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Focused on implementing Satoshi Nakamoto’s original vision for true decentralization, Skycoin has announced a series of updates as it draws closer to achieving its goals. The update includes a new mobile wallet, logo and website.
In 2013, the team behind Skycoin recognized that the Bitcoin network could no longer achieve true decentralization due to the considerable power and influences exerted on the network by large mining groups. Four years later, little has changed. These influences have grown in dominance and strength, evidenced by the recent hard forks and proposed network splits.
Skycoin’s foresight has enabled it develop a new consensus algorithm to achieve true decentralization and solve the still outstanding technical issues associated with Bitcoin
Despite its recent successes as the first cryptocurrency, Bitcoin is still dogged by the same problems that has plagued it since development. These problems include:
- Dependency on human element in the network operation
- Slow transaction speed
- Network bloat
- Signature constraints
- External dependencies that create security concerns
- 51% attack vulnerability
Built from the ground up and operating on a Web of Trust instead of PoW/PoS Algorithm, Obelisk is the revolutionary consensus algorithm codebase powering the Skycoin network. This algorithm enables the project to implement the next generation of foundational networking, storage and application primitives — a new internet.
Unlike most crypto projects, Skycoin is neither a fork, nor an Ethereum-based token. Its blockchain has been designed as both a platform and foundational infrastructure for supporting an ecosystem of applications including:
- SkyCoin: A new consensus algorithm to secure the network through a Web of Trust mechanism, eliminating Bitcoin’s tendency towards mining centralization.
- SkyWire: Sustainable democratization of the internet, while providing enhanced privacy and security for a new internet
- Skyledger: Blockchain platform built with CX for developing independent data storage and hardcoding private chains.
- App Ecosystem: Distributed social media and file-sharing applications, built on top of Skycoin, Skywire and Skyledger
- Hardware platform: A mining hardware that acts as a specialized VPN operating on Skywire’s new networking protocol based on Multi-Protocol Label Switching.
Skycoin is 51% attack-proof and addresses many of the security issues with Bitcoin, regardless of hashing power and or financial strength. Transactions on the network are fast with low confirmation times (four seconds).
Skywire is a peer-to-peer alternative network that takes control from ISPs and gives it back to the users. Peer-to-peer technology doesn’t require users to give up their identity and data so as to access content. Skywire provides a blockchain-based decentralized network that facilitates secured and private browsing.
Since the platform has been designed as an ecosystem, there exists a symbiotic relationship between Skywire and Skycoin that allows users generate revenue for running the Internet, instead of large ISPs. Using Skywire network is free, but users can pay nodes to receive better bandwidth and priority.
With Bitcoin’s current state, Skycoin’s mission has only become more relevant. Its new mobile wallet will provide on-the-go access for users and site revamp will enable easier community engagement. Skycoin plans to implement other important milestones such as:
- Protocols for decentralized exchange
- Cluster management
- Coding rewrite
- Quicker wallet
- Global network dashboard
A range of hardware “miners” are also planned for release on a soft date of March 2018, with 300 initial units planned.
Skycoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.