Skycoin is the most advanced, most powerful and the most complete blockchain application platform in the world. Created by the original developers of Bitcoin and Ethereum, Skycoin is the new fast, free, secure, scalable, eco-friendly, private and programmable cryptocurrency built to power skywire, the new internet
This project was started in 2012 and even though a lot of people are just hearing about the project, the sole purpose of doing that was to focus on development of the Skycoin ecosystems and have a real products to show to the world
Considering it was a cryptocurrency that was developed to correct the flaws of Bitcoin, Ethereum and all other older generation cryptocurrencies, the founders and developers put in a lot of time, thought, research and development into producing an ecosystem of what a true and ideal cryptocurrency should be
Looking at the architecture of the Skycoin project, the descriptions below shows what the team was trying to achieve.
Skycoin is meant to replace Bitcoin
Fiber is meant to replace Ethereum
CXO is meant to replace IPFS, FileCoin, Bittorrent, Mega, Dropbox, Google Drive
Skywire is meant to replace MPLS, IPv4/IPv6, OpenFlow, Tor, I2P
Viscript is meant to replace EC2, golem
Sky-Messenger is meant to replace ox, Telegram, Skype, Wechat, WhatsApp
BBS is meant to replace Steemit, 4chan, facebook, twitter
The Skycoin project is a hermetically contained software/application platform that operates in parallel to and on top of but independently of the existing Internet. Its five pillars are:
Skycoin- the most powerful and complete cryptocurrency platform ever created
Skywire- the new Decentralized Internet, a wireless mesh network that pays you for supporting it.
Fiber - The infinitely scalable and highly customizable parallel peer-chain architecture of the Skycoin platform
4.Skyminer- the hardware backbone for an unbreakable decentralized Internet. Get paid for providing bandwidth, storage, and CPU power while you sleep
5.An ecosystem of Apps like skymessenger, Distributed social media BBS built on skycoin, skywire and fiber
In addition to these 5 main pillars, skycoin also have the following component making it a cryptocurrency of all cyptocurrencies
CXO - A peer-to-peer cloud storage service tailored to service the distributed network of Skywire
SKYCOIN DECENTRALIZED EXCHANGE - DEX will be running and create a solid foundation to support skycoin family trading
and other major cryptocurrencies
KITTY CASH - The most popular application currently built on Fiber. Kittycash is a complete gaming ecosystem, powered by cats
From the various components of the skycoin eco-system, one can see that it is a complete ecosystem and the truth of the matter is each of these individual components can exist independently and can be floated as individual coins or tokens but once in a lifetime you run into visionaries who come to the table with a pure heart and solutions to make the world a better place for everyone
I have made a detailed research of the various components and for each of them; I am going to include their github to see the amount of work that has been done. As a matter of fact, A lot of these projects are complete but for the sake of priority, each of them will be released at the specified times as indicated in the updated roadmap which will be released at the Skycoin Ecosystem Launch Conference in Shanghai on April 10, 2018
SKYCOIN
Skycoin was created as an answer to the shortcomings of both Bitcoin and Ethereum. Born out of necessity, no other coin was fulfilling Satoshi’s original vision of a fully decentralized digital currency.
Skycoin’s platform is free from centralization and manipulation through its proprietary Obelisk consensus algorithm. It features CX, a turing complete programming language built from the ground up to allow hundreds of thousands of developers to easily deploy applications to the blockchain. Skycoin functions as a currency with virtually free transactions, absolute privacy, and Visa-like speeds with inherent asset-backed value not based on speculation.
Holding Skycoin generates Coin Hours, which are used to purchase services on the Skywire network and can be exchanged for more Skycoin.
SKYWIRE
It is fast. It doesn’t suffer from throttling and other service disruptions that you get with large ISPs.
It is private. This means that you can’t be tracked as you browse. Instead of paying $$$ per month to be tracked by the ISP (which then sells your browsing data without permission), the Skywire community will have Internet service that protects their privacy.
