🌀SIBYL Information
SIBYL was originally created on the Solana blockchain.
Designed to fuel delivering work on the Sibyl Network, SIBYL tokens are a Solana utility token. SIBYL tokens, as opposed to SIBYL credits, are tradable on exchanges and may be obtained by node operators in return for labor performed on their nodes.
Built on top of the Solana blockchain, Sibyl Network (SIBYL) is a distributed GPU Delivering network that aims to link creatives and studios in need of GPU computing capacity with mining partners eager to rent out their GPU capabilities.
What is a SIBYL Credit?
Understanding the different payment options on Sibyl Network
SIBYL Credits offer a convenient means for individuals who are new to the network or are not familiar with cryptocurrency to begin using it until they feel at ease. SIBYL Credits, as opposed to SIBYL Tokens, may be bought straight through the Sibyl Network Portal with PayPal and Stripe.
When a user buys SIBYL Credits, the Sibyl Network Team's acquisition of SIBYL Tokens from an exchange backs those Credits. This implies that node operators receive payment for their labor in SIBYL Tokens when a creator uses SIBYL Credits to pay for a task.
How do token contracts work?
Understanding how contracts work within the world of cryptocurrency
As fundamental to the cryptocurrency experience as the blockchain itself, token contracts are a necessary component of their operation. Depending on their intended application, token contracts may take on a variety of forms. However, for the sake of Sibyl Network, we'll focus on two distinct sorts of contracts that are particularly pertinent to our project: "smart contracts" and "escrow contracts."
Smart Contracts
Smart contracts are executable programs built on the blockchain that manage the tokens they are linked to. The primary function of the majority of smart contracts is containing the terms of the agreement between the token provider and the token purchaser/user within the code, acting as an automatically executable agreement every time the token is issued from the contract or interacts with it.
Escrow Contracts
Escrow contracts function in the same way that escrow functions in the real-world, only instead of an entity like a bank or private lender holding until a condition is met, a contract holds the currency in question. In the case of the Sibyl Network, when a Creator initiates a job, the tokens needed to pay the Node Operators for that job are held in Escrow until the work has been confirmed.
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