Today on Emerging Coins This Week we discuss Skycoin, An Advanced Blockchain Platform.
Skycoin is a platform developed by early contributors to both Bitcoin and Ethereum, which aims to provide a secure, infinitely scalable, and ISP independent blockchain platform. Backed by bandwidth, storage, and computational power, Skycoin is built to fulfill Satoshi Nakamoto’s original vision. Additionally, it was recently selected as one of the top 5 crypto projects to watch in 2018.
Through the algorithm offered by Skycoin, the team wants to go beyond the Proof of Work (PoW) and Proof of Stake (PoS) methods to create a new decentralized algorithm that reconfigures the inner workings of blockchain. Obelisk is the option offered by Skycoin which is said to deliver just such a network. Furthermore, a web-of-trust style system that seeks to prevent the development of a centralized power is what characterizes Skycoin, among other features such as the coin requiring no mining, its immunity to 51% attacks and a high-speed transaction rate. The network is a democracy, with all the decisions being made by consensus and not based on the wishes of the majority stakeholders.
One of the best features this platform offers is that currency holders are paid with Coin Hours for each hour they actually hold the coin. These are then used as fees for transactions within the Skycoin network. As for the transactions speed, the project claims it takes up to 2 seconds to be successful while also providing a lot of privacy in the infrastructure.
While the rest of the market was basically showing red numbers for this past week, Skycoin went up by almost 50% of its value on Wednesday. This was mainly due to rumours circulating about the coin being listed on Binance. Although sadly, the pump in prices only continued for about 24 hours, going from 24$ up to 36$ and then dropping rapidly on Thursday to $26. The project is ranked at the 36th position according to its market capitalization of about $236 million; having a current volume circulation of almost $6 million during the last 24 hours, probably due to the pump in prices, and a circulating supply of almost 9 million SKY coins.