Silicoin description of the staking mechanism, token input and output

Good afternoon. Silicoin launched the network, but the start did not go completely smoothly, the first version of the client had a number of problems, from connecting to the network to withdrawing funds.

Because of these problems, I did not publish this release, everything worked not that it was not stable, I would say it did not work stably)))

A week after the launch, the developers updated the client in which they made a lot of corrections. Now you can start mining and steak SIT without any problems.  I will not talk about how to install and configure the client, everything works by analogy with the Chia client.

How does staking work in Silicoin?

Betting is a mechanism that will allow you to increase the chances of getting a reward for finding a block.  Without tokens on a steikeng wallet, your personal diffusion is 20.5. In simpler language, it will look like this:

Estimated time to find the block * for personal diffusion 10h * 20.5 = 205 hours estimated time to find the block.

There is also a website available where you can easily calculate your personal complexity:

https://sit.bar /

Fill in the data, the first line is the volume of your farm, the second line is the number of SIT that will be on the stakeout.

My farm size is 250 terabytes, and I have 20 SIT at the staking address, my personal complexity is 7,742.

My estimated time to find the block: 3 hours 30 minutes.

The formula above follows:

3.3 * 7.742 = 25.5486 hours

As we can see, there is a direct dependence on the time of finding the block and receiving the reward on the number of tokens at the staking address. The more tokens there are, the more chances there are to get a block reward.

How do I send a SIT to a staking address?

For Windows:

Go to the Stake tab in the client, and enter the amount we want to send.

For Linux:

— Find out the address of the staking wallet:

sit farm summary  Staking addresses:  sit1x6jjvepyvjv7395nmtywvx9mknshgy78dsmuu38m0e9grxr080nsltjugr (balance: 0, plots: 27)  ...

— We send 1 SIT to the staking address

$sit wallet send -t sit1x6jjvepyvjv7395nmtywvx9mknshgy78dsmuu38m0e9grxr080nsltjugr -a 1

— Awaiting transaction confirmation, checking the balance

$ sit farm summary ... Betting addresses: sit1x6jjvepyvjv7395nmtywvx9mknshgy78dsmuu38m0e9grxr080nsltjugr (balance: 1, plots: 27) ...

— To withdraw SIT tokens from a staking wallet:

$ sit wallet send-from -s sit1x6jjvepyvjv7395nmtywvx9mknshgy78dsmuu38m0e9grxr080nsltjugr -t $RECEIVER