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Re-Introducing: Silvermint

9 June 2022

We aspire to onboard the next one billion Open Web users with Silvermint.

Silvermint is a groundbreaking new layer 1 platform in the blockchain space that addresses the blockchain trifecta of scalability, security and decentralization.

Existing platforms do not deliver on the promise of blockchain to deliver business and consumer solutions for fast, transparent, and censorship-resistant transactions.

That is about to change.

The Pyrofex team, led by co-founders Nash Foster and Mike Stay, PhD, have been working to solve this industry problem since 2018. They knew it was possible to design a consensus protocol that achieved significant — industry-upending — improvements.

That solution is Silvermint. Leaderless, scalable and secure, Silvermint enables developers to meet the promise of blockchain.

Scalable

Silvermint puts a priority on scalability so that it can be used by everyone. It’s not just that it’s able to match the speeds of centralized finance, as with Visa, it also supports consumer-level DeFi, content delivery and web applications.

It uses Casanova — a lean, optimistic, leaderless consensus algorithm. Casanova scales linearly on the number of nodes and the bandwidth provided by those nodes, to provide far more transaction throughput than any existing blockchain.

This fundamentally new approach is almost embarrassingly scalable. How great a magnitude are we talking when we say it’s faster than existing blockchains? Silvermint’s root shard is going to be about 10,000 times faster than Ethereum. Not 10 times, 10,000 times.

Silvermint, with these projected speeds and with guaranteed transaction finalization in under 2 seconds, is on track to outpace existing network transactions by geometric amounts.

Security

While it’s fast, Silvermint is also a tank. Silvermint provides security with a different approach to network staking. The projected Nakamoto coefficient for Silvermint is 30 times higher than other proof-of-stake networks. This is because Silvermint nodes will be equally staked and with about 75% of tokens locked as stake.

Silvermint’s equal-stake weighting model incentivizes validators to operate more nodes rather than adding stake to existing nodes, increasing both network security and scalability through increased bandwidth. While validators are required to maintain 1 GB/s of bandwidth, Silvermint doesn’t have expensive, bespoke hardware requirements like many competing Layer 1s. The result is a more efficient economic model for node operators.

Symmetry

We designed Silvermint’s smart contracting language, Symmetry, around the idea it should be easy to adopt and it should meet the needs and expectations of dapp developers.

Developers should have no trouble learning Symmetry as it is based on the popular Go language. The type system is advanced and provides the syntax and semantics needed to permit formal verification of complex type constraints at compile-time. We understand a blocker to realizing the power of decentralized computing is having the tools to create secure by design, performant, and upgradeable code. Symmetry provides those tools.

Game Changer

Silvermint represents a groundbreaking new platform in the blockchain space that makes the possible, possible.

Silvermint enables developers to meet the promise of blockchain.

With this, we can transcend the limits of what is out there, and empower users to create a world of endless possibility.

We plan to demo Silvermint in the third quarter of 2022. We invite you to become a part of the Silvermint community. Let’s talk on Discord. Read the white papers. Join us as we break the limits.

Silvermint is what Nash and Mike dreamed of four years ago when they first started conceptualizing this solution — they determined that it should be so easy to use that everyone tries it. It should be so fast that everyone can use it. It should be so cheap that users don’t notice it. It should be so reliable that there’s no noticeable downtime.