Skycoin is the next-generation distributed encrypted digital currency, with the Skycoin project starting around the time of Litecoins issuance (circa 2010). It is the successor and alternative to Bitcoin, aiming to enhance Bitcoins characteristics in terms of security, ease of use, and convenience, addressing its shortcomings. Skycoin solves the inherent problems and limitations of Bitcoins design, implementation, and configuration. Skycoin meets the need to use user output as a medium of exchange, achieving full usability, operable under low-budget hardware, slow networks, and continuous network attacks, ensuring a more robust operating environment. Skycoin is dedicated to becoming the third generation blockchain; it is not just a cryptocurrency but also a crypto internet.

I. Project Introduction

Skycoin addresses the inherent problems and limitations of Bitcoins design, implementation, and configuration. Skycoin meets the need to use user output as a medium of exchange, achieving full usability, operable under low-budget hardware, slow networks, and continuous network attacks, ensuring a more robust operating environment.

Project Features

Monetary Attributes: Its non-reproducibility and scarcity give it monetary credit attributes.
Payment Method: Skycoin can be quickly sent to anyone globally, faster and cheaper compared to international bank teletransfers.
Investment Attributes: As recognition and application increase, the value of Skycoin will rise. Global participation enables 7x24 hour trading, T+0, allowing instant buying and selling; no limit on price fluctuation.

Application Scenarios

Skycoin Miner
The indestructible decentralized internets hardware backbone. Continuously provides you with bandwidth, storage, and CPU capabilities.

Obelisk
A new consensus algorithm that solves the fundamental flaws of PoW & PoS, forming a "web of trust."

Fiber
The infinitely scalable and highly customizable parallel peer-to-peer chain architecture of the Skychain platform.

Skywire
A new decentralized internet, a wireless multi-hop network, providing you support.

Skyminer
The indestructible decentralized internets hardware backbone. Earn payments unknowingly for providing bandwidth, storage, and CPU capabilities.

CX
A custom programming language based on Golang. Easy to learn and handle.

Cycle
Acquired by holding Skycoin, Cycle is the payment mechanism for services on the Skycoin platform.

Node
A component of the Skywire network, allowing anyone to deploy nodes to ensure the decentralization of the Skywire ecosystem.

CXO
Peer-to-peer cloud storage service designed specifically for the Skywire distributed network.

Coin Join
Native platform supports CoinJoin for fully private, untraceable transactions.

SDN
End-to-end virtual private encryption built into the Skywire network ensures privacy.

KittyCash
The most popular application currently built on Fiber. KittyCash is a complete gaming ecosystem.

SkyMessenger
Our fully encrypted messenger service, free from prying eyes and intruders.

BBS
Framework for building distributed social networking services.

Technical Overview

Dedicated Programming Language Ensures Reliable Transactions
CX is a scripting language developed specifically for blockchain, part of the entire Skycoin development process, the first language to ensure determinism at the language level, providing a more reliable guarantee for smart contracts on the blockchain platform.

Ultra-Secure Sky Wallet
The Sky wallet is a secure, easy-to-use intuitive HTML wallet, an Angular 2.0 wallet based on usability. Skycoin has developed a new wallet standard. The wallet is generated from a 256-bit seed, the wallet seed is easy to remember, less prone to error, independent of computers, phones, or printers, allowing recording on paper for safe long-term storage, with sufficient digits to prevent brute force cracking.

Obelisk: The Core Consensus Mechanism Avoiding Mining
Unlike Bitcoin, replacing PoW and PoS, Skycoin does not require mining, eliminating the waste of electricity and computing power for network consensus, avoiding the centralization caused by mining in the Bitcoin network, eliminating human factors relied upon in network operations, solving the 51% attack problem. Regardless of financial resources or computing power, even in scenarios where most nodes are malicious, transactions cannot be overturned. Truly solving the Byzantine Generals problem in information communication, ensuring the reliability and validity of information communication.

Specifically, consensus is achieved collectively by nodes willing to participate in consensus judgments using Skycoins consensus algorithm. Nodes producing blocks broadcast the hash value of candidate blocks to the entire network. All network nodes receive the hash value of the candidate block, performing ownership verification, fraud detection, and gathering samples of the candidates information. When one node completes data collection, it determines the winner through data guessing techniques. This includes judging the public key of a given serial number block. When network issues, malicious activities, or destructive activities are below a certain level, the vast majority of nodes will reach the same hash code. Moreover, nodes can compare themselves with other networks, initializing the blockchain under appropriate circumstances, such as when losing blocks due to network connection problems.

High Transaction Efficiency
The size of the Skycoin blockchain is adjustable to improve transaction efficiency, resulting in confirmation times on the blockchain as low as 4 seconds, avoiding potential issues arising from Bitcoins fork problems, yet users do not need to purchase expensive hardware to produce blocks.

Skywire VPN Ensuring Anonymity and Network Security
Skywire (Skychain) is a peer-to-peer decentralized communication platform, resistant to most attacks on the internet. A blockchain platform running on a mesh network can truly achieve full decentralization and anonymity, enabling more reliable operation.

Skycoin utilizes traditional ISP fiber optics but uses user-based peer-to-peer WiFi mesh networks for the last mile to reach users, where only associated nodes know your IP address, while others only know your public key. Skycoin has developed high-performance, privacy-protecting routing protocols. Users earn Skycoins by contributing resources to the network and pay resources for using network resources. This protocol is designed to run on the traditional internet, with nodes establishing physical WiFi connections in the last mile of fiber and devices, earning Skycoins by setting up Skychain VPN distributed network nodes. Skycoins long-term goal is to create remote peer-to-peer WiFi links bypassing existing internet providers.

II. Commentary

Skycoin is the next-generation distributed encrypted digital currency, with the Skycoin project starting around the time of Litecoins issuance. It is the successor and alternative to Bitcoin, aiming to enhance Bitcoins characteristics in terms of security, ease of use, and convenience, addressing its shortcomings.

Skycoin addresses the inherent problems and limitations of Bitcoins design, implementation, and configuration. Skycoin meets the need to use user output as a medium of exchange, achieving full usability, operable under low-budget hardware, slow networks, and continuous network attacks, ensuring a more robust operating environment.

Related Links:

https://www.skycoin.com/
http://www.qukuaiwang.com.cn/szhb/2233.html###
http://m.btb8.com/token/2135.html