Skycoin is a high-performance blockchain project for a new decentralized networking protocol. Skycoin’s revolutionary ecosystem will overhaul the current internet with a faster, more secure replacement.
Bitcoin was the first generation prototype for decentralized economics, created to give citizens across the globe unrestricted access to a financial transaction. In addition, Ethereum is blockchain 2.0, the platform designed for the ability to easily launch hundreds of blockchain projects.
Skycoin is blockchain 3.0, the next level of decentralized engineering with an incentivized ecosystem and infinite scalability. It combines and improves upon the benefits of Bitcoin and Ethereum while solving the problems of speed, centralization, and scalability that arose in their development and use.
Skycoin consists of an ecosystem of technologies that work together in unison to provide a complete package:
- Skycoin – The digital currency that produces Coin Hours for network bandwidth.
- Skywire – Decentralized wireless mesh network for a secure, fast, Web 3.0.
- Obelisk – Consensus algorithm that distributes a “web of trust”.
- Fiber – Infinitely scalable parallel network of blockchains.
Skycoin: Third Generation Blockchain
How does Skycoin stack up against its predecessors? Skycoin comes in as the third generation project, solving the problems of scalability with Fiber. Therefore, Fiber is Skycoin’s infinitely scalable solution, rather than blockchain projects launching on one blockchain resulting in congestion of the network.
Furthermore, Fiber implements parallel blockchains, allowing applications to have fully customizable implementations. The more projects that exist on Fiber, the stronger the system becomes.
Skycoin fixes the security issues present in Ethereum with CX, Skycoin’s general purpose programming language. In addition, CX allows users to program contractual agreements on the blockchain while enabling users to amend the digital contracts to address any bugs. The CX programming language is built on the premise of security for the average programmer.
Skycoin solves many real-world problems and employs financial incentives for its users in Skywire. Furthermore, it aims to update the internet with a faster, more secure version that pays its users for providing bandwidth.
Skycoin in South Korea
Korea has set itself up as a country that consistently stays ahead of the technological curve. With a tremendous appetite for technological advancement, Koreans boast the position of being consistently first in the Bloomberg innovation index while also remaining a top contender for technical density.
Therefore, Korea unsurprisingly has embraced blockchain technology, implementing classification standards & regulatory frameworks. Currently, some of the largest cryptocurrency exchanges are backed by the countries largest conglomerates.
The rollout of decentralized technology will be aided by Korea’s current technology status. In addition, Koreans are technically inclined, they want smooth running products that are easy and fun to use. Smartphones created a substantial advancement in the way we communicate, texting (often with a small charge) evolved toward applications that provided free text services.
Furthermore, applications like Kakao talk that provided a better user experience eventually overtook the first movers and became the most used platforms in the country. The propagation of usable customer-focused technology is similar to blockchain projects and their iterations through time.
Ethereum provided for a significant testing ground as a platform for decentralized technology, Skycoin perfects the ideas and processes of Ethereum while creating a usable, incentivized platform that will increase the proliferation of blockchain in the region.