The Skycoin Platform is the most advanced blockchain platform in the world. Developed by early contributors to both Bitcoin and Ethereum, Skycoin’s platform is completely secure, infinitely scalable, and ISP independent. It uses its own specific distributed consensus algorithm, called Obelisk, instead of other commonly used algorithms like proof of work (POW) and proof of stake (POS). Obelisk uses the concept of ‘web of trust dynamics’ which distributes influence over the network and makes consensus decisions depending upon the influence score of each node. Each node subscribes to a select number of other network nodes, and the density of a node’s network of subscribers determines its influence on the network. Skycoin is very fast. With transaction speeds close to 2 seconds and no transaction fees it can rival any other cryptocurrency on the market as a payment method. The transaction costs of Skycoin are covered by Coin Hours. This is value paid to Skycoin holders for each hour they hold a Skycoin. Skycoin is against charging transaction costs and mining incentives as it only drives up the costs of the network. The biggest benefit of Skycoin is that it is energy efficient due to the Web-of-Trust social proof. It can even run on a 30-watt cell phone processor making it great for mobile payments. Centralization becomes less of an issue when anyone can participate in the blockchain. Sia stores tiny pieces of your files on dozens of nodes across the globe. This eliminates any single point of failure and ensures highest possible uptime, on par with other cloud storage providers. A major goal of Skycoin is to promote actual usage of cryptocurrency rather than speculation. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycoin also has its own ICO platform called Fiber, their own deterministic programming language, CX, derived from Golang, a private decentralized messenger system called Sky-Messenger, and a decentralized social media platform, BBS. Here is another way to think of Skycoin: An open-source, community-owned, hardware-based peer to peer internet designed from first principles and leveraging the incentive system of the blockchain.
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5Y Ago
Solar Bankers: Part of the Skycoin Ecosystem
Suncoin is part of a unique ecosystem of cryptocurrencies based on the Skyledger blockchain platform. With the ongoing development of Skyledger blockchain technology, based on the innovative Obelisk consensus algorithm, dozens of firms have already approached the developers of Skycoin for use of their ICO platform.The advantages of Skyledger technology for ICOs are clear: there is no mining requirement and coin creation occurs over a period of only several days before the start of the ICO; once coins and wallets are created, zero-fee and instantaneous transactions allow for straightforward coin distribution; and the system has a high degree of usability. Furthermore, unlike ERC20 tokens, Skyledger provides businesses with a private blockchain that is not shared with other currencies. Private chains provide for increased data security, in addition to the benefit of high-speed transactions.The usability, low cost, and efficiency of Skyledger tokens makes them very well suited for projects seeking to tokenize commodities trading. The separation of the mining process from coin creation and distribution allows tokens to act as discrete units of digital equity in a straightforward sense. Hence many of the projects and ICOs that use the Skyledger platform focus on using their tokens to represent tradeable rights of share in ownership of particular commodities.Solar Bankers, for its part, seeks to decentralize the production, distribution, and exchange of electricity by tokenizing electricity and providing a platform for the trading thereof. As the Skycoin team states in a recent blog post discussing current business applications of its technology, “Solar Bankers is using the power of blockchain to decentralize the energy sector . . . With decentralized peer-to-peer energy trading, there’s no need to rely on a utility company. It’s a unique business model that’s environmentally friendly, profitable, and empowering — and it’s all built on the Skycoin platform.” Read the blog post here.We joined members of the Skycoin team and other businesses using the Skyledger ICO platform for the Skyledger Open Bounty Roadshow in China from December 12 to 22.Other projects on the Skyledger platform have similarly far-reaching visions for change — replacing the large institutional intermediaries managing market interactions between individuals in order to return power and profits back to the community.For instance, one of our co-presenters during the Skyledger Open Bounty roadshow in China, the Australian company Metalicoin, seeks to attract funding for early-stage mining projects by issuing tokens that can be exchanged for amounts of the actual metals extracted at a deep discount from the market price. The tokens, effectively representing “shares” in the extracted metals, thus represent a unique opportunity to participate in mining — a traditionally highly capital-intensive and thus centralized industry, controlled by small number of global corporations under the complete exclusion of average consumers and investors. In addition, the Metalicoin platform facilitates the frictionless trading of metals by listing the issued mining tokens on public crypto exchanges. This would constitute a significant step towards giving average consumers and investors access to the metals trade — another highly centralized industry. By diffusing the ability to participate in these aspects of mining and metals trading, Metalicoin very much fulfills the spirit of decentralization associated with the current drive towards blockchain-based tokenization of tangible assets.The development community is moving quickly towards the complete integration of the current ecosystem of Skyledger tokens. The Chinese company Shellpay is currently developing a Superwallet that will allow clients to store and transfer Skyledger family tokens with a single wallet. In the future, tokens and data silos in the Skyledger ecosystem will be connected in a simple and low-cost transaction system, perhaps in the form of an independent public decentralized exchange.This system of integration constitutes a major step towards enabling consumers to participate in and navigate the various economies emerging from the blockchain-based process of digitalization and tokenization.Visit our website: