Skycoin, a next-generation cryptocurrency with four years of development history, rolls out to the public in July. The Skycoin project seeks to popularize decentralized networking by fixing problems with Bitcoin. Over 80 developers on Github and elsewhere have contributed to the project since 2012.
Skycoin is a fast, secure, and reliable currency for online transactions. It uses a redesigned consensus algorithm that improves on Bitcoin, and is the first algorithm of its type since PeerCoin.
Skycoin’s core features are speed, privacy, security, and ecosystem.
In terms of speed, Skycoin competes with credit cards and Apple Pay. Transactions occur in seconds. This makes the coin suitable for Point-of-Sale (POS) and IOT transactions.
Skycoin can claim 100% private and anonymous transactions thanks to its use of CoinJoin protocol to mix transactions from more than one wallet. It also provides a secure transaction setting that uses encryption to protect from 51% attack and other common threats.
The ecosystem surrounding Skycoin is expanding. Developers are building Skycoin apps and tools, which include planned options like social networks, VPN, and messaging.
Skycoin is set to level the playing field and create a decentralized internet by distributing value across the peer-to-peer community. It provides a public resource that eliminates the mining and inflation that plague other cryptocurrencies.
But developers say that the Skycoin project isn’t just about cryptocurrency. It’s also the fuel behind Skywire, a peer-to-peer network that boldly seeks to replace the current internet landscape with something better.
“There are other repos on github.com/skycoin for mesh networking and distributed VPN prototypes, where people will be paid tokens for forwarding traffic,” says Skycoin project founder Synth. “There is also a distributed social media service, with peer-to-peer data replication and different experimental projects, as well as research into immutable data structures for next-generation internet. Some of them are very radical.”
Skywire users receive coins for sharing content and services. In this way, Skycoin invites users to participate in a larger mission: wresting control away from corporate internet service providers and giving it back to the community. It’s a shared social purpose that makes the Skycoin project unique.
Skycoin’s rollout and ongoing development can be followed online at skycoin.net.
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