50 FACTS YOU NEED TO KNOW ABOUT SKYCOIN BEFORE IT SOARS

15 min readOct 31, 2018

1 Skycoin is the foundation for a new decentralized Internet and the most advanced blockchain application platform in the world.

2 Skycoin is a third generation blockchain platform invented by Bitcoin and Ethereum developers It also fixes security problems associated with other blockchain networks and decouples coin creation from the mining process. The result is a fully decentralized cryptocurrency that fulfills Satoshi’s original vision.

3 The new Internet that has been created by Skycoin is rebuilding the internet from scratch so that it is in the hands of the users & operators instead of giant global ISPs & telecoms who spy on you, sell your personal data, & set exorbitant prices on data plans which they then do not deliver properly.

Skyminers encrypt & process people’s Internet data. The antennas are needed to send/traffic that data across the world without using the underground/undersea fiber cables & satellites used by ISPs to deliver Internet. This way, the giant companies don’t control the Internet. You do.

People pay you to use your equipment & run the hardware for the new Internet. Instead of paying for a data plan, you only pay for what you use.

4 Skycoin was founded in 2011 to addresses the drawbacks of Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus by introducing a Web-of-Trust consensus protocol called Obelisk

5 It is a complete ecosystem based on an innovative next-generation blockchain technology.

6 The Skycoin ecosystem consists of Skywire the new Decentralized Internet, a wireless mesh network that pay you for supporting it. It is incentivized. Skywire will develop to be a wireless mesh network (WMN), ICO platform called Fiber, their own deterministic programming language, CX, derived from Golang, a private decentralized messenger system called Sky-Messenger, and a decentralized social media platform, BBS and a decentralized exchange Skydex.

7 Unlike Bitcoin where the founder is unknown, the founders of Skycoin include Synth, Steve, and some early bitcoin and Ethereum developers who left to correct the flaws with the first and second-generation cryptocurrencies.
Synth comes from an educational and work background in the field of distributed systems, mathematics, and symbolic logic.

Houwu Chen, one of Ethereum’s creators and a Ph.D. from the Tsinghua University, created the Obelisk protocol. Steve Leonard is credited with writing a majority of Skycoin’s original software. He has developed several e-commerce backbends prior to Skycoin.

8 The platform presents a solution to avoid the heavy computational energy required in the PoW mechanism. It can function with a meager 15-watt cell phone processor compared to bitcoin, which consumes 3,994 times the energy that a credit card transaction consumes.
Bitcoin requires 215 kilowatt-hours of energy for each transaction. According to Morgan Stanley data, the total energy consumption of the bitcoin network consumes as much electricity as 2 million U.S. homes.
Compared to Skycoin, Official Skyminer Power Consumption 15w p/ hour .

9 The cryptocurrency is backed by a real asset in the form of bandwidth, which facilitates its practical usage.

10 Skycoin will adopt the CoinJoin protocol, which will mix multiple transactions from different wallets in order to provide complete anonymity and privacy to every transaction.

11 The Skycoin blockchain does not use mining, so user power cannot be concentrated in a few large mining pools as it is with Bitcoin today.

12 The ICO for Skycoin was held in 2013 and the price was 10 cents.

13 The all-time high price for Skycoin was $49.23 on December 29, 2017

14 Transaction on Skycoin cost Zero Fees as Skycoin holders receive Coin Hours. This is a separate currency paid to the holders for every hour they have a Skycoin in their wallets and these hours are used to pay for transactions.
Bitcoin saw a huge rise in its transaction fees. Since the year, 2015, until February 2017, the transaction fees of bitcoins rose by 1289%.
Which coin would rather use?

15 Coin Hours is a parallel currency generated by holding Skycoins in a wallet. One Coin Hour is generated each hour for every Skycoin held.

This Coin Hour burn fee prevents transaction spam by rate-limiting the number of transactions a single entity can make. Anyone who attempts to spam the network with transactions will quickly run out of Coin Hours and must wait for another Coin Hour to be generated before making another transaction

16 Skycoin boasts itself for being one of the fastest cryptocurrencies in the market, with a transaction speed of only 2 seconds. On top of that, it is competitive with Apply Pay and credit cards.

17 Skycoin transactions are completely private, as Skycoin will adopt the CoinJoin protocol, which will mix multiple transactions from different wallets in order to provide complete anonymity and privacy to every transaction

18 The name of the skycoin community is called Skyfleet . It has grown organically and it is a tightly knit group who support the project with their sweat and blood to make sure the project is a successful .

19 One of the most important aspects of Skycoin’s technological infrastructure is the Obelisk consensus algorithm. As a Web-of-Trust algorithm, it eliminates the role of mining and related incentives, thereby, ensuring more speed and higher security, unlike Bitcoin where more than 70 percent control over the bitcoin network’s collective hash rate is in the hands of the Chinese mining pools.

