Skycoin: The real bitcoin and the best cryptocurrency out there
There is so much frenzy about the cryptocurrency world right now and the mania is so much that it looks like every coin one buys this year will give a minimum of 10 x returns as long as you hold . The reality is we are going to have a bubble in the cryptocurrency market and even though its still very far away, there are a couple of the cryptocurrencies that will survive the bubble and become the pillar of cryptocurrencies just like Satoshi Nakamoto designed it
One of such project is SKYCOIN @Skycoinproject which to me is the best cryptocurrency out there and I call skycoin the platform of platform .
It's got Privacy, programmability , super speed,scalability, free decentralized internet ,decentralized computing, messenger and is asset backed
It's a third generation cryptocurrency whose development started in 2012 and it has been developed to correct the flaws of bitcoin and the early cryptocurrencies
Satoshi envisioned Bitcoin as a decentralized digital currency. Blockchain networks were intended to democratize finance, eliminating corporate control and spreading power among users. However, Bitcoin and related currencies have become centralized due to their reliance on Proof of Work (PoW) and Proof of Stake (PoS) algorithms, as well as their use of mining to create coins. This centralization defeats the original purpose of digital currencies.
SKYCOIN , a third generation cryptocurrency that solves Bitcoin’s technical weaknesses . Started at 0.02 cent and its $44 dollars as I write with zero marketing . Approaching its sixth year of development, Skycoin continues to pursue a “new Internet” under an overarching goal to implement Bitcoin’s original vision and address its underlying problems . Skycoin has been growing exponentially since it's beginning at $0.02 just like Bitcoin did back in the early days. If it continues on this path, it will 100x in less than 2 years. It has had steady, stable growth of a little over 1% per day forever, with no signs of stopping.
Looking at the architectural overview of Skycoin, the various components of Skycoin have specific functions
The descriptions below outlines the various components and what their functions are
Skycoin to replace bitcoin
CX to replace Ethereum
CXO to replace IPFS, FileCoin, Bittorrent, Mega, Dropbox, Google Drive
Skywire to replace MPLS, IPv4/IPv6, OpenFlow, Tor, I2P
Viscript to replace EC2, golem
CryptoSphere to replace OpenVPN
Sky-Messenger to Tox, Telegram, Skype, Wechat, WhatsApp
BBS to Steemit, 4chan, facebook, twitter
Bitcoin and related currencies have become centralized due to their reliance on Proof of Work (PoW) and Proof of Stake (PoS) algorithms, as well as their use of mining to create coins. This centralization defeats the original purpose of digital currencies.
Bitcoin developers initially believed that the mining system would support decentralization. Instead, it did the opposite. Since consensus was based on processing capacity, the mining system incentivized the purchase of hashing power. By accumulating greater and greater hashing power, certain users obtained disproportionate amounts of control over the network.
In short, PoW-based coins have completely failed to deliver a decentralized system. Mining pools exploit other users in order to subsidize their own costs, while eating up huge amounts of processing power
With PoW, 51% attacks due to mining are a major security threat. PoS algorithms are intended to solve this problem, but they have centralization problems of their own. At coinfox.info, Joseph Young explains: “A system where the major stakeholder enjoys extensive control and authority over both technical and economic aspects of the network creates a major monopoly problem.” This is exactly what PoS creates.
The economic and environmental cost of these mining processes is astronomical. The electricity required for processing runs in the tens of millions, and cannot be offset by new users and capital except in the rarest cases
With PoS, users have voting power on the network in proportion to their cryptocurrency holdings. In other words, users with a greater stake have a greater power to make technical changes. This idea may seem to be a good way to guard against 51% attacks, since majority stakeholders have the most to lose from such attacks and are therefore motivated to avoid them. However, because PoS systems centralize voting power, they allow certain users to make network changes without considering other users or the community at large. In this sense, PoS is just as bad as PoW – it creates a centralization of power that defeats the purpose of the decentralized ledger system
Bitcoin only has three developers. G. Maxwell, sipa, and Luke Jr.
