Semux recently launched it's mainnet - and is running smoothly since Saturday 20th January 2018, forging a block every 30 seconds.
Many new people are joining our little community on discord every day - and every day there are the same Questions! I will try to answer the most important ones:
FAQ
How to join the Semux World
First of all, you need the latest wallet. You can find it on GitHub. Download the wallet and let it run! You need the latest Java-Runtime-Environment installed, and, on windows, Microsoft Visual C++ 2015 Redistributable Update 3 RC
Once you installed these, and you start your wallet, it will generate a new address for you. Save your wallet (Menu -> Wallet -> Backup Wallet). It is also a good idea to export your private key, and store it safely! Never ever tell someone your private key! Write it down! Keep it save!
How to get some Semux
Getting Semux is not that easy at the moment - there are no exchanges right now (though they will come). So, your only chance is by earning SEM in the BitcoinTalk-Signature Campaign, OTC Trades (beware of scam! Use escrows!), the BTC Airdrop or contributing to the Project: find and report Bugs on GitHub
How to migrate from a prior Version to MainNet?
Simply install the new wallet in a new folder. Start it and import your previously backed up wallet file via the wallet menu. You can do this with a private key, too. Please use a clean folder - you need to sync everything! And coming from beta it is always a good idea, to have a fresh installation! Keep your wallet and key save! Backup them!
If you are encountering errors, try deleting the database folder first.
How to get more SEM - what is this voting? Validators... Delegates?
Semux is running a distributed Byzantine fault tolerance -
(short: dBFT) Consensus Algorithm - it is mostly explained in the Wiki.
- for PoW Systems like BitCoin, you need immense HashingPower to run the network and get a chance of forging a block. You need much energy to run this!
- in PoS Systems like DASH you net need huge amounts of coins staked and locked in your wallet to get a higher chance of forging a block. Every staked Coin is a chance of forging. You have to keep the wallet open and running all time.
- in dPoS, like Waves, you vote for someone who is staking for you. You do not need to run your wallet all the time!
- Masternodes will make you transactions faster and more secure. You need a big amount of coins to run a Masternode - and buying into a share masternode requires you a lot of trust to the masternode admin
Semux is different! It uses dBFT!
- 100 Validators are running the network. Many of them are pooled Validators. They share their income with their voters.
- You can vote any amount you want - just make sure, your voted delegate has the status "validator" - then he may forge blocks. (Just go to delegates in your wallet, select a delegate and vote for him - you can always unvote again!)
- Only the validators need to run their wallets on good machines. There is no need for a bigger infrastructure. No need for immense hashingpower. No need for thousands of masternodes. Just 100 Validators
- Validators earn 3 SEM per block + Network-fees. Fees got lowered to 0.005 SEM / TX - that's quite cheap, isn't it?
Why is SEM better than the rest?
I would not say it's better - though it has some advantages!
- really fast transactions - 5000tx per 30s without the need of masternodes! This is a tested and "low end" spec! This will be raised, soon!
- low cost infrastructure - only 100 validators needed. No miningfarms! No Masternodes!
- Open for everyone - get SEM, vote, earn!
- Living community - there are many people on the community channels! Let's crow together!
- Living repository - the devs are working hard - and much! Look at the GitHub Repository - CodeBase changes daily!
- Completely new software - this isn't just another BitCoin-QT Wallet clone! This is written from scratch!
Future
The future looks bright for Semux! dApp-Support is announced! Running on a decentralized virtual machine on the Semux-Network! This will come Mid to end 2018! Join now, before it is too late!
