About Skycoin (SKY)weiss-badge

Overview

Skycoin (SKY) is a blockchain platform that aims to become the 'New Internet for the New World.' The project is one of the oldest blockchain development projects around, built as an infrastructure rooted in staying true to Satoshi Nakamoto's vision of being totally decentralised. The network boasts some incredible features, such as lightning fast transactions, zero fees, security, privacy and a consensus algorithm called Obelisk. Skycoins total supply is capped at 100 million tokens, with the initial 25% distributed post ICO, with 5% unlocked each year afterwards. Distribution is hard-coded into the protocol and time-locked, which ensures a fair process, a rate of delivery that aligns with growth and protection against inflation.

Technology

Skycoin uses Obelisk, which is a consensus algorithm used to validate transactions on the blockchain utilising a concept called 'web of trust.' Obelisk aims to eliminate the short-coming found in Bitcoins and Ethereums Proof of Work (PoW) consensus and the popular alternate algorithm called Proof of Stake (PoS). The two types of nodes used with Obelisk are block-generating nodes and consensus nodes. Block-generating nodes secure new transactions, validate them, and add them to a new block, which is broadcast to the entire network. Consensus nodes collect the blocks generated by block-generating nodes and put them in a separate container other than the blockchain. The node then identifies which block was made by the most substantial number of block-generators. This block is known as the local winner and qualifies to be added blockchain. Obelisk has the potential to be highly scalable and sustainable (low energy consumption). It is possible to achieve block generation using low-cost hardware. Moreover, the algorithm can run efficiently with nearest-neighbour connectivity. It does not necessarily need a high bandwidth connection. 'Skyminers are the backbone of Skywire.' Skycoin uses Skyminers to provide resources such as bandwidth, storage, and computing power to the Skywire network. Skyminers are open source, meaning anyone can build one and contribute to the Skywire network. For more information regarding Skyminers or the join the Skyminer waitlist, visit the Skycoin official site.

Future Focus

Skycoin has an in-depth roadmap on their site showing future goals and dates. Some exciting future developments include a hardware wallet, Sky Exchange, and a desktop lite wallet. For more information regarding Skycoin visit the official webpage or read over the Whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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Due to the price of sending and sourcing BTC the minimum order is $500.00.

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