Skycoin Looks to Offer a Truly Decentralized Internet
“Skycoin, which recently saw significant gains, is looking to launch a decentralized, peer-to-peer internet free from censorship”
By Block Society
Skycoin, which was featured as one of the top 5 cryptocurrency and blockchain projects in 2018 by the Huff Post, recently experienced significant price gains amid renewed interest in the projects ability to offer an energy efficient solution to PoW concepts, centralized internet networks and costly transaction fees.
The platform is a peer-to-peer anonymous network that features energy efficiency, immediate transactions and a secure alternative to mainstream internet service providers (ISPs). Skycoin provides decentralized internet that allows users to bypass ISPs, notable considering recent controversy surrounding net neutrality laws in the United States. Currently, ISPs can arbitrarily censor, and limit content users can view and interact with.
Skycoin does not charge transaction fees and payments are completed in less than 2 seconds in a secure, anonymous manner. The platform is highly sustainable and uses far less energy than competing PoW and PoS concepts and uses the Obelisk consensus algorithm. Obelisk allows the platform to retain high scalability, low energy consumption and protection against a 51% attack and uses a consensus concept that allows users to gain additional privacy and legitimacy through staking. Skycoin offers affordable Skymine equipment and free building plans to platform users which are far less expensive than ASIC mining components.
“The platform is a peer-to-peer anonymous network that features energy efficiency, immediate transactions and a secure alternative to mainstream internet service providers (ISPs).“
Transaction fees are paid with Coin Hours, which are earned when users stake Skycoin. Users receive one Coin Hour for each Skycoin they stake per hour, creating a system where users can send and receive Skycoin without fees.
John McAfee has been an avid supporter of the platform, stating he would utilize the platform during his 2020 Presidential campaign.
Skycoin jumped over 26% on February 28, 2019 and continues to gain substantial media attention. The platform has the potential to “give each company or application their own blockchain, helping to combat high traffic and loading times with no transaction fees.” The project plans to continue improving Obelisk and roll out hard wallets later this year.
Kangur, Karl. 3 January 2018. The Top 5 Crypto Projects to Watch in 2018. https://www.huffingtonpost.com/entry/the-top-5-crypto-projects-to-watch-in-2018_us_5a4c6a77e4b06cd2bd03e359.
Skycoin. Whitepaper. https://downloads.skycoin.net/whitepapers/Skycoin-Whitepaper-v1.1.pdf.
Pablo, Juan. 8 November 2018. John McAfee, Brandon Smietana and the Skycoin ‘Skyminer.’ https://medium.com/@jpgarcia8990/john-mcafee-brandon-smietana-and-the-skycoin-skyminer-d8f425cdc454
Schroeder, Jules. 9 January 2019. Millennials, Here’s How Cryptocurrency Could Transform Your Future. https://www.forbes.com/sites/julesschroeder/2018/01/09/millennials-heres-how-cryptocurrency-could-transform-your-future/#537b4c2a9b35