Skycoin makes decentralized and free payments possible within seconds, enabling decentralized global remittance at speeds that could rival any established payments network or an e-wallet. Sky coin has created one of the first fully scalable, protocol for the nextgen of decentralized apps, payments, and services. Skycoin holders receive a second currency called Coin Hours to ensure stability within the ecosystem.
Even the beginning of 2020 has been worthy for SKY as the Skycoin project got kicked off with its solid fundamental development and growth in the community as per the Skycoin news. A new testnet whitelisting procedure has been established so that the onboarding of the official Skyminers and DIY can be streamlined. Moreover, Skycoin is a third-generation blockchain platform, which fixes security problems of other networks and then decouples coin creation from the mining process.
Skycoin was founded in 2011 by some early bitcoin and Ethereum developers to addresses the drawbacks of Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus by introducing a Web-of-Trust consensus protocol called Obelisk. It is based on innovative next-generation blockchain technology and backed by a real asset in the form of bandwidth, which facilitates its practical usage. The Skycoin blockchain does not use mining, so user power cannot be concentrated in a few large mining pools as it is with Bitcoin today.
Currently, Skycoin (SKY) is trading at $0.523 with SKY price 7.08% down today. The market cap of Skycoin is USD 8,906,502 with 17,000,000 SKY circulating currently. The 24-hour price movement chart indicates that $158,961 worth of SKY were trading.
Skycoin is considered as one of the coins with the highest potential to grow, hence the market enthusiasts can’t stop speculating about its future. Let us check some of the predictions:
Trading Beasts is a cryptocurrency prediction site that has given predictions based on the positive scenario and the negative scenario. Trading Beasts believe that by 2020 end, Skycoin might reach $0.784.
Crypto Ground believes that Skycoin might soar high and reach $1.1058 in a year and in 5 years SKY might soar high up to reach $44.52 which might lead SKY to sky-reaching heights.
Coin Fan showed a little bit of bullish optimism, where they have projected that Skycoin might reach $6.99 by the end of 2020 and if there are more fluctuations, it might slow down to $5.47.
Not so unexpectedly though, Wallet Investor gave a pessimistic bearish prediction for Skycoin, where they forecasted that Skycoin might go down to $0.0324 by 2020 end, which might be a very unfavorable scenario.
Skycoin has plans of adopting the CoinJoin protocol, which might enable mixing multiple transactions from various wallets so that it can provide complete anonymity and privacy to each and every transaction. Skycoin employs the communication protocol based on Multiprotocol label switch which allows the users to transfer data in a scalable manner. Skycoin would continue focusing on the projects based on finished hardware and software products which makes it unique to other cryptocurrencies. By the end of 2020, Skycoin might reach $6.82, based on the upcoming developments.
John McAfee, a crypto enthusiast and a crypto advocate announced that he has plans of using SKY in his 2020 campaign for the presidency in the United States. Skycoin’s BBS, a social media application might be used in his electoral campaign in 2020. Skycoin BBS aims of becoming a viable alternative to the big social media giants. It would work on Skycoin’s “flagship application,” Skywire, the internet platform. This works as a mesh network involving thousands of nodes, around 9,000, all over the world that can receive and send internet traffic. By 2020, SKY aims high and might reach $6.82.
Skycoin price prediction suggests that the SKY price is up for a long-term 2834.786124% in the SKY price value with a 5-year investment. This means that in 2023, the SKY price is forecasted to stand at $30.69.
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