Overview of the Skycoin

Skycoin was launched as the foundation for a new decentralized internet and advanced blockchain application platform in the world. The Skycoin, invented by Synth, Steve, and some of the other developers of the Bitcoin and Ethereum, was termed as the third generation blockchain platform. The synth has knowledge of the educational and work background, specializing in areas of distributed systems, mathematics, and symbolic logic. The main objective behind the invention of Skycoin was to tackle issues related to Proof-of-Work and Proof*of-Stake consensus by introducing what is called a Web-of-Trust consensus protocol known as Obelisk.  Houwu Chen created an obelisk. Chen is a Ph.D. from Tsinghua University. Steve Leonard too, has also played a pivotal role in writing a majority of Skycoin’s original software. He is also known for developing a number of e-commerce backbends before Skycoin. Obelisk, apart from being an ASIC developer, also provides services to miners, which include providing a collocation for the Obelisk miners. Further, it also offers a number of data centers that could be used for mining with the Obelisk products. Another service it offers is Launchpad services; wherein cryptocurrency development teams can co-operate with Obelisk and seek assistance in the development of the coin’s algorithm.

Skycoin, which has been in development since 2012 appears to be a dead project on the charts. The skycoin team had developed an extendable, future proof foundation from scratch, on multiple occasions.

The Skycoin, in an article released by forbes.com in the month of October 2018, was given the No. 1 position among other blockchain companies for 2019. Among the 13 blockchain companies compared, two others included Energi token and CoolbitX, but the names of the other companies are not known. Besides this, a Huffington Post article ranked the Skycoin among the best top 5 blockchain companies.

Reportedly, there have been acquisitions on Skycoin’s marketing team as well as its promotional company for stealing and kidnapping the CEO of Skycoin, Synth.

Some reports suggest :

“Of 100 million Skycoin, about 12.5 million were distributed in four years since the first ICO in April/May 2015. From now on, I estimated, that 6.25 million Skycoin could be distributed per year until 25 million Skycoin would be in circulation at the end of 2020. After that, 5 million Skycoin could be distributed per year, which would mean, that there could be 100 million Skycoin in circulation at the end of 2035.”

Some interesting facts about Skycoin that many are not aware of are that Skycoin owns a dedicated miner called Skyminer, and, they will soon be launching a hardware wallet which will be called Skywallet. Besides, they have what is called Skyfiber, which is a tokenized platform and enterprise blockchain solution offering plug and play solutions using sidechains on the Skycoin network.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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