Review on Skycoin by Fanuel PORPORTY
Skycoin: an open-source, community-owned, hardware-based, peer-to-peer internet designed from the ground up and leveraging the blockchain incentive system.
Skycoin is a complete ecosystem based on innovative new generation blockchain technology. Skycoin has been continuously developing for almost 7 years, the start of this project going back to 2013 by the first developers of Bitcoin and Ethereum.
Skycoin has its own consensus algorithm known as Obelisk written and published academically by one of the early developers of Ethereum. Obelisk is a non-energy consensus algorithm based on a concept called "web of trust dynamics" which is completely different from PoW, PoS and their derivatives.
One of Skycoin’s main objectives is to promote the effective use of cryptocurrency rather than speculation. Skywire, Skycoin’s flagship application, has the ambitious challenge of decentralizing the internet to the hardware level and is about to begin the test. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth, but also storage and compute, thereby completing the holy trinity of essential resources for the new internet.
Skycoin also has its own ICO platform called Fiber, its own deterministic programming language, CX, derived from Golang, a decentralized private messaging system called Sky-Messenger, and a decentralized social media platform, BBS.
Pros
- Skycoin (SKY), a third generation cryptocurrency, is the fuel for the entire ecosystem. It supports 300 TPS, free transactions with less than 2 seconds of transaction time
- Decentralized network
- Lots of team members
Cons
- Lots of features not completed
- No physical backing (asset, profits, commodity)
