Silkcoin is pure Proof of Stake coin, except in the 2 stages of initial distribution where POS and POW are mixed. First stage lasted 5 days, we're now in the second POS phase, next phase will be the last POW phase.
There will be 3 phases of distribution,
a week (10 000 blocks) of POW/POS followed by
a full month of pure POS; Then when Silkcoin gained some popularity a last phase of POW/POS similar to the first one will happen, helping distributing silkcoins to the maximum number of people before full POS stage. The fixed interest rate is 2% and coin start earning coin-age after 12 hours.
Built-in market explorer (soon exchanger), block explorer, statistics, coin control, QR code, beautiful UI, reserve balance, easy unlock/lock for staking, built-in IRC chat, and a lot more to come!
We will be releasing new updates every week, and in 10 days since launch we already released 2 updates greatly improving users experience.
We're also working on a big project we call silkcoin eco-system where all will de decentralized more infos here :
https://bitcointalk.org/index.php?topic=599438.msg6829311#msg6829311 it will be released shorty after we reach the last full POS phase.
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 --
Pools --
POOLS PLEASE UPDATE YOUR CLIENT AND POST IN THE THREAD TO BE ADDED --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.
Design is also in very early stages, don't be shocked if it doesn't look very sexy!
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.
ServicesStores
Medias & Press
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 console10 000 for first minor exchange30 000 for first major exchange- 5 000 SC for any pool with SC payout
Ongoing objective bounties for a Facebook managerOngoing 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
rpcport=16667
server=1
addnode=107.170.61.197
addnode=107.170.73.238
Please share your thoughts about Silkcoin and your vision for our future, tell us what you want for this coin and we'll make it happen.
Don't hesitate to ask any question, we are here to enlighten you.
