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:
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:
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
A range of hardware “miners” are also planned for release on a soft date of March 2018, with 300 initial units planned.
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