What is Skycoin?

Skycoin (SKY) is an open-source, community-driven, hardware-based peer-to-peer internet that leverages the incentive structure of blockchain technology. It strives to provide a new kind of internet that is global, decentralized, and not controlled by any country, corporation, or government entity. Skycoin operates on the Obelisk consensus algorithm, which is based on the concept of 'web of trust dynamics'. This means consensus decisions are made depending on the influence score of each node in the network. Skycoin's platform is designed with a focus on usability and ease of use.

How does Skycoin work?

Skycoin operates on the Obelisk consensus algorithm, which makes consensus decisions based on the influence score of each node. Each node subscribes to a select number of other network nodes, and the density of a node’s network of subscribers determines its influence on the network. Skycoin's flagship application, Skywire, aims to decentralize the internet at the hardware level, with the intention of enabling decentralized bandwidth, storage, and computation. Skycoin also features CX, a Turing complete programming language, which aims to facilitate developers in deploying applications to the blockchain.

What are the potential use cases for Skycoin?

Skycoin's primary use case is to provide a decentralized internet at the hardware level through its flagship application, Skywire. Skywire aims to offer more than just decentralized bandwidth; it also seeks to provide storage and computation. This positions Skycoin as a potential solution for those concerned about net neutrality, data privacy, and the control that traditional internet service providers have over internet access. Additionally, Skycoin's programming language, CX, aims to facilitate the development of a wide range of blockchain applications, further expanding its potential use cases.

What is the history of Skycoin?

Skycoin was developed with the intention of addressing certain challenges observed in Bitcoin and Ethereum, with the goal of fulfilling Satoshi's original vision of a fully decentralized digital currency. The Skycoin blockchain uses a novel consensus algorithm to replace Proof of Work and Proof of Stake, addressing security problems associated with other blockchain networks and decoupling coin creation from the mining process. This results in a fully decentralized cryptocurrency that is immune to 51% attacks, requires no mining, and allows transactions to occur in seconds. The supply of Skycoin is fixed, and it aims to provide a level of transactional integrity, positioning it as a digital asset rather than a tool for amassing control over networks.