Coin Story: Skycoin
The sky is where i start but my journey is to the moon…
Trust is my heart and in every other part…
I travel faster than light, so don’t despair, I will get you there…safe and fast, lets have a blast!
Skycoin was created to succeed Bitcoin. Started in 2012 by early developers of Bitcoin, the third-generation cryptocurrency is an ambitious long-term infrastructure project aimed at replacing the proof-of-work (PoW) consensus mechanism. Given Bitcoin’s current centralized state, Skycoin’s creators believe that the Skycoin Project truly fulfills Satoshi Nakamoto’s original vision of a decentralised network.
By commoditizing bandwidth, Skycoin achieves several things: the elimination of mining rewards, energy-efficient hardware, better security, transaction speeds that rival Visa, and zero transaction fees.
Skycoin’s blockchain relies on Obelisk, an alternative to the PoW and proof-of-stake (PoS) consensus mechanisms and inspired by academic research into adversarial distributed time-stamping and algorithms e.g. Ben-Or’s and Paxos. Obelisk distributes influence over the network in a “Web of Trust” — every node has a list of nodes that it subscribes to, and the density of a node’s network of subscribers determines its influence on the network. Each node is assigned a personal blockchain, which acts as a “public broadcasting channel”, where all of a node’s actions are visible and publicly recorded. Because all consensus decisions and communication occur through the personal blockchains of each node, the community can easily audit nodes for cheating or collusion.
In addition to resolving the outstanding technical issues of the bitcoin network, the Skycoin Project aims to build the next generation of foundational networking, storage, and applications, which together form a new internet:
– CX: a language analogous to EVM, Solidity, Go, C/C++, and Rust
– CXO: the peer-to-peer immutable data storage and replication service similar to IPFS
– Skywire: a community-driven decentralised ISP analogous to mesh networking, darknet. and i2p
– SkyLedger: an ICO platform
The Skycoin Project boasts a fast growing user community, several developer teams, and — just like Ethereum — the capability to support endless applications and ICOs. One of Skycoin’s more recent successes is Solar Bankers. By utilizing the Skycoin blockchain, this innovative energy company enabled consumers to generate and trade electricity from their homes with high-tech patented solar devices.
This win emphasizes how the Skycoin team has worked under the radar for a long time, focusing on solving technological problems and avoiding the marketing hype. Despite their dormant marketing and availability outside of major exchanges, Skycoin has broken into the list of top 100 cryptocurrencies by market capitalisation. Once Skycoin starts trading on major exchanges, the sky is the limit…
References and further reading: www.skyledger.net
johnstuartmill & anonymous (2016) A distributed consensus mechanism for cryptocurrency networks