What is Skycoin (SKY)?
Future of SKY Cryptocurrency and know how to buy SKY

#1 - What is Skycoin?

Skycoin is a blockchain platform with a vision to create a decentralized internet. The platform picks up from the centralized web protocols to set up a decentralized, scalable and fast internet system - the Web 3.0. It seeks to resolve the serious problems posed by centralization of the internet in the hands of big companies and governments.

Skycoin - The Basics

Skycoin is more than just a cryptocurrency. It has five major components, each of which addresses a specific issue pertaining to the centralized web system and presents a solution in Skycoin’s blockchain-powered web space.

  1. Skycoin: It is a swift and safe cryptocurrency with a high bandwidth and fast transaction speeds.
  2. Skywire: It is Skycoin’s net neutrality resolution, offering private web surfing. This decentralized Internet setup functions as an advanced alternative to the existing Internet.
  3. Skyminer: It is the hardware and access point for Skywire, providing energy-saving custom hardware.
  4. Fiber: It is an open decentralized blockchain network that eliminates mining rewards.
  5. Skysuite: It is a collection of decentralized applications.

Skycoin Development

  1. The project started in 2012 as an assessment of Bitcoin’s shortcomings - such as its volatility and speed. It also sought to examine issues like Bitcoin’s consensus algorithm (PoW), duplicate Coinbase outputs (the transaction that features the miner’s reward), immutability, and more.
  2. The Proof-of-Work consensus mechanism followed by Bitcoin required heavy computational energy for mining. As a result, a majority of BTC miners were concentrated in areas with cheaper electricity prices.
  3. While Skycoin’s team was working on a solution for Bitcoin’s PoW mechanism, the problem of net neutrality came into attention. The team recognized the flaw at the core of both these problems: centralization. It was then that a decentralized mesh-Internet in the form of Skycoin was conceived as a remedy for both the issues alike.
  4. Skycoin was founded by some of the earliest contributors behind Ethereum and Bitcoin. Synth started working on his vision of a new Internet back in 2012, after leaving Bitcoin. He comes from an educational and work background in the field of distributed systems, mathematics, and symbolic logic.
  5. Houwu Chen, one of Ethereum’s creators and a PHD from the Tsinghua University, created the Obelisk protocol. Steve Leonard is credited with writing a majority of Skycoin’s original software. He has developed several eCommerce backends prior to Skycoin.

 

#2 - What are the benefits of Skycoin?

Skycoin Technology

  1. The most important aspect of Skycoin’s technological infrastructure is the Obelisk consensus algorithm. As a Web-of-Trust algorithm, it eliminates the role of mining and related incentives, thereby, ensuring more speed and higher security.
  2. Obelisk is a distributed consensus mechanism wherein every node is subscribed to a list of trusted nodes. The nodes with more subscribers have a higher influence on the network. Every node has its own personal blockchain and every consensus decision is taken through these personal blockchains.
  3. Skywire employs the Communication Protocol based on the Multi-Protocol Label Switch (MLPS) technique. This protocol allows users to transfer any data across any platform in a highly scalable manner. Skywire not only removes the issue of ISPs’ traffic dumping but also builds a competent topology for the network through economic incentivization.
  4. Fiber functions as a catalyst for decentralized applications. It is meant to benefit the modern businesses by providing them with a congestion-free, secure, private, and energy-efficient blockchain network.
  5. Skycoin’s programming languages are CX and CXO. The former is a deterministic language used for making smart contracts, dApps, video games, and programming FPGA chips. The latter facilitates P2P replication of structured data allowing a publisher to construct a data feed.

Features

  1. Lightning Fast: Skycoin boasts itself for being one of the fastest cryptocurrencies in the market, with a transaction speed of only 2 seconds. On top of that, it is competitive with Apply Pay and credit cards.
  2. Zero Fees: Skycoin token holders receive Coin Hours. This is a separate currency paid to the holders for every hour they have a Skycoin in their wallets.
  3. Secure: Backed by time-tested cryptographic standards, Skycoin ensures foolproof security of all transactions. It is well-protected against threats like duplication, reversal, malleability, and 51% attack.
  4. Private: Skycoin will adopt the CoinJoin protocol which will mix multiple transactions from different wallets in order to provide complete anonymity and privacy to every transaction.
  5. Sustainable: The platform presents a solution to avoid the heavy computational energy required in the PoW mechanism. It can function with a meagre 30-watt cell phone processor.
  6. Incentivized: The Skywire component presents the users with the opportunities to earn and use Skycoin. They have to both utilize and contribute to network resources.
  7. Utility Backed: The cryptocurrency is backed by a real asset in the form of bandwidth which facilitates its practical usage.