Bitcoin right now has the largest market cap, but in terms of technology, Bitcoin is the worst coin. It the slowest coin. It’s bloated. It can’t handle scaling. It is a project that is barely kept together, but it has a great brand.
Everyone knows Bitcoin, so the problem is you have these other coins coming in and basically appropriating the Bitcoin brand and diluting it. You have Bitcoin Cash, Bitcoin Diamond, Bitcoin 2x, Bitcoin Core, Bitcoin Classic, Bitcoin Legacy, Bitcoin Advanced, Bitcoin Platinum.
The case of Ethereum is not very different. Network is overbloated and I am still waiting to see what vilalis will do with Ethereum 2.0
SkyCoin comes with a new concept built around a new algorithm created from scratch. The algorithm is called Obelisk, and the new platform will be devoid of mining altogether, making it impossible for people with more resources to hold the future currency hostage with their moves
Obelisk is a sustainable alternative that aims to replace Proof-of-Work (POW) as a major solution for blockchain consensus. Inspired by academic research into adversarial distributed time-stamping, it offers strong mathematical security guarantees even when the majority of nodes are hostile.
Obelisk is different from both PoW and PoS because it functions based on distributed influence, also known as a “web of trust.” In this system, each node subscribes to a list of other nodes. The density of a node’s network determines its influence. Nodes have personal blockchains that broadcast and record all actions publicly. Because the node’s communications are public and transparent, the community can verify that nodes are operating fairly.
Obelisk solves the problems inherent in PoW- and PoS-based coins to bring you a decentralized and democratic consensus network
Obelisk is the key to reinventing blockchain. Its web-of-trust style consensus prevents the development of centralized power. Skycoin requires no mining, so the network is immune to 51% attack. Transactions are significantly faster, occurring in seconds. Decisions are made through community consensus, not based on the wishes of a few majority stakeholders. These features make Skycoin the most secure blockchain option available today.
The immediate benefit is environmental friendliness and minimization of economic profiteering. Skycoin does not waste electricity or consume exponentially growing power. Instead of fees, users will receive “coinhours” for holding coins, which can be put towards transaction fees. Transactions bid to enter a fixed-sized block.
Skycoin is immune to double spending and the 51% attack, regardless of hashing power and/or financial might. Transactions are as fast as they need to be, with as low as four-second confirmations without compromising security.
Skycoin transactions have increased privacy, with native support for advanced CoinJoin features.
Beyond addressing Bitcoin’s outstanding technical issues, the Skycoin project envisions a new generation of foundational networking, storage and application primitives – collectively, a new Internet.
The Skycoin project is a hermetically-contained software/application platform, that operates in parallel to and on top of but independently of the existing internet. Its five pillars are:
Skycoin was built first as a standalone solution to Bitcoin’s flaws at decentralization, due to the growing prominence of powerful mining cartels. It features a new consensus algorithm to secure the network through a mechanism called Web of Trust.
It’s the first platform that will be able to distribute blockchain state updates globally in less than 300 ms (instead of 15 -30 minutes or 30 seconds and that is is the minimum threshold for “real time” interactionrequired for several applications like decentralized poker .
Skycoin also has an integrated OTC market feature and will be available in the next wallet release
Implication you will be able to "send to Bitcoin", which means spend Skycoin to a Bitcoin address, from within the wallet.
Hardware for the Next Internet the new alternative internet
Which is truly free and open
Skywire is a groundbreaking, novel technology that takes control from large internet service providers (ISPs) and gives it back to the users
Ideally it would be released within the next 2 months, as testing is currently taking place
What this basically implies is Skycoin: pays you to run the Internet . you become your own ISP.
