Skycoin (SKY) is a third generation cryptocurrency, is the fuel of the entire ecosystem. It supports 300 TPS, free transactions with less than 2 seconds transaction time, is resistant to 51% attacks, is sustainably maintained without energy-intensive mining, has default private transaction with the CoinJoin protocol, and pays a form of dividends in a different currency known as Coin Hours (think NEO/GAS). This is all possible due to its innovative consensus algorithm called Obelisk.
The Skycoin Platform is the most advanced blockchain platform in the world. Developed by early contributors to both Bitcoin and Ethereum, 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.
Sky Fiber – our version of Ethereum’s ERC20 platform
- each coin gets their own blockchain
- all platform coins run on top of Skywire, paying fee’s in Skycoin/Skycoin Coin Hours
- developers of each chain hardcode whatever they want to do in our own programming language CX
Ecosystem of Apps – built on top of the three previous things
- Sky-messenger (networking protocol)
- Distributed social media (BBS)
- CXO is the Skycoin Project’s peer-to-peer immutable data storage and replication primitive for file-sharing/dropbox type functionality
The Skycoin Project Coin (SKY) is focused on core features, security, usability and simplifying Bitcoin instead of adding features as a marketing gimmick.
There are still major outstanding problems with Bitcoin and those are the problems we are addressing.
- Elimination of the need for miners for network consensus through new algorithms, elimination of dependence on the human element in the network operation
- Duplicate coinbase outputs
- Signature malleability
- Reduction in complexity in implementation
- Dozens of security/crypto related improvements
- Elimination of external dependencies that create security concerns in Bitcoin
- 51% attack proof and strengthening against various attacks
- Simplified, more powerful data, transaction and wallet APIs
- Brainwallet, deterministic wallets as default
- Network security improvements
- Intrinsic support for gmaxwell’s CoinJoin transaction privacy protocol
- New networking protocols to enable the verification of the mathematical prerequisites for consensus network convergence
- Separation of coin creation from the consensus network, to eliminate Bitcoin‘s tendencies towards mining centralization
- Directed bipartite TX/UTXO transaction graph structure which is more elegant and efficient than Bitcoin’s multi-graph structure
- Provably upper bounded network, RAM and CPU resource usage for network operation
- Soft coded, adjustable blockchain size parameter to enable network transaction rate scaling
- Rolling unspent output state error correction coding in the block header for early detection of software/hardware non-determinism
- Blockchain/transaction/histrory storage database with constant time lookup, indexless operation for all major blockchain history queries
The flagship project, Skywire, will be decentralizing the internet with an incentivized mesh net of nodes. In the future, by installing a mesh net of antennas, you can stop piggybacking off of the existing infrastructure. Skywire is based on the famous open-source networking project cjdns and an open-flow protocol (also known as software-based networking). It’s said that the speed of Skywire will be drastically faster than any existing VPN and the current internet itself with the channel bonding capability and a DNS based on public/private keys.
This has already been demonstrated with the non-blockchain incentivized cjdns protocol (“an encrypted IPv6 network using public-key cryptography for address allocation and a distributed hash table for routing”) developed by the open-source networking protocol community from early 2011.
There is a multitude of reasons why the team decided to design an entire internet prior to building this new vision of blockchain 3.0. This has removed security flaws seen in other blockchain protocols at the network level. By incentivizing a decentralized network of hardware with a non-computational intensive consensus protocol, blockchain applications on Skycoin will be able to scale horizontally infinitely.
Fiber is the blockchain architecture behind Skycoin, and all the future ICOs (currently 30 in the pipeline) will be utilizing this open source technology. The team believes that putting the world’s dApps into one single blockchain will never enable the scaling needed for a true mass adoption. Instead, each company will have their own modular blockchain, and they can customize it for their needs, whether as a private permissioned chain or a public permissionless chain. Consequently, giving everyone their own bespoke blockchain prevents situations where a single dApp clogs the entire network, like CryptoKitties on Ethereum.
In order to solve the pay-off problem between the never-ending struggle between “Efficiency, Security, and Decentralization,” Fiber allows every company to decide on the degree of decentralization needed for their specific use cases.
Total supply is 100 million. Sky coin is at 7%. The remainder is reserved for the Skywire network subsidy, until we hit the 25% timelock cap and enter a maximum 5% per year distribution. The locked Skycoin are allocated for expansion of the Skywire Network via targeted network subsidies and for bounties for platform development.
They may extend the unlocking process to take up to 25 years, but it will never shorten the timelocking schedule. There is no requirement that the yearly 5% be distributed. The unlock only enables that amount to be distributed.
The Skycoin developers built the Skyminer with the most suitable combination of cheap but efficient hardware needed for the design of Fiber.
Furthermore, the Skycoin foundation encourages building DIY (Do It Yourself) miners with an extremely enthusiastic DIY community.
It’s important to note that the consensus algorithm Obelisk does not employ the conventional idea of mining in order to prevent the centralization of miners we see today in Bitcoin. There are no block rewards for minting a block. “Mining” in the context of Skycoin refers to the contribution of bandwidth, computation, and storage to the network in return for Skycoin and Coin Hours.
The current Skycoin price is available online on COIN360: