support (facebook management for example), we lack social support for example so we need to pay people on the long term to handle this for us etc..

If you have any service to propose feel free to contact us, and many bounties will be added (for example translations) don't forget we're at the beginning.
All the premine will be distributed.

Yes indeed our coin is based on blackcoin, the specs are sometime similar so it was a copy paste thanks just edited it.

And we are not ashamed of it, it's the point of open source. And by the way you can also quote where we say.

Launch Date: 9 May 2014 19:00 GMT
I will soon put a countdown on the website  .

Not our fault if people with 0 posts replies to the topic, it's not self moderated! (by the way you can see we are online at the same time)
And you can make your own mind by looking the "New member" , "Newbie", " Brand new" labels on the posting account don't be dupe.

As for the pre ann I understand your point badam, we would like to have some different opinions and maybe we will launch sooner if this is what the community wants.

At this moment the date of the 9 MAY stays.

Sorry badam I misread because for us ninja launch is not good.
Everything is ready but we felt raising awarness for 2 days was the right move to get a better distribution at launch.

Announcement two days prior to launch is almost ninja and anyway ninja is not good for the distribution, in case you haven't noticed there will be 2 POW phases so everyone has a chance to mine even if you're not there for launch so our goal is not to ninja launch on the contrary.

http://altcoinherald.com/flashcoins-minute-gone-next/

Also with difficulty retargeting each block there will be no instamine if you're afraid of that.
As for the enthusiast post i don't see what's wrong with their posts  

 







Specifications

• Block time: 1 minute
• Maximum POW supply: ~45 million
• Difficulty retarget: every block
• Stake interest: 2% annually
• Min transaction fee: 0.0001 SC
• Fees are paid to miners
• Confirmations: 10, maturity: 350
• Minimum stake age: 12 hours - No max age
• P2P port: 16666, RPC port: 16667

Stages and Proof of Work

• Algorithm: scrypt
• Block reward: 5000 SC in first stage and 2500 in third stage
• First stage POS-POW : block 1 to 10 000 (~5 days & ~30 million coins because of POS blocks)
• Second stage Full POS : block 10 000 to 50 000 (~30 days)
• Third stage POS-POW : block 50 000 to 60 000 (~5 days & ~30 million coins because of POS blocks)
• Third stage POS-POW : block 50 000 to 60 000 (~5 days & ~15 million coins because of POS blocks)

- HARD FORKED to please everyone

• Last stage - Full POS at 2% per year and 12 hours maturity

Exchanges -- Exchanges PLEASE UPDATE YOUR CLIENT AND POST IN THE THREAD TO BE RE-ADDED --

• https://www.cryptsy.com/markets/view/225
• https://www.mintpal.com/market/SC/BTC
• https://poloniex.com/exchange/btc_sc/
• https://www.bittrex.com/Market/Index?MarketName=BTC-SC
• https://www.kingcoiny.com/index.php?page=trade&market=17
• https://www.alcurex.com/
• https://www.rapidcx.com/exchange/silkcoin

Pools -- POOLS PLEASE UPDATE YOUR CLIENT AND POST IN THE THREAD TO BE ADDED --

• http://xhash.net
• https://silk.suprnova.cc
• http://thepool.pw/silk/
• https://ipominer.com/
• https://coinking.io

Pools with payouts in SC

• www.hashco .ws
• Dedicated SC multipool coming for last phase on the community demand

Here is the paper, and the whole theory revolving around silkcoin eco-system.

Now let's talk about this eco-system. We didn't want to unveil it this soon but since we talked a bit about I will tell you a few things. First of all it's in very early stages, so don't get too excited it won't be out before at least 2-3 months.
The whole system works with torrents and the blockchain, Satoshi's greatest invention wasn't the bitcoin currency it was the blockchain. He invented the first way to really decentralize anything, on a freedom point of view there's so much more to be done than a currency.

So here's how it works, once you're connected through your wallet, you will be able to access a local website on your computer at 127.0.0.1:1666, this hub will regoup a lot of different functions all decentralized and based on the blockchain.
And yes this means no censoring and freedom of speech. We're pretty sure we can succeed in time to make all the planned functionalities, but they will be added progressively. I'll detail later what the first integrations will be.
This hub works a bit like a social network, with profiles, friends, post boards etc.. You'll generate a unique user that will be tied to your secret key, if you lose the secret key there's no way to retrieve your account. To interact with someone (make an exchange, send a message etc..) you'll have to be friends with each other, this is a limitation we can do nothing about.
At the moment we think we'll launch social network features and file sharing first since they are already working pretty great on full POS. Exchanger will follow, we're still having a few unresolved issues. And we thought of a marketplace but we're still discussing the implications and we don't think it will be feasible because of a lot of obvious concerns. These are the main primary objectives at the moment, but of course there's plenty of possibilities and ideas who knows how all this will evolve.


Here's a screen of the network status when you open the wallet & connect to the website. You can't do anything until the blockchain is up to date and data downloaded. Then of the profile, most functions you see are already working pretty well. We'll show you a screenshot of the exchanger once it's a bit more advanced, at the moment it's not looking like anything .


Of course we welcome any dev who wants to help us, just contact us with your skills we need all the help we can get. And no, if you copy-pasted a coin you're not a dev .
We'll answer all questions in time, I know there must be a lot of questions arising but look at the size of this post hehe and at first we didn't want to talk about it so soon again, it's still in very early stages but the system we use seems to be working great.

