Skycoin (SKY)

Skycoin

SkyCoin is a SkyCoin (SKY) associated cryptocurrency that develops hardware and software to support decentralized, peer-to-peer Internet services. It was launched in 2013. This is a project started by Brandon "Synth" Smitana. It seeks to solve the problems of proof-of-work and proof-of-stake systems. Infrastructure providers are incentivized by SKY, the SkyCoin cryptocurrency. Skycoin has been accused of being an elaborate fraud. However, Skycoin supporters vehemently deny this.

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While some tokens or coins can be mined against Bitcoin, SkyCoin cannot be mined through Proof of Work. Around 100 million SKY tokens were created when the SkyCoin blockchain was launched. Although 100 million of these tokens were created, most of these SKY tokens were locked and also most of these tokens are not accessible to developers. Currently its marketcap is not that much. Skycoin currently has a market capitalization of around $1.5 million according to CoinMarketCap.

Some more important information about Skycoin:

Some of the drawbacks of Bitcoin's proof-of-work system are considered to be energy inefficiencies and the fact that coordinated miners can capture the decentralized system. And an early developer in the Bitcoin community named Smietana claims to have experienced all these errors. He claims to be an early developer in the Bitcoin community. And by his hand, the skycoin project was launched in 2013.

Smietana claims to have spotted some flaws in Bitcoin's proof-of-work system. Later he reached a new consensus. Then he decided that he would create an algorithm. He reached a consensus that he would create an algorithm that would be truly decentralized and impervious to malicious attacks or takeover attempts. Skycoin's consensus protocol is called Obelisk. He based this protocol on a "web of trust" algorithm.

SkyCoin is a project that claims to be an ambitious project. It emerged as a project to develop hardware and software for a new, decentralized Internet. However, many of these promises sound too good to be true. But the project's leaders have attracted many critics and scandals. However, Skycoin supporters vehemently deny this.