Review on Skycoin by francis fernandez
Skycoin: a decentralized mesh network that grants control of the internet to users
Skycoin (SKY) is a decentralized ecosystem to create a P2P (peer to peer) internet platform accessible to all, free, private, fast and without censorship; based on blockchain technology.
Token:
A token called Coin Hours is generated every hour for keeping Skycoin in the wallet. This token is used to maintain the network; making it unnecessary to pay any fees for transactions on the Skywire network.
Acquisition:
The cryptocurrency can be purchased through the network or in exchange houses using other digital currencies. Payment can be made with crypto assets or fiat money.
Technology:
The Internet platform Skycoin is a pioneer in the use of the distributed consensus algorithm known as Obelisk; which is intended to counteract the security flaws of the POW and POST algorithms.
This algorithm contributes to the decentralization of the cryptocurrency, removes barriers in mining to inject a fixed endowment of crypto-tokens, speeds up the validation of transactions per second, contributes to network security and autonomy in the ownership of assets.
The Skycoin network also uses the CX protocol and the CXO data storage model whose main function is to host blockchain applications (Fiber).
As Skyware; The network uses state-of-the-art protocols that give it speed due to the optimal packet routing; speed and security due to the use of bonding channel and high simultaneous connectivity with multiple nodes that give it performance.
The end-to-end encryption protocol of the network assures users that their data is private.
The network also has a security mechanism that allows nodes to protect themselves from cyber attacks.
Pros
- It is a platform with a high level of scalability, reliable and independent internet service.
- It is a network that has the support of bandwidth, storage capacity and computing power
- It allows to eliminate the barriers and restrictions of internet service providers.
- Grants control of the internet to the users who make up the decentralized mesh network platform, since it operates on servers owned by the users.
Cons
- The value of the currency is variable and volatile.
