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Focusing on the implementation of Satoshi Nakamoto's original vision for true decentralization, Skycoin announced a series of updates as it gets closer to achieving its goals. The update includes a new mobile wallet, a logo and a website.
In 2013, the Skycoin team recognized that the Bitcoin network could no longer achieve true decentralization because of the considerable power and influence exerted on the network by large mining groups. Four years later, little has changed. These influences have gained dominance and strength, as evidenced by the recent ranges and network divisions proposed.
Skycoin's clairvoyance allowed him to develop a new consensus algorithm to achieve true decentralization and solve outstanding technical problems related to Bitcoin
Despite his recent success as the first cryptocurrency, Bitcoin is still harassed by the same problems that have plagued it since development. These problems include:
- Dependence on the human element in network operation
- Slow transaction speed
- Bloat of the network
- Signature Constraints
- External dependencies that create security problems
- 51% vulnerability attack
Built from scratch and running on a Web of Trust in place of the PoW / PoS algorithm, Obelisk is the code base of the revolutionary consensus algorithm fueling the Skycoin network. This algorithm allows the project to implement the next generation of primitives networking, storage and basic application – a new Internet.
Unlike most crypto projects, Skycoin is neither a fork nor a Ethereum-based token. Its blockchain was designed as a platform and basic infrastructure to support an ecosystem of applications including:
- SkyCoin: A new consensual algorithm to secure the network through a Web of Trust mechanism, eliminating Bitcoin's tendency to centralize mining.
- SkyWire: Sustainable Democratization of the Internet, While Improving the Privacy and Security of a New Internet
- Skyledger: Blockchain platform built with CX to develop independent private data storage and hardcoding channels.
- Ecosystem App: distributed file and social media applications, built on Skycoin, Skywire and Skyledger
- Hardware Platform: Mining equipment that acts as a specialized VPN operating on the new Skywire networking protocol based on multiprotocol label switching.
Skycoin is 51% attack proof and resolves many security issues with Bitcoin, regardless of hash power and / or financial strength. Transactions on the network are fast with low confirmation times (four seconds).
Skywire is an alternative peer-to-peer network that takes control of ISPs and returns them to users. Peer-to-Peer technology does not require users to give up their identity and data to access content. Skywire provides a blockchain-based, decentralized network that facilitates secure and private browsing.
Since the platform was designed as an ecosystem, there is a symbiotic relationship between Skywire and Skycoin that allows users to generate revenue for the Internet, instead large ISPs. The use of the Skywire network is free, but users can pay for nodes to benefit from better bandwidth and priority.
With the current state of Bitcoin, Skycoin's mission is only more relevant. Its new mobile wallet will provide instant access to users and the redesign of the site will make community engagement easier. Skycoin plans to implement other important milestones such as:
- Protocols for Decentralized Exchange
- Cluster Management
- Rewriting of code
- Quick Portfolio
- Dashboard of World Network
A range of "minors" of material is also planned in March 2018, with 300 initial units planned.
Skycoin is the source of this content. Virtual currency does not have legal tender, is not supported by the government, and accounts and value balances are not subject to consumer protection. This press release is for informational purposes only. The information does not constitute investment advice or an investment offer.