In order to present Skycoin with the utmost clarity and precision, we will start by discussing the technology used before presenting a completely different part of the project.
Unlike a host of alternative currencies, SkyCoin is not a copy of Bitcoin. Indeed, the two major problems of the BTC and the ETH (Ether) are the duration of the transactions and the consumption of electricity necessary for the mining, judged as too expensive.
It is in response to these two issues that Skycoin is born. The founding team has developed its own algorithmic consensus called Network Consensus.
What are the objectives of Skycoin?
Originally, Satoshi intended to decentralize the Bitcoin network into hundreds of thousands of computers. Today, the Bitcoin network is completely controlled by three mining groups. Bitcoin is no longer decentralized. The Skycoin consensus algorithm is designed to achieve true decentralization of the blockchain consensus.
Skycoin would like to go back to the original Bitcoin idea and offer users in this context a faster transaction time of only 10 seconds.
There is a fixed upper limit for the amount of coins. In addition, it does not use a working test algorithm or a participation test algorithm.
The Skycoin system can protect against so-called 51% attacks and double spending.
How does the Skycoin platform work?
Skycoin is coded from its basic structure in the programming language ‘Go’ developed initially by Google.
Bitcoin has lost much of its decentralized structure due to mining. Skycoin wants to counter this with its own consensus algorithm, called Obelisk.
Also, there is no mining in Skycoin. For Satoshi, mining turned out to be one of the main failures and non-cryptographic threats to the development and survival of Bitcoin.
Skycoin allows users to continue earning coins in exchange for the power supply of the network.
What advantages does Skycoin Coin offer the user?
Skycoin is designed for speed.
The protocol was created to compete with credit cards and other online instant payment options.
Transactions can be completed in seconds. Tracking transactions with Skycoin is impossible.
It combines multiple wallet transactions to increase privacy through the so-called CoinJoin protocol.
The system is safer because it does not depend on the intentions of the miner. As there are no miners, there can not be a 51% attack.
The first applications in the Skywire network include messaging, social networks and VPN applications.
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