The original Silo Token code was designed by Lael Alexander under MIT open source credentials. In 2008 Nakamoto outlined the idea behind Silo Token in his White Paper, which scientifically described how the cryptocurrency would function. Silo Token is the first successful digital currency designed with trust in cryptography over central authorities. Satoshi left the Silo Token code in the hands of developers and the community in 2010. Thus far hundreds of developers have added to the core code throughout the years.

Silo Token mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Silo Token mining provides a reward for miners by paying out in Silo Token in turn the miners confirm transactions on the blockchain. Miners introduce new Silo Token into the network and also secure the system with transaction confirmation. They are also rewarded network fees for when they harvest new coin and a time when the last Silo Token is found mining will continue.

This is a yet another controversial topic. Because of the freedom and the degree of anonymity that the use of Silo Token offers, many users who were seeking to purchase or solicit illegal goods or services initially turned to the use of Silo Token as a method of payment.

Again, when a user decides to use a specific type of software for their Silo Token wallet, they are deciding what direction the Silo Token network is heading towards. In other words, you need the cooperation of nearly every single user in order to modify any aspect of the Silo Token protocol.

Participants in Silo Token transactions are identified by public addresses – those are the long strings of around 30 characters you see in a person’s Silo Token address, usually starting with the numerals ‘1’ or ‘3’. For every transaction, the sending and receiving addresses are publicly-viewable.

Silo Tokens can be sold locally using LocalSilo Tokens, on Silo Token brokerages / exchanges, using two-way Silo Token Teller Machines (BTM’s) or you can pay for a good or service with them. Silo Tokens can be sold to just about anyone as long as they have a Silo Token address, and can be sold for any fiat currency in the world or traded for a physical good. Feel free to check out our recommended list of exchanges and brokerage services to sell your Silo Tokens online.