It is incentivized. Skywire will develop to be a wireless mesh network (WMN). Users can earn both Skycoin and Coin Hours for running hardware nodes that provide both bandwidth and storage to the entire network. Users can then spend earned
Coin Hours on content and other network resources, as they choose.
It is secure. Users for users create Skywire. Users dictate the decisions made on the network and the network operates on a web of trust system where malicious nodes can be cut off from the main Skywire network via collective agreement of the community. This consensus model allows Skywire to be immune from attacks, exploitation and manipulation.
In an era where consumers are consistently being taken advantage of by large corporations in the name of profit, Skycoin’s Skywire network is a breath of fresh air. Skywire gives the power back to the people and creates a stronger, faster, and more secure Internet in the process.
The backbone of this is the skyminer and apparently, all seem to be set and ready for the testnet. Guidelines for the testnet were released today and further information will be provided at the conference in China
Skyminer is the first physical hardware produced by a crypto project
Outside the above 2 projects which seem a bit more known compared to others, Skycoin project also have
FIBER
The infinitely scalable and highly customizable parallel peer-chain architecture of the Skycoin platform. Fiber is a better-than-blockchain solution, which is transformational in the way that it solves existing problems with distributed ledger technology.
Fiber is the foundation of “cryptocurrency 3.0”, an infinitely scalable network of blockchains laid side-by-side, like strands. Each project hosted on Fiber gets its own fully customizable, private blockchain capable of Visa-like speeds. Each strand added to Fiber strengthens the whole network and constructs the fabric of the entire ecosystem.
Skycoin Fiber does not compete with first and second-generation cryptocurrency architectures, it replaces them.
Each company and project hosted on Fiber gets its own fully customizable, private blockchain capable of Visa-like speeds. This enables blockchain solutions for businesses running private or private-public blockchains in a manner that allows them autonomy and full control.
All of the typical problems that are experienced while setting up a blockchain-traded company goes away when using Fiber due to its well-developed architecture and comprehensive platform.
This will offer a true “plug-and-play” functionality, making Fiber’s entire platform extremely user-friendly.
A couple of companies who have hosted their ICO under fiber has decribed it as the best platform to host ICO as the process was seamless, and easy to operate unlike other ICO projects always leaving investors frustrated and angry either because the network is congested or some other technicalities
Over 30 companies will be holding their ICO on the fiber platform once clarity and stability as per the status of ICO’s are determined
BBS
On corporate social media, you’re the product. A company controls your data. They sell it to advertisers and store it on their servers. Once you make a post, it’s theirs – forever. You have no control over privacy, technology, or even your own identity
BBS stands for Bulletin Board System. Traditionally, BBS were do-it-yourself servers that allowed users to interact and share content. Modern BBS offer an alternative vision for the Internet: one where users, not corporations, have control. Skycoin BBS takes inspiration from early Bulletin Board Systems to create a decentralized, user-centric social media platform
With all the privacy breach of recent by Facebook and Google, Skycoin is bringing social media back to you, the user.
Skycoin BBS is a peer-to-peer replicated social media application built on immutable data structures (CXO) on top of the Skycoin platform. Planned features include:
• Decentralized network so that you retain your privacy and freedom
• Ability to post content, upvote, downvote, and comment
• User profiles
• Tipping for content with Coin Hours and Skycoin
• Resistance to network failure
• Public keys and trust lists that let users filter out spammers, bots, and untrustworthy users
Databases in the Skycoin distributed BBS application are replicated peer-to-peer using the Skycoin CXO library, previously called Aether. Users submit posts with a Sky Messenger prototype. This is Skycoin’s TOX-like standard for machine-to-machine communication between public keys
On Skycoin BBS, voting and content curation are transparent. The community can verify data via cryptography, allowing them to easily spot vote manipulation. Users can vote other users as trusted or as spam. A special list will also exist for blocking users.
