Circulating Supply: 7,657,294 Skycoins
Total Supply: 25,000,000 Skycoins
Price info: - https://coinmarketcap.com/currencies/skycoin/
Skycoin is a third-generation cryptocurrency which brings together the best attributes of blockchain to create a new platform backed by a real world commodity - internet bandwidth. From its unique consensus algorithm, Obelisk, to Skywire, a decentralized internet; Skycoin is creating an entire blockchain ecosystem which tackles net neutrality and improves upon the core weaknesses of Bitcoin and Ethereum - the inevitable trend towards centralization in PoW & PoS consensus protocols, and major on-chain scalability issues.
Skycoin has one of the best development track records in the industry, having been in active development for nearly 6 years. Their main Github repository was created on 12/25/2013, with an accompanying development blog showing off 4 years of technical updates. The team includes original Bitcoin and Ethereum developers who spent 5 years researching innovative real world applications of blockchain technology and developing a solution to the centralizing tendencies of PoW & PoS cryptocurrencies.
Having rebuilt the traditional internet protocols from the ground up, the Skycoin team are preparing to launch the Skywire public testnet. A community of thousands are eager to bring their Skyminers online and build the new decentralized internet, where internet-enabled devices run on a private, secure network which is owned and operated by the users, rather than ISPs.
1. Skycoin (SKY), the native cryptocurrency and its ‘fuel’ called Coin Hours.
2. Skywire, a free to use, decentralized mesh network which incentivizes network participants to exchange internet bandwidth for Coin Hours, decentralizing the role of internet service provider.
3. Skyminers, the hardware nodes which operate Skywire and provide consensus for Skycoin.
4. Fiber, the underlying blockchain architecture which touts infinitely scalable parallel blockchains and a platform forICOs.
5. Skysuite, a collection of programs, games and Dapps built on the platform and turing-complete programming language CX.
Together these pillars form the hardware and software architecture of a cryptocurrency payment network, a blockchain ICO platform, a software suite for Dapps and a decentralised internet. Other future developments include a Skycoin decentralised exchange, a Skycoin hardware wallet and a point-of-service payment terminal.
SKY is a fast, free, private, secure and energy-efficient cryptocurrency, which has replaced the PoW mining paradigm with a new consensus algorithm called Obelisk.
Skycoin is capable of processing up to 3000 transactions per second with 10 second confirmation times. Future plans include privacy features on par with Monero using the CoinJoin protocol. There is currently a supply of around 8 million coins in circulation, with 100 million in total which are time-locked and to be distributed to the community at a rate of 5 million per year over the next 15-24 years.
Coin Hours are the other half of Skycoin’s dual token system, they can be thought of similar to Neo’s Gas or Vechain’s THOR. One Coin Hour is generated per SKY for each hour the SKY is held in a Skycoin wallet. Coin Hours are then used as the network’s fuel, with each transaction burning 50% of the Coin Hours from the output address. This enables free transactions on the network whilst preventing network spam. Coin Hours are also used to pay for network services and will be tradeable for other cryptocurrencies once the Skycoin DEX is implemented.
Skycoin uses its new proprietary consensus algorithm Obelisk, which reaches consensus without the need for miners. Whereas Bitcoin miners prove their trustworthiness to the network by solving PoW algorithms and consuming large amounts of electricity, nodes with Obelisk instead have reputations based on their previous activity. This creates a ‘web of trust’ which allows the network to arrive at consensus.
By removing miners, Skycoin has decoupled the block reward from the consensus process. This prevents the network from trending towards centralization over time whilst also introducing a new incentive model. In PoW networks, the more hashing power a single entity owns, the more control they can exert over the network. As the network grows, participants require increasingly more expensive mining hardware to operate the network, therefore over time network ownership becomes a byproduct of access to capital. Skycoin has been intentionally designed to not fall victim to this problem.
Furthermore, Skycoin replaces the economic incentive to provide electricity (hashpower in Bitcoin) with an economic incentive to provide data routing and storage services, which are the infrastructure for the decentralised internet. Rather than burning electricity to solve algorithms, Skyminers function as mesh network routers which forward internet bandwidth as a service in return for Coin Hours.