Corporate Usage

Skycoin makes blockchain useful for companies. Fiber presents many blockchain solutions for companies using the platform.

  1. Spaco, for instance, is a decentralized service platform which has deployed Fiber in its architecture. It provides services such as data storage and transfer, P2P encrypted Internet browser, user-controlled feed filtering, shopping, games, and more.
  2. MyDailyLife (MDL) Talent Hub also capitalized on Fiber’s blockchain solutions to position itself in the $2.3 trillion entertainment industry. The platform is aimed at building a prosumer-based ecosystem marketplace.

 

#3 – How to buy and store SKY?

Skycoin’s cryptocurrency SKY is available for purchase on exchanges like CoinCodex, Binance, Cryptopia, YoBit, and HitBTC.

  1. CoinSwitch, as the largest cryptocurrency conversion platform, offers you the option to view the rates for SKY tokens across its supported platforms in one place. With over 300 supported cryptocurrencies, you have the option to select from over 45,000 pairs of cryptocurrency to choose your preferred trade.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your Skycoin cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

  1. Skycoin’s own wallet is the best suited for storage SKY tokens. It is available for download on its official website.
  2. SKY is an ERC- 20 compliant coin, which means any Ethereum wallet will function perfectly well for SKY storage as well. One of the most suitable options for storing SKY coins, therefore, is MyEtherWallet. To set it up, you have to first visit the website and create an account. Download the keystore file and back it up at a safe location. You will then receive a private key to your wallet.
  3. Another good means of storage is hardware wallets, which eliminate the fear of online hacking and security loopholes. Offerings from Ledger and Trezor are some convenient options to store SKY coins.

 

#4 - What is the future of Skycoin?

  1. Skycoin has received coverage from some major platforms like BlockchainNews, Forbes, The Cointelegraph, Nasdaq, CNBC, Inc., and more.
  2. The team is in the process of developing Skysuite. It is a suite of self-contained applications on the Skycoin network. They are crucial for demand-generating services on the platform. The applications planned to be a part of this suite are SkyMessenger, Kitty Cash, Cryptosphere, and Skycoin BBS.
  3. The project will also witness an increased production capacity of Skyminers. After the platform’s mainnet launch, the target is to produce 1000 units per week in every factory.
  4. Simultaneously, the team is also developing two antenna variants for Skyminers to ensure maximum performance and effective range:
    1. Short Range Antenna: for point-to-point access in urban areas
    2. Long Range Antenna: for connections in sparsely populated areas
  5. Skycoin’s software-based testnet was launched back in 2017. Its hardware-based testnet is under development. The construction of mainnet is also underway.

Also Read: Complete Analysis of Skycoin | Live Skycoin (SKY) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Sep 01, 2018

4.45

4.61

4.36

4.48

853,410

44,482,918

Jul 01, 2018

5.87

6.01

5.57

5.82

2,144,750

52,857,092

May 01, 2018

18.33

18.33

17.25

17.73

1,168,440

147,701,488

Jan 01, 2018

46.05

46.72

32.15

39.20

1,226,750

311,548,800

Nov 01, 2017

4.11

4.56

3.70

4.54

18,552

24,393,964

Oct 01, 2017

3.38

3.76

3.18

3.52

9,695

20,043,568

 

#5 - How is Skycoin different from other cryptocurrencies?

  1. The platform provides a host of services and features that distinguish it from other blockchain portals. BBS, for instance, is a framework to build distributed social media network. SkyMessenger is an encrypted messenger service. KittyCash is gaming ecosystem, run by cats.
  2. Skycoin uses CXO, a peer-to-peer cloud storage service. This storage has been specifically designed for the Skywire distributed network. Similarly, SDN is an inbuilt end-to-end private encryption designed for the Skywire network.
  3. Through Coin Hours, the platform offers hourly rewards to all its token holders. CoinJoin enables users to make untraceable transactions. The protocol merges payments from two or more wallets to make it impossible to trace any transaction.
  4. Skyminer, one of Skycoin’s most important component, acts as the telecom backbone of the network. All the hardware is customized to create an efficient and secure software network. It has a multi-board architecture.

 

#6 - Should you invest in Skycoin?

  1. Skycoin is a solution to the problem of net neutrality and high consumption of computational power in Proof-of-Work mechanism. The platforms holds a lot of potential in creating a decentralized Internet and redefining the mining mechanism for cryptocurrencies.
  2. The coin was also included in the top 5 cryptos of 2018. It has received significant coverage from top media houses. Additionally, it has a detailed whitepaper and website.
  3. However, the coin’s price fluctuations from early to mid 2018 can prevent some investors from putting their money on this crypto.
Related Searches



Exchange SKY and win upto $100 on your first order.
Exchange Now
Exchange SKY and win upto $100 on your first order.