This guide addresses as many questions you might have about CIC as possible. Please refer to this FAQ section before asking questions on Discord. If your question is still unanswered, please reach out to us through the chat function on our website in the bottom right corner or join our Discord.
General questions CIC token CIC blockchain network
A consensus algorithm is a mechanism to reach agreement among nodes in distributed networks. It removes the need for a central authority and allows the whole network to agree on data and the ordering of events in a trustless way.
Nodes participating in the network maintain an exact copy of the ledger, allowing applications built on top of the consensus protocol to function correctly.
Finality means that a transaction cannot be changed or reversed by any party. aBFT consensus algorithms such as Lachesis have a very low time to finality because they achieve absolute finality. Absolute finality means that a transaction is considered final once it is included in a block.
In the case of CIC Chain, Finality is achieved instantly with an absolute finality in just 1 to 2 seconds.
Conversely, Nakamoto consensus protocols rely on probabilistic finality. In this case, the probability that a transaction won’t be reverted increases with time. The more blocks that are created on top of a block, thereby confirming it as correct, the more difficult and costlier it would be to revert a transaction in that block. At some point it becomes theoretically impossible to alter older blocks, increasing the probabilistic finality to near 100%.
CIC has its own ERC20 standard, called CIC20. In the near future there will be an ERC20 token, but that cannot be used directly on the CIC blockchain mainnet. Upon the bridging of ERC20 CIC, it will automatically be swapped to CIC native coin.
Here’s a breakdown of the different CIC tokens in circulation including those coming upon the establishment of the native multi-chain bridge:
1. CIC: Used on CIC blockchain mainnet 2. ERC20: ECIC to exist on the Ethereum network 3. BEP20: BCIC to exist on Binance Chain
Note that CIC blockchain addresses share the same structure as Ethereum addresses (0x…), but they are not Ethereum addresses.
Yes, however you should must ensure that your wallet is connected to the Ethereum network to view them.
The CIC token has a number of use cases within the CIC ecosystem. It plays an essential role for a well-functioning, healthy network.
1. Securing the network
CIC uses a Proof-of-Stake system that requires validators to hold ENTER. Anyone with at least 1,000 CIC can run their own validator node to earn epoch rewards and transaction fees. Every CIC holder has the option to delegate their tokens to a validator (while keeping full custody of their funds) to receive staking rewards. Validators then take a small fee for their services.
By locking in their CIC, validators help the network to be decentralized and secure.
2. Paying for network fees To compensate validators for their services and prevent transaction spam, every action performed within the CIC network costs a small fee. This fee is paid in CIC.
3. Voting in on-chain governance Decisions regarding the CIC ecosystem are made using transparent on-chain voting. through CIC's proprietary DAO (Decentralised Autonomous Organisation which can be found at https://dao.cicscan.com. All users get just one vote, no matter how much CIC they hold.
With CIC as the governance token, validators and delegators can vote on network parameters such as block rewards as well technical committees and so forth.
4. Additional use cases CICLabs are building a range of different utilities and decentralised applications that can will utilise CIC as their native coin.
No, you cannot stake CIC on exchanges at the moment. There are other decentralised exchanges on chain that may feature CIC staking though, completely independent of CICLabs
To run a validator node on CIC blockchain , the followings are required:
- 1.A minimum stake of 1,000 CIC;
- 2.Server with 4 CPU, 16GB RAM, and 1TB diskspace.
- 3.Validators will be voted upon through the governance DAO
We are working with other wallet providers to add compatibility for the CIC token and will continually increase our exposure as we establish ourself.
CIC Chain is a fully decentralized blockchain network with smart contract integration for applications. It is compatible with the Ethereum Virtual Machine and powered by CIC's HBFT consensus. Thus, smart contracts developed on Ethereum can run on CIC Chain, with an increase in scalability and security.
Yes. CIC blockchain Network is fully compatible with the Ethereum Virtual Machine (EVM). It also has Web3JS API and RPC support. All smart contracts written in Solidity or Vyper, compiled and deployed on Ethereum, are fully compatible with the CIC Network.
Yes. Developers can use CIC's fast and secure HBFT consensus mechanism as a base layer and use the Cosmos SDK on top of it.
CIC blockchain network supports all smart contract languages that Ethereum supports for the EVM, which include both Solidity and Vyper.