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In between World Cup games, I do try to bring you guys some news. Even though I am keeping some of the juicy bits for tomorrow, that doesn’t mean I can’t do a small article, right? SilkCoin has been added to MIntPal!
You may (or should) have noticed how we talked about SilkCoin a few times already. Mostly because a lot of people thought it would just be another pump-and-dump coin, while in fact, they have one of the best development teams behind the coin.
Today marks a very important and interesting day for SilkCoin users. Even though this Crypto has already gone through the Proof-of-Work and Proof-of-Stake phase, a second (and final) Proof-of-Work stage has begun today.
That is also the main reason why SilkCoin caught my attention in the very beginning when it had just launched. Two mining phases split by a staking phase, and topped off with another staking phase. Unique, and I like it!
Either way, SilkCoin can now be mined again for a very short period of time. There are 10,000 blocks to be mined during this final mining phase, with a block reward of 2,500 SC. We are looking at roughly 5 days of mining.
There is a new SilkCoin client update, and this is a mandatory upgrade, so we advise everyone to download the new version as soon as possible. So what’s under the hood of this new update? Let’s take a look , shall we?
The block rewards for SilkCoin’s next (and final) Proof-of-Work phase will be reduced, as a result of community feedback. The new block reward will grant miners 2.500 SC per block. This also means there will be half as many coins generated in this phase, compared to the previous one.
It looks like things are moving upwards for SilkCoin. The prices on exchanges such as Poloniex have tripled in less than a week, and the second Proof-of-Work stage is still about 10 days away. So what is happening?
It could be partially because of the HashCows Multipool, which allows users to receive their payments in SilkCoin, and thus creates a bit of buy pressure on the exchanges. Also, I can see a fair few people building up a nice supply of SC for themselves.
A new SilkCoin wallet was released a few days ago, and some more details about the future of this cryptocurrency were announced. The second Proof-of-Work phase of this coin is getting closer as well, so let’s take a look at what’s new.
First of all, there were a few people in the SilkCoin community who really wanted to remove the second Proof-of-Work phase, because that could lead to another mass dumping and price decrease. It would also mean the coin has to be hard forked.