All You Need To Know About Silk Cryptocurrency

All You Need To Know About Silk Cryptocurrency

Silk (also known as Silkcoin) is a cryptocurrency that combines the best innovations and technologies from modern cryptocurrencies. According to the l

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Silk (also known as Silkcoin) is a cryptocurrency that combines the best innovations and technologies from modern cryptocurrencies. According to the lead developer, Spencer Lieves, the cryptocurrency is designed to solve fundamental problems of digital currencies such as high price fluctuations and illiquidity. The digital asset is owned by Silk Network which is available on silknetwork.org.

What is Silk Network?

Silk Network consists of other products such as DarkSilk (DSLK) and Weaver, and is quite secure and reliable with features such as trust-less systems, quantum cryptography, high-end encryption, hardened algorithms, blockchain and decentralization. DarkSilk is the flagship product of the company and is simply a privacy-centric cryptocurrency. It is consistently backed by Silk (SLK) and operates on the Weaver platform. Using this platform, the company is able to place bids between DarkSilk, Silk and Bitcoin. In this process, Silk is responsible for regulating demand changes of DarkSilk and keeping its price and supply stable and abundant respectively.

Features

When it comes to the codebase and features, Silk is based on 0.11/0.12 Bitcoin and has Proof-of-Stake (PoS) but lacks Proof-of-Work (PoW) period. The PoS pays 2 SLK per stake reward. The digital asset has a decentralized DNS, Watch-Only Address UI (for Qt wallet) and a MultiSig UI. It also has ToR connectivity which allows users to get ring signatures and Stealth addresses from DarkSilk.

What’s ahead?

Silk Network generated its initial revenue through ICOs, stabilization mechanism and Weaver which allows selling of services. The company is planning to add a paid account option on Weaver in an effort to increase its revenue. They are also starting a development portal (Kowari) which is expected to be a central hub for conversing, sharing ideas, creating new applications and developing downloadable tools using the Silk & DarkSilk blockchains. In addition, the company is planning to partner with an American-based healthcare company to enable patient identify locations services using the Silk blockchain.

Time to invest?

For users who want to invest in Silk, it is recommended for them to make use of Stormnodes which can be helpful when it comes to mining SLK and DSLK. The Stormnode network also gives users voting power to give their opinions when the company wishes to make some major changes. In addition, the network provides good conditions for budgeting and InstantX transactions.

Conclusion

Moreover, Silk is not a competitor to Bitcoin. In fact, the company uses Bitcoin as a third pillar to store value. Concerning markets, the digital currency can be exchanged with Bitcoin or DarkSilk at market price. It can be traded on the Bittrex and on other selected cryptocurrency exchange platforms.

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