SICash is a decentralised blockchain project built on Bitcoin's UTXO model, with support for Ethereum Virtual Machine based smart contracts, and secured by a proof of stake consensus model. It achieves this through the revolutionary Account Abstraction Layer which allows the EVM to communicate with SICash's Bitcoin-like UTXO blockchain.
We use a PoS (Proof of Stake) consensus mechanism, which is different from Bitcoin's PoW (Proof of Work). The mining process in PoS system is called staking. The block producer will get 97% or 8002.5 SIC, as well as the transaction fees and gases as block reward. So the real reward is usually more than 8002.5 SIC in total.
Clearly, blockchain offers tremendous potential to reshape privacy and security and, ideally transform the global economy. The vision articulated and the solutions described in this whitepaper represent the first steps toward demolishing barriers, driving global blockchain adoption into everyday use.
Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Perhaps most important, blockchain empowers people, giving them more control over their transactions and interactions with information and financial dealings (not to mention their own data).
SICash offers economic incentive for our decentralised Stake and Bakers, to offer a truly scalable, decentralised blockchain development network. This incentive is created through a portion of block rewards and, eventually through different economic models such as transaction fees or operation tariffs for DApps, to support our vision for a powerful and decentralised network to allow separate blockchains, apps, tokens, smart contracts, and much more.
Our platform provides an intuitive, frictionless experience, facilitating cross-chain transactions in a simple and clean interface for users and developers alike. With SICash, we created an all-inclusive and standardized environment that allows developers to focus their efforts on the blockchain solutions. This will foster the free creation of DApps and smart contracts that are open to all.
SICash (SIC) will use a PoS consensus mechanism. The mining process in PoS system is called staking. The block producer will get 97% or 8002.50 SIC
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