20 Obelisk is a distributed consensus mechanism wherein every node is subscribed to a list of trusted nodes. The nodes with more subscribers have a higher influence on the network. Every node has its own personal blockchain and every consensus decision is taken through these personal blockchains. This approach removes any incentive for centralization of consensus nodes and eliminates the risk of 51 % attack.

21 Skywire presents itself as a mesh net of private services that is decentralized. Skywire clients run a Virtual Private Network (VPN) server that connects users to the Skywire network. These servers are known as Skyminer .

22 Skywire employs the Communication Protocol based on the Multi-Protocol Label Switch (MPLS) technique. This protocol allows users to transfer any data across any platform in a highly scalable manner. Skywire not only removes the issue of ISPs’ traffic dumping but also builds a competent topology for the network through economic incentivization.

23 Fiber functions as a catalyst for decentralized applications. It is meant to benefit the modern businesses by providing them with a congestion-free, secure, private, and energy-efficient blockchain network.

24 Fiber is the structural layer of Skycoin’s blockchain platform that is custom built to be adaptable to any blockchain application’s needs.
Skycoin Fiber was originally known as Skyledger.

25 Running on an innovative and extremely efficient code, Fiber enables the Skycoin platform to scale into and disrupt veritably every industry with blockchain solutions.
Fiber is as sophisticated as it is elegant, capable of expanding and adapting to the needs of numerous types of distributed applications.

26 Every token supported by Fiber will be fundamentally isolated from others such that they will never impact one another regarding network stability, security, or throughput. Additionally, through the Skycoin Coin Hour system, every project that leverages Fiber will advance the entire Skycoin platform forward, without hindering the existing platform operations.
All chains on fiber will be able to basically “atomic swap” with each other within seconds, and automatically calculate the price difference through some sort of oracle that monitors exchange/market price.
This infinite pairing will enable universal coin API that the SKYdex is modeled after.

27 Skycoin’s programming languages are CX and CXO. The former is a deterministic language used for making smart contracts, dApps, video games, and programming FPGA chips. The latter facilitates P2P replication of structured data allowing a publisher to construct a data feed.

28 Holding Skycoin generates Coin Hours, which are used to purchase services on the Skywire network and can be exchanged for more Skycoin

29 Skycoin Fiber does not compete with first and second-generation cryptocurrency architectures, it replaces them. From fledgling blockchain projects to enterprises looking for solutions, Fiber is the platform to use .
A project can launch and trade within a matter of minutes on fiber platform.

30 The team is also developing two antenna variants for Skyminers to ensure maximum performance and effective range:
Short Range Antenna: for point-to-point access in urban areas
Long Range Antenna: for connections in sparsely populated areas

31 The Antennas will be used in Creating Skywire mesh net to facilitate p2p packet forwarding so Skycoin can put an end to ISP/telecom spying & other criminal activity they engage in such as throttling data. This, in turn, creates a secure & private Internet.

32 Skycoin’s software-based testnet was launched back in May of 2018. Its hardware-based testnet is in progress.
The Main net is almost written from scratch and has no overlap with the testnet in the current form.

33 The Skycoin project currently has over 8400 nodes running in the Skywire network. For a testnet that was launched in May of this year, that is an outstanding achievement.
http://discovery.skycoin.net:8001/#/

34 The Skycoin project has been paying out about $150,000 dollars in Skycoin since the launch of the testnet in May to supporters of the project by way of rewarding Skyminer holders with Skycoin who are participating in the Testnet.

35 While most projected have folded up because of the bear market since the beginning of this year, Skycoin has focused on more developments and the project boast of more finished hardware and software products more than any other cryptocurrency even as prices keep dropping in the cryptocurrency space.

The hardware projects that have been completed in this time frame include
• Skyminers

• Skywire

• Antennas / Hardware

• Hardware Wallet

36 Skycoin is not a Ponzi scheme .
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from money paid by new investors. Ponzi schemes are designed to collapse at the expense of the last people to be lured to the party. New York fraudster Bernie Madoff was the biggest Ponzi scheme operator, cheating investors out of an estimated US$64.8 billion. Skycoin is free peer-to-peer software with no central authority, which means no one can make fraudulent promises on its investment returns. But as with other major currencies subject to floating exchange rates, Skycoin’s price can spike up or down dramatically depending on supply and demand. With all the products above , Only a naive investor will dismiss Skycoin without doing the research and diligence required .

37 Skycoin is not a scam .
A lot of FUD has been generated about Skycoin being a scam just like The “Wolf of Wall Street” (Jordan Belfort) has called Bitcoin a scam. Some junk news outlets have sometimes referred to Skycoin as a scam and in the process expose their inability to understand the working of Skycoin. Once these mentally and intellectually lazy fake news outlets do not understand any project, they dub it a scam.
The project is extremely deep, and without a solid grasp of the technology most of the news and updates, you could be fooled into thinking it is a scam.