Skywire is a collection of new networking protocols which enables users to build their own decentralised internet, putting the users, rather than ISPs, in control. The internet can be conceptualized as 3 layers: application, network and physical/link state layers. Current threats to net neutrality stem from ISPs possessing the ability to throttle internet traffic at the application layer. Skywire circumvents these threats by operating at the networking layer below, where ISPs are unable to inspect user traffic, providing end-to-end encryption and increasing privacy.
By replacing ISP monopolies with a peer-to-peer bandwidth marketplace, users will gain internet service at greatly reduced costs. Skywire will provide faster speeds than the pre-existing internet through more efficient routing. ISPs currently use a technique called hot-potato routing to forward internet bandwidth, which is generally the cheapest option but comes at the expense of speed, as data doesn’t always take the quickest route to its destination. With Skywire’s decentralised network, operational costs are managed on a node-by-node basis, allowing each node to set its own price for speed. Furthermore, with network content stored across multiple hosts, it is possible to retrieve data from multiple dispersed servers in parallel, much like when downloading a torrent file.
Skywire software runs on top of the Skyminer hardware, enabling users to forward data to other users and monetise their internet bandwidth. On the Skywire network, users requesting data pay Coin Hours to the Skyminers which routed their data. Instead of utilising the hardware on the network to create new coins as in Bitcoin, Skywire utilises a hardware mesh network to build and support a decentralised internet.
To date, more than 300 Skyminer units have already shipped, and there are more than 3000 buyers on the waitlist. In order to prioritize dedicated network participants during the testing phase and raise funds for ongoing development of the platform, Skyminers are priced at 1 BTC each, with a rebate in SKY worth .95 BTC. If you’re not already on the extensive waiting list, you’re unlikely to be able to buy an official Skyminer in the near future.
Fortunately, though, it is possible to build your own DIY miner, and the Skycoin team has provided extensive documentation and build guides. You can find an enthusiastic and growing DIY community here.
The Skywire testnet is scheduled to go live at the beginning of April 2018. Further phases of Skywire rollout include building out infrastructure, meshnet hardware deployment, FPGA miners, and the production of rooftop mounted wireless antennas which relay signals up to 25 miles.
Fiber is the underlying blockchain architecture of the Skycoin ecosystem, designed for infinite lateral scalability and a high level of security. If a team wishes to launch an ICO on Skycoin, it will be done on Fiber with its own private blockchain. This is a significant advantage, in that it satisfies the need for companies to have full control over their blockchains for legal and compliance reasons. Individual blockchains also make the platform horizontally scalable, so the main blockchain doesn’t suffer from congestion and bloat like Ethereum and other platforms.
There are already multiple real-world projects with their own private chain, including Solarbankers, a peer-to-peer energy exchange platform powered by proprietary solar panel hardware.
Skysuite is a collection of applications which run on the platform, including: Sky Messenger, a messaging client; Skycoin BBS, a social media platform; Cryptosphere, a VPN client; and KittyCash, Skycoin’s answer to Cryptokitties. Over time this collection will grow as third-party developers build applications and companies begin launching ICOs on Fiber.
Applications are built on Skycoin using the CX/CXO development tools. CX is Skycoin’s native language, very similar to Golang, and adapted to be more suited for deterministic programming. CXO is Skycoin’s distributed content sharing protocol, a cryptographically secure and immutable content delivery network.
Major exchange listings coming in the next six months.
New Whitepaper & Redesigned Website
New desktop, web, and mobile wallets with ability to buy SKY from the wallet
Testnet launch scheduled for April 2018
Skycoin platform launch event in Shanghai on 10th April 2018
Richard Kastelin, Co-Founder Cryptoassets Design Group, Co-Founder and Managing Director Blockchain Partners, Editor at Large Blockchain News and ICO Expert at ICObench.
Michael Terpin, Founder and CEO Transform Group, Founder and CEO of CoinAgenda and Co-Founder of BitAngles
Chris Emms, Founder and CEO of TokenKey
More on the team - https://www.skycoin.net/team/
Skycoin is listed in the following Exchanges:
You can buy SKY on the above exchanges in the SKY/BTC, SKY/ETH pairs.
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