Blockchain cruise the most iconic event in the blockchain space featured one of the most iconic projects – Skycoin. Skycoin founded in 2014 by early Bitcoin Core developer, Synth, is a project focussed on building Blockchain 3.0. Since its inception, Skycoin has been touted as one of the best projects in the cryptocurrency space by John McAfee himself.
According to Synth, there are three main problems with the current implementation of blockchain- TPS is slow, Vulnerabilities in Smart contract and resources are not isolated.
To illustrate his point Synth points out the slowness of Bitcoin’s transaction speed and its susceptibility to a 51% attack.
Synth explained how Skycoin works on the problems of current blockchain networks to build a better blockchain. He takes the example of Fiber and Skywire technologies that are developed by Skycoin.
Fiber & CX
A highlight of Synth’s keynote was the part about Fiber. Fiber is a proprietary technology developed by Skycoin which is the backbone of blockchain 3.0. Fiber uses DLT (Distributed Ledger Technology) to allow companies and individuals to create custom blockchains according to their needs which can interact with Skycoin’s ecosystem.
Two things about Fiber on which Synth brought our attention to.
- Fiber is completely customizable – That is any business can use their own consensus or a better consensus algorithm in the future to execute contracts/transactions.
- Fiber chains run in parallel and are infinitely scalable – Each fiber chain is not dependant on other blockchains, but if required they can communicate to each other via the Skycoin network.
Fiber is the structural layer of Skycoin’s blockchain and supports the ability to execute a smart contract. Fiber has its own programming language called CX and also comes with a default consensus mechanism called Obelisk.
Synth explains the idea behind Skycoin is not just a token but an entire ecosystem. And Fiber sits at the heart of this ecosystem.
Skywire
Another highlight of Synth’s speech was Skywire. According to Synth, Skywire is decentralized internet built entirely on top of Skycoin’s blockchain. Skywire has its own hardware and antennas to build a truly decentralized internet.
Users can build DApps and run it on Skywire. The new Dapps will focus on security, and privacy combined with the speed of the current Internet.
To support the decentralized internet, Synth explains on how Skycoin has combined game theory with technology. The idea behind Skywire according to Synth is to create a self-sustaining ecosystem much like the current internet. Moreover, users are rewarded in Skycoins for hosting the new decentralized internet.
Synth said,
“As a participant in the network, hosting a Skywire node, users earn Skycoin and Coin Hours for providing bandwidth, storage and computing resources.”
Invest in Skycoins
One of the problems investors have figuring out is why should they invest in a particular token and Skycoin is no different. Synth’s keynote answered this question by pointing out, Skycoin is not just a coin, it’s an entire ecosystem.
- Fiber, it’s own infinitely scalable blockchain
- Skywire, it’s flagship mesh net application
- Skycoin itself as a currency
- All the features of Blockchain 1.0, 2.0 and more
All in all Synth’s presentation on Skycoin was a huge hit a fact evident by its current price. Skycoin is currently up by 8.8% and has a market capitalization of $28 million.
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