Skywire was created to address centralization problems, but of the Internet itself where large institutions control its infrastructure. It aims for a sustainable democratization of the internet, while enhancing privacy and security and protecting net neutrality
Skycoin technology creates an alternative internet. It provides a peer-to-peer network that circumvents ISPs to deliver control back to the user. You can share content freely without throttling, blocking, or censorship. It’s fast, private, and encrypted to be maximally secure. Plus, decisions on the Skycoin network are controlled by community consensus, not by corporations looking for a profit.
Peer-to-peer technology doesn’t require you to give up your identity and data to access content. Skycoin’s network, Skywire, provides a blockchain-based decentralized network where you can browse securely and privately. With Skywire, you own your data and control your own experience. The Skywire “miner” is the backbone of this new internet. This miner lets users earn Skycoins by deploying network nodes, forwarding network traffic, or contributing resources. The Skycoin system incentivizes a free and community-based model whereby users take responsibility for the network’s growth and viability. Instead of giving up control to exploitative corporate ISPs, users create their own experience. Skywire is self-sustaining and independent.
Skywire distributes content faster and more anonymously than other alternatives. It does this by combining two powerful components: Aether and Skynet. Aether is a peer-to-peer replicated object system that powers the distribution of anonymous and immutable web content. Traditional internet apps for video streaming, messaging, and other services can all be run on Aether. Skynet, the second component, forms the backbone of the distributed networking system. It’s a source-routed, public MPLS network built in a unique namespace and on a new networking stack. Skynet users essentially function as their own ISPs.
Aether and Skynet can be run separately, but Skywire combines them to form an indestructible network. With Skywire, a local cache holds resources without connecting to the external internet. File downloads are copied directly into the local cache. Peers who are looking for that file can get it from you and pass it along the network. By leveraging peer-to-peer technology in an innovative and unique way, Skywire provides a viable internet alternative that’s secure, fast, and sustainable.
This is nothing if you understand the ramifications
Nodes operating on the Skywire network will be receiving a network incentive reward to help build out the network, in addition to traffic forwarding payments.
Skyledger is a blockchain platform built with CX and running on top of the Skywire infrastructure. Each developer will have their own independent data storage and are free to hardcode their own chain.
It is just simplier to just give each application its’ own blockchain. That’s the strategy we did with Skycoin, but that also means.. you have to have a different model with how you are going to monetize it. What this means is that we can have different blockchains with different EVMs(end value management)
Its the best platform for companies to hold ICO and a couple of companies like solar banker and spaco hare having their ICO at the moment . They instantly create a wallet where you can purchase the coins and store in the wallet immediately
An ecosystem of apps
Apps including Sky-messenger, distributed social media (BBS)and file-sharing, all built on top of Skycoin, Skywire and Skyledger.
A hardware platform
The Skywire “miner” hardware acts as a specialized VPN operating on Skywire’s new networking protocol based on Multi-Protocol Label Switching.
Skycoin is a commodity backed currency
Skycoin has Skywire, so Skycoin is a commodity backed currency. The value of Skycoin is backed by bandwith. Another coin on Skyledger is https://solarbankers.com/, Suncoin, and they area solar energy backed coin so those institutional investors are coming in now and launching their own Bitcoin exchanges and they are trying to find any coin that has any economic basis to the price, so that they can list it and sell it to retail clients annd the institutional investors
There is a two trillion dollar forex broker company and their retail clients are like pension funds, institutional investors and they keep getting asked about Bitcoin or Ethereum and they want to have some type of crypto exposure in their portfolios because they want to capture some of the growth, but they don’t necessarily like Bitcoin or Ethereum or even IOTA because they don’t feel like they are backed by anything. Plans are already in place for the company to do an ICO with skycoin and for any one who is able to discern that, you know what that means
Skycoins have over 80 developers and are working on a lot of projects
Synth . He is the architect and project figurehead. He has a background in mathematics and cryptography.
gz-c / @tokenc / Steve is a developer and now project manager. He wrote most of the original Skycoin software in 2013–2014.
iketheadore / @eorad is a developer working on Skycoin core for a few years.
montycrypto / @xano137 is a developer working on the Skycoin wallets (desktop, mobile, web).
