Bitcoin, Crypto currency, Blockchain

Skycoin is the true improved Bitcoin with great potential?

By the immneroch high transaction fees of Bitcoin for many critics is mutated, in the meantime, not a real payment alternative, but to the pure object of speculation. The Skycoin takes these arguments and tries to be the weaknesses of the Bitcoin to iron out and to be a real Alternative to Fiat money.

The Skycoin project started already in 2012, with some members from the former Bitcoin developer Team. The company also sees itself as a successor of Bitcoin, with the goal of the original visions of its founder, Satoshi to implement Nakamoto: to be A real Alternative to the demand deposits of financial institutions state – independent and anonymous.

Objectives and functioning of the Ecosystem

Skycoin offers the users its own programming language compilable Go programming language was originally developed by Google.

The Skycoin (SKY) provides a network architecture. An extensive Ecosystem of applications in the real world, on the Skycoin developed Skywire network, the user is available. The first applications in the Skywire network include Messaging, Social Media – and VPN-applications (Virtual Private Network).

Skycoin uses for its consensus-finding neither a Proof-of-Work nor Proof-of-Stake algorithm, but a novel consensus Obelisk, which is based on the Web-of-Trust. Each node of the network has stored all the network information. A data falsification is virtually impossible.

In Skycoin, there is no Mining. This increases the security of the system, because it is from the ideas of the Miner. Furthermore, there can be no 51% attack.

As consideration for the power supply of the network Skycoin offers its users the opportunity to earn Coins. The use of the network is free of charge.

Transactions within the network can be completed within seconds. Furthermore, Skycoin will be absolutely anonymous. Using the CoinJoin Protocol, it is almost impossible to keep track of transactions of Skycoin. Payment flows are executed in parallel, and transactions from multiple Wallets mixed together . The identification of individual account movements is not then possible.

There is a fixed upper limit for number of Coins. You is 100 million the SKY. The Coins will be released in batches slowly.

The properties of Skycoin can be summarized as follows:

  • High Scalability
  • seconds fast transactions
  • no transaction fees
  • high security
  • high anonymity

Skycoin presents itself as a promising project. It provides a quick, easy and cheap payment method, and combines technically missing some aspects of the Bitcoin at the time. Nevertheless, the project is still in its infancy and its further development remains to be seen.

Of course the SKY is at the time of writing at 18.18 euros and a market capitalization of EUR 164 million. The Skycoin space 75 of the largest crypto evidenced currencies.

Official website: https://www.skycoin.net/

White paper: read white paper

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