For a project that has been in existence since 2011, whose ICO price was 10 cents, got to a all-time high of $50 dollars, with projects and development still ongoing at a rapid rate when 99 percent of other projects have folded up and exited, where there are numerous githubs and commits showing what they Skycoin project is doing and the founders of the project are still around with forking the project or pulling an exit scheme, It becomes apparent that these FUDDERS have ulterior motives.

38 Skycoin does not announce the launch of Whitepapers or unfulfillable roadmaps, they announce the launch of proper life-changing technologies like Skywire testnet, Mainnet, cryptocurrency wallet that will sell for less than $30 dollars and antennas.

In life, many are called but only a few are chosen. Do your research

39 Each component of the Skycoin ecosystem can stand on its own as an individual coin but the primary motive of Skycoin is not to monetize everything and pull exit scams like most other projects.

40 Skydex, Skyminer, Fiber, BBS, Skymessenger, Skywire can easily be floated as individual stand-alone projects in the crypto space and this reason makes it the most undervalued project in the crypto space .

41 The supply of Skycoin is fixed at 100 million coins, and all coins were created in the genesis block. 75 million coins are time locked and 25 million are unlocked. The time-locked coins cannot be distributed until the first 25 million have been distributed. After that, for each subsequent year, the developers unlock 5 million coins

42 The Skyminer is a hardware node that forms part of Skycoin’s cryptocurrency-based decentralized peer-to-peer Internet service known as Skywire.
They don’t mine coins in the traditional sense. Instead, all Skycoins were created in the genesis block, and the Skyminer nodes are rewarded with payment in Coin Hours for providing services to other users.
The services provided by Skyminer nodes includes providing bandwidth, storage and computing power to users of the network.

There are 2 types of Skyminers . The official Skyminers which can be bought directly from or the DIY Skyminer which can be built by anyone and have the privilege to be part of the network.

The Skyminer is always the cynosure of all eyes at blockchain and cryptocurrency conferences. It is a showstopper and every one want to take one home after they see it .

The following is the hardware configuration of a typical Skyminer
• 8 CPU boards
• 2 GB of RAM per board
• 4 CPU cores per board
• 64 GB of storage per board
• 64-bit Linux (Alpine Linux)
• Gigabit Ethernet, 8+1 port switch
Each board features an ARM processor, 2 GB of RAM, and anywhere from 32 to 256 GB flash storage. The hardware is segmented in such a way that even if one service is compromised, the other services on the same machine can’t be. An OpenWRT router with strict packet forwarding rules and access control increases security. The setup can be further customized to consist of 4, 8, 16, or 32 boards

43 Skycoin is already rolling out second generation Skyminers.

This is the Skywire testing computer cluster. 16 cores and 64 GB of RAM per board. 4 boards per tower (for now). They will have 256 containers running on the cluster to test Skywire before pushing out auto-updates.

44 To develop its CX, which is Skycoin Game development project(Games and Apps too), it has launched its own e-book for budding and aspiring developers. Attached is the link to the ebook

45 The Skycoin project has a very vibrant and intelligent community who are very supportive of the project. While most other project followers are looking to get a Lambo through pumps and dumps, the community here see the long-term future of the project and they are all active participants.
They have been responsible for designing the most creative DIY Skyminers

46 Skycoin has a lot of strategic partnership with a lot of projects and in no distant future will be providing details of such partnerships.

47 Skycoin’s immutable object system CXO will provide scalable decentralized cloud storage, similar to CDNs. Key features include: — Improved website loading times — Reduced bandwidth costs — Increased content availability — Enhanced website security
48 The first official Android version of our mobile wallet is now available on Google Play and the IOS version is days away from being approved by Apple .

49 Skycoin is available for purchase at Binance, cryptopia, CC2x and many other exchanges shown below .

50 This Project is still relatively unknown and it has all the potentials and developments to take its rightful place as the number one cryptocurrency in the world

In conclusion, Skycoin is about freedom, decentralization and net neutrality. Anyone ignoring the intelligence of Synth and Steve, the sophistication and ease of the CX programming language, the elegance of the Skyminer, the unlimited power and scalability of the Skycoin fiber and the vibrancy of the skyfleet community should take some time and do some more research and due diligence.
This project cannot hide for too much longer. Your destiny is in your hands .
For now all roads leads to Malta Blockchain Summit on the 1st and 2nd of November 2018 where the much awaited debate between Synth and McAfee on “the Dark side of the chain.”

This is expected to shake the crypto world . While McAfee might be a heavyweight “gangster “in the crypto space, He has got to watch out and listen as Synth presents a a refreshing and world changing Skycoin to the World .