SkyCoin, the 3rd Generation Cryptocurrency, Aims to Shake up the Crypto Market

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by Andy Watson · 3 min read
SkyCoin, the 3rd Generation Cryptocurrency, Aims to Shake up the Crypto Market
Photo: Johnny Silvercloud / Flickr

Skycoin and allied product SkyWire plan to radically transform the cryptocurrency world in the future.

Instances of real ingenuity are something of a rare thing these days. Skycoin and allied product SkyWire are two facets of a new startup that is aiming to transform the cryptocurrency world in the future having a long-term plan in mind.

While Bitcoin and its first generation wave of cryptocurrency was instrumental in the rise of the genre of currencies, it neither implemented the core concepts of decentralization nor gave the power back to the people. Despite the cryptocurrency itself is still working very well, certain groups within the bitcoin network acquire more ever-growing influence than others.

For example, there are powerful mining cartels in the business who are actually running the free market and now introduceing forks on a seemingly more regular basis. As we remember, Bitcoin’s first fork, Bitcoin Cash (BCH), was largely due to the interests of influential miners, who have split the currency into two. Even though these changes may not mean that much as Bitcoin still reigns supreme, it is  certainly a hindrance towards further updates and development of the Original Bitcoin blockchain.

As even more updates are coming our way on the blockchain – two more Bitcoin forks are being planned in the near future – a threat of more dangerous forks is real, and has the potential to imbalance the level playing field, which, by the way, was the original vision of the Bitcoin movement.

In such circumstances SkyCoin are now coming up with a new concept built around a new algorithm developed from scratch. The algorithm called Obelisk and the new platform will be totally devoid of mining, making it impossible for people with more resources to reign the future currency.

Instead of mining the new SkyCoin aims to launch a Web of Trust system as they are calling it. It is believed to go further than the Bitcoin protocol allowing true decentralization of any platform. Development of Skycoin encompasses a number of facets:

  • SkyCoin;
  • SkyWire (also known as the new internet);
  • Skyledger;
  • App Ecosystem;
  • Hardware platform

The SkyWire, a new decentralized internet based on the new Obelisk is a true game changer for the world. Such a decentralized form of internet can be the holy grail for blockchain development, and SkyCoin team is dedicating a lot of efforts to it.

While some may see it as absolutely impossible ambitions, experts in blockchain development know that the blockchain was originally meant to fuel technologies like this. The new internet will be based on a symbiotic relationship with between SkyWire and SkyCoin. The SkyCoin will eventually fuel the new development.

Apart from these groundbreaking improvements and ideas, SkyCoin is also launching some regular yet innovative products that can kickstart its adoption in the crypto world. They include a SkyCoin Wallet 2.0, a new mobile wallet, and a site revamp. Other long-term targets like coding rewrite, cluster management and a quicker SkyCoin Wallet and exchange federation protocol are also under development right now.

So, instead of making hefty claims over a new token’s future performance, which in most cases is just promises that may or may not be kept in the long-term, SkyCoin aims to take the long-term route.

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