What is Skycoin?

what is skycoin

What is Skycoin?

Skycoin is a Blockchain 3.0 cryptocurrency that can also let companies release their own coins on their own blockchain called Fiber to increase scalability.

Ethereum can only handle 30 Transactions Per Second (TPS) whereas on Skycoin, each blockchain has 300 TPS. This means it makes more sense to run dApps on Skycoin as things stand currently.

Today, only 31% of internet users can browse the web without any form of censorship. Skycoin’s Skywire network will address this by providing a fast, uncensored and untraceable internet browsing experience for all it users.

You can bypass controlling internet corporations & governments with this wireless mesh technology network.

You can read more about the Skycoin Meshnet here.

What is Skycoin

Skycoin is a cryptocurrency that has been around for 6 years and was developed by early contributors to both Bitcoin and Ethereum, who wanted a better solution. Skycoin’s platform is completely secure, infinitely scalable, and ISP independent. Backed by bandwidth, storage, and computational power Skycoin is built to fulfill Satoshi’s original vision.

Bitcoin has become more centralised as miners who use the Proof of Work algorithm have dominated the direction of Bitcoin and even led to the now famous split between Bitcoin and Bitcoin Cash as well as many other hard forks, including the Bitcoin Gold disaster which has led to double spending and hacker making off with $18m.

Skycoin blockchain was built to correct the problem of a 51% miner attack on the Blockchain and other flaws in the Bitcoin ecosystem. The Skycoin blockchain uses a novel consensus algorithm to replace Proof of Work and Proof of Stake. It also fixes security problems associated with other blockchain networks and decouple coin creation from the mining process. The result is a fully decentralized cryptocurrency.

The Skycoin blockchain does not use mining, so user power cannot be concentrated in a few large mining pools as it is with Bitcoin today. Coin creation doesn’t give certain users disproportionate control over the network. The supply of Skycoin is fixed. Skycoin transactions occur in seconds and are more secure.

Instead of PoW and PoS, Skycoin uses a distributed consensus algorithm, Obelisk which succeeds in delivering just such a network.

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