The benefits of Skycoin BBS go beyond user privacy and data ownership. Skycoin BBS also eliminates the danger of corporate and government interference. Unlike most social media networks, Skycoin BBS is decentralized. There’s no central server to shut down and no way for a single entity to monitor communications. Every outbound packet could be communicating with a peer who can forward the message.
This peer-to-peer system protects users from third parties and authorities seeking control.
This singular platform can replace Steemit, 4chan, Facebook, twitter
To download BBS, head to github.com/skycoin/bbs/releases
Check out the technical aspects of Skycoin BBS: https://www.skycoin.net/blog/bbs/bbs-development-update-1/.
Track coding commits at the Skycoin Github repository: https://github.com/skycoin/bbs.
Get a list of nodes to connect to and boards to subscribe to: https://t.me/skycoinbbshosting
In addition there is the sky-messenger .
Skycoin Messenger is an anonymous instant messenger. You can send messages to others by public keys on the messenger and this could replace we chat, telegram ,Skype , we chat and their likes
SKYCOIN DECENTRALIZED EXCHANGE
Skycoin decentralized exchange will be running and create a solid foundation to support skycoin family trading
this platform will also support mainstream crypto-currencies e.g. BTC, ETH
It handles complex order types that aren’t currently available on other decentralized exchanges such as market and limit orders.
It also handles enormous trade volume through its unique publicly verifiable off-chain matching engine.
The use of teller, allows for quick and seamless coordination between skycoin, fiber and websites.
Allows for perform trades between tokens based on the fiber and other networks
For development on this go to
https://github.com/skycoin/skycoin/blob/develop/INTEGRATION.md
Considering we have many exchange tokens and coins like binance, kucoin, Coss, to mention but a few that are floated as stand alone cryptocurrencies; you can imagine the value this adds to the skycoin project. The difference is the skycoin exchange is decentralized, more secure and more private with very fast transactions and free as you use coin hours as a means of payment rather than the coin itself
• In addition, Wallet generated by skycoin exchange has signature in order to prove its authenticity.
https://github.com/skycoin/skycoin#release-signing
CXO – it’s the cloud storage system of the skycoin project
It’s based on Skycoin’s CXO, DHT, Merkle DAG .
Skycoin Merkle-dag system is based upon these
• A directory is a list of nodes. The ID of the node is the hash of its serialization
• Each node is either a folder or a file.
• The contents of files are hashes
• The owner signs the root hash with their private key
• The node metadata and files are replicated peer-to-peer
• The directory is referenced by a
Users can update the files after they upload them. If you have a JavaScript file, instead of re-requesting the file from the server, every time the page is loaded, its hash names the file. If the hash is in the local cache, it does not need to re-download it.
This will speed up blockchain downloads, but has other applications
Skycoin is also working with a partner SPACO (SPO) and with Nebula, it is not only a distributed file system, but also a distributed storage system and can replace current day applications like DropBox, Bittorrent and CDN (Content Delivery Network), while also providing storage APIs for the Apps that will run on the SPACO network. While distributed business are still in the infancy of their adoption, They plan to help increase the awareness and uptake via the SPACO network to show the importance of decentralization and net neutrality
The SPO storage layer is the essence of SPO smart networking. Nodes that is hosted and run by individual miner form this network.
Basic storage services, CDN services, API services and live streaming are hosted in one place.
This will provide instant availability to users while it maintains supreme quality on its high speed and limitless storage space
While projects like Siacoin and Maidsafe pride themselves as blockchain solution to storage, Skycoin solution to storage CXO, distinguishes itself in the following way. CXO has
• Implemented the splitting function in order to allow splitting of large files for simultaneous integration into Merkle-tree.
• Implemented a large file enumeration feature that allows for listing of recently used objects in the database, improving the listing function.
• Implemented multiple features to increase the speed of data exchange for a single node’s MaxObjectSize especially during slow network and reducing the need of requests and responses between server and node.