As you can see, if this eco-system comes out it's going to be huge. It's a decentralized censorfree world, you'll be staking, securing the network and winning money while browsing the eco-system. And Silkcoin will be the main currency here, we'd actually be the first to really solve the issue of most cryptos "what to do with my coins other than speculate" and manage to keep a lot of users with the wallet open to secure even more the network.




Services

• Block Explorer  http://explorer.silk-coin.com/
• Accept Silkcoin in your store http://www.altaccept.com/
• Silkcoin infos http://www.cryptocoinrank.com/Silkcoin
• Silkcoin Faucet http://www.cryptoarrow.com/faucets/silkcoin/index.php
• Cryptrader charts http://www.cryptrader.com
• The Doge of Wallstreet ! http://silk.dogeofwallstreet.com/

Stores

• Hausfay Hotel in Greece http://hausfay.com/en
• Stoney B http://www.stoneyb.com/
• BadAss Security Services https://www.badass.sx/

Medias & Press

• http://www.judgecrypto.com/news/the-launch-of-silk-coin-sc
• http://www.cryptoarticles.com/crypto-news/2014/5/10/silkcoin-a-bitcoin-alternative
• http://cryptonews.today/featered-altcoins/silkcoin-to-the-moon-scrypt-pow-pos-coin-with-by-far-the-coolest-looking-wallet
• http://www.cryptoarticles.com/crypto-news/2014/5/22/silkcoin-wallet-update-marketing-push-coming-bittorrent-integration-planned
• https://www.youtube.com/watch?v=qshbUi-xwx4 "Hitler finds out something is missing in his SilkCoin wallet", SilkReich Video Series
• https://www.youtube.com/watch?v=-vUlkM_vnzY "Hitler finds out something is missing in his SilkCoin wallet" episode2, SilkReich Video Series
• http://www.cryptoarticles.com/crypto-news/win-an-oculus-rift-thanks-to-silkcoin-poloniex#
• http://btc-news-bot.tumblr.com/post/87809700971/win-an-oculus-rift-thanks-to-silkcoin-poloniex
• http://coinjoint.info/arent-coins-focusing-wallet-development-innovation/
• http://247cryptonews.com/silkcoin-the-new-road-of-wallet-features/
• http://www.coinssource.com/silkcoin-begins-marketing-second-mining-phase/
• http://www.cryptoarticles.com/crypto-news/silkcoin-added-to-mintpal-brings-200-bitcoin-trading-volume-in-mere-hours
• http://bitbillions.net/2014/06/13/alt-currencies-silk-coin-review-on-the-silk-road-to-success/
• https://www.badass.sx/silkcoin-new-coin-defeat-bitcoin/

FAQ

• No, Silkcoin is not affiliated in any way with silkroad, "silk = the very fine soft lustrous fibre produced by a silkworm to make its cocoon"
• What is Proof Of Stake and how can i mine?
  Proof of stake is another way of mining, which involves holding coins. Coins staying still for more than 12 hours start generating what we call coin age, once it has started you may hit a stake block and win an interest on staked coins. Like in POW, hitting blocks is a bit random so don't be alarmed if you *should* hit a block soon and you don't. You don't have to keep your wallet open to generate coin age but you have to let it open to hit a stake block.
• How compound interest is calculated?
  https://en.wikipedia.org/wiki/Compound_interest#Compound_Interest
• Is the number of coins limited?
  100 million coins will be generated throught POW and POS generation is not limited.
• Why the 4% premine? (supposed to be 2% of 100 million at first but evolved due to Fork & POS blocks)
  We thought about it for a while and decided a premine was mandatory for the success of the coin. First it helps distribution as does the 2 POW phases, a fact that is widely criticized with POS cryptos featuring 1 distribution stage, 50% premine, ipos...
  Then have a look at all the dying 0 premine coins trying in vain to raise community bounties (yes blackcoin is an exception and a amazing coin and we wish all the best for them).
  Our decision is final so please don't complain about it, you are free to go mine another coin, and also free to claim your part of the premine by helping the coin and our community.
  About 1 100 000 SC is left from the premine today 15 june 2014.

 

• When will the built-in block explorer be fully finished?
  Main functions are here so currently it is not in progress. But expect a lot of changes in the new version coming out before the second POW phase.
• How do i keep some money from staking? Why would i do that?
  Just go in settings and set the "reserve balance" field which stands for the amount of money you DON'T want to stake, your money is stuck while it is staking that's why you may want to keep a determined amount available.

Bounties

• 1 000 SC - Write an article about Silkcoin (available before launch also)
• 2 500 SC for any basic service (contact us)
• Contact us for translations bounty depends on how much you translate
• 5 000 for any major service
• 10 000 if you solve the runtime error triggered by the debug console
• 10 000 for first minor exchange
• 30 000 for first major exchange
• 5 000 SC for any pool with SC payout
• Ongoing objective bounties for a Facebook manager
• Ongoing objective bounties for a Reddit manager
• Ongoing objective bounties for all developers
• Contact us with your services we will offer you a bounty

- If wallet crashes, relaunch it happens ONLY on  first launch.

silkcoin.conf