Erich Quist / @erichquist is designing the new Skycoin wallets
evanlinjin / @shinogo is a developer working on the BBS application.
johnstuartmill wrote the most recent Obelisk consensus algorithm whitepaper and is working on an implementation. He has a background in mathematics.
feifeiwoye / @nyf is a developer doing frontend work for the bbs and sky-messenger.
vyloy / @zhiyiweng is a developer working on Skywire
amherag is developing our CX programming language
logrusorgru is developing CXO, our distributed object storage system
Then there’s 2 or 3 people working on the Skywire miner hardware.
They have a handful of people helping with marketing and promotion, mostly from the community, but also including Michael Terpin (Coinovate, CoinAgenda) and Richard Kastelein (Blockchain News, CryptoAssets Design Group) in advisory roles.
They are at the moment distributing the first batch of their sky miner machines picture below
The Skywire “miner” is meticulously designed and configured to provide a backbone for the new internet. Its custom-built hardware exceeds technical specifications to deliver maximum power and performance. Skywire functions as a “miner” for Skycoins. It acts as a specialized VPN, using the following hardware configuration:
8 CPU boards
2 GB of RAM per board
4 CPU cores per board
64 GB of storage per board
64-bit Linux (Alpine Linux)
Gigabit ethernet, 8+1 port switch
Each board features an ARM processor, 2 GB of RAM, and anywhere from 32 to 256 GB flash storage. The hardware is segmented in such a way that even if one service is compromised, the other services on the same machine can’t be. An OpenWRT router with strict packet forwarding rules and access control increases security. The setup can be further customized to consist of 4, 8, 16, or 32 boards.
The price will be 1 BTC for 1 unit. Purchasers will receive:
• Skywire miner
• An amount of Skycoin equal to 1 BTC minus the hardware cost (estimated to be around $600), based on market rates at the time of purchase. You also have the option to build your as they are specifications for this
This to me is like a money making machine .
You can buy from either Cryptopia https://www.cryptopia.co.nz/ or C2CX https://www.c2cx.com/in/home . To think that this coin is not in any big exchange and its in the top 100 on CMC should tell the fact that it is highly undervalued . It is advisable that after buying from the exchange, you should transfer your holdings from the exchange to your sky wallet so that you can earn coin hours
coin hours are like Gas to Ethereum or Neo
If Skycoins are held on an exchange, the coin hours earned will go to the exchange.
Holding 1 coin for 1 hour generates 1 coin hour.
holding 1000 coins for 1 hour generates 1000 coin hours . you do not need to leave your computer on to earn these . it is not a POS coin
Coin hours is parallel currency with its own market rate. Users are paid coin hours for holding skycoin in their wallet its similar to the staking. Coin hours will be used to pay the bandwidth on the meshnetwork and for the trading fees on the DEX you will able to convert coin hours to other currency and spend them without sending your skycoin.
Coin hours are a parrallel currency to Skycoin that are produced every hour in the ratio 1:1 between Skycoin and coin hours. They are used to prevent spam attacks on the Skycoin network and as payment for bandwidth on Skywire. Eventually, there will be a separate market for coin hours where they can be sold, bought or traded for Skycoin.
You can find out more about the sky coin project at www.skycoin.net
List of all the Skycoin telegram groups so questions get posted in the correct groups.
Public Skycoin Telegram Groups:
Main disscussion https://t.me/skycoin
Bounty programme https://t.me/skycoinbounty
Skycoin/wire UK https://t.me/SkycoinLondon
Skycoin/wire NY https://t.me/SkyHashNYC
Skycoin/wire Dutch https://t.me/SkycoinDutch
Kitty Cash https://t.me/kittycash
Price bot https://t.me/skycoin_price
CX game dev https://t.me/skycoin_game_dev
You will also find this interview with the lead developer very insightful
Price expectation . I expect this to get to $800 dollars before the end of 2018 . This is my personal opinion. consult your financial adviser before making any financial investment