• Added a new method of BoltDB storage based on the original BoltDB.
• Completed the function of exporting the database as a JSON file or into binary.
• In addition to all these, the SPO team is testing Miners for decentralised storage with 1TB hard discs. Skycoin team and SPO will continue collaboration and develop a version with custom chips and m.3 SSD form factor for Skycoin.
KITTY CASH
KittyCash is a next generation Blockchain game. It allows users to breed, feed, and trade Kitties as a digital pets whose ownership and Kitty-DNA is stored on the Fiber blockchain. KittyCash combines crypto-collectables and Tamagotchi-like elements to create a revolutionary blockchain game.
KittyCash is a next generation Blockchain game. It allows users to breed, feed, and trade Kitties as a digital pets whose ownership and Kitty-DNA is stored on the Fibber blockchain. KittyCash combines crypto-collectables and Tamagotchi-like elements to create a revolutionary blockchain game.
Unlike crypto kitties in ethereum, which blocked and congested the blockchain, KittyCash is part of the Skycoin ecosystem and employs Skycoin’s next generation blockchain technology.
Skycoin realizes instantaneous and feeless transactions, while offering new applications to run their own blockchain. Skycoin has developed its own consensus algorithm and works on a free, decentralized Internet
Skycoin realizes instantaneous and feeless transactions, while offering new applications to run their own blockchain.
Players have spent the equivalent of $8.7 million and counting buying CryptoKitties, which can sell for as much as $114,481.59, according to third-party research from developer Niel de la Rouviere
The rise of Apple began with innovation and a slew of product launches over the last decade. From the iPod to the iPhone to the iPad and the Apple Watch, each new product has woven its way into the fabric of our culture
Like Apple, skycoin also has great software, industrial design and a powerful ecosystem of content, apps and services as part of the company’s success equation
Skycoin is way ahead of the competition, constantly innovating and improving on its products as it has already started working on its new generation miners, superb product design and a very hard working development and marketing team
In summary if we are to value these individual projects collectively under the skycoin project, there is no doubt that that the skycoin project is way undervalued and has all the capabilities to be way more valuable than bitcoin
This project may have been under the radar for 6 years but holding Skycoin is like holding a bitcoin, ethereum and many other coins at the same time.
Considering that these individual projects can be stand alone projects like most other cryptocurrencies today, Skycoin has great capacity of overtaking the world’s number one position in the market of digital money. It already has more sophisticated structures and solutions to many issues and the project is way ahead of all other cryptocurrencies in terms of development and innovation . For most f these projects, it is just a matter of turning on the switch as they are virtually complete
The sincerity and clear communication of the founders and development team of this projects must commended .
For some projects, they could have held an ICO for al the individual projects but here we are holding skycoin with so many coins
Skycoin is backed by a proper asset skywire and this helps to curtail the volatility that bitcoin is prone to
How soon this will happen depends on the world adopts their technology . A successful testnet of Skywire scheduled for later this month could be the game changer and worldwide adoption could happen within the next 2 years
Remember it took bitcoin 6 years to get to the 20k mark
From the look of things ,skycoin looks like the technological innovation that will change the world the most in the next 25 years
Skycoin is backed by a proper asset skywire and this helps to curtail the volatility that bitcoin is prone to .
How soon this project will become a market leader depends on the world's adoption of their unique and novel technology. A successful testnet of Skywire scheduled for later this month could be the game changer and worldwide adoption could happen within the next 2 years
Do you agree with this? Please leave your comments
Find out more at https://www.skycoin.net
Facebook: https://www.facebook.com/skycoinproject
Twitter: https://www.twitter.com/skycoinproject
Reddit: https://reddit.com/r/Skycoin
Telegram: https://t.me/Skycoin
follows me at twitter https://twitter.com/bivins1
If you find the article interesting, please send your skycoin donation to
ELoYH9tHCQPi7ePsUc2v6ELkTa7vuPgC8b