Frequently Asked Questions 1.0 — SKELPY

Frequently Asked Questions 1.0

Last Update: 01–14–2019

Index

  1. What is Skelpy?
  2. What is “DPoS”?
  3. What is a “delegate”?
  4. Forging
  5. Passphrase
  6. Fees

1. What is Skelpy?

The Skelpy project aim is to create a totally decentralized and clear blockchain, in which every wallet has a certified digital identity.

Transactions will be visible to everybody, but the individuals will be certified and recognized following visibility criterion.

So it will be possible for the user to issue transactions on the blockchain with a certified wallet (natural person or legal person) or with an uncertified wallet.

2. What is “DPoS”?

The DPoS (Delegated Proof of Stake) is a finalized method to guarantee a digital token net by processing transactions and ensuring a distributed management (transactions validation) without the need for a central authority.

This system represents an evolution starting from PoS (Proof of Stake) that provides for the involvement of the whole network instead of a 51 delegates representation, developed for the purpose of reduce the costs and the inefficiency associated to the electricity consumption typical of the PoW (Proof of Work) systems, used for example by Bitcoin.

The Delegated Proof of Stake is defined as a robust, efficient and very reliable consensus algorithm in the Blockchain nets, it is usually described as a technological democracy.

3. What is a “delegate”?

A ‘delegate’ is an independent wallet address/person who is capable of forging new Skelpy. The delegate is responsible for contributing in maintaining the stability of the Skelpy network. He/she uses a server node that is able to process and validate new blocks of data and as a result receive newly forged Skelpy. Anyone can become a delegate, however becoming a ‘forging delegate’ may prove a bit more challenging as there are only 51 positions.

4. Forging

In DPoS system, forging is a process in which new coin are produced during the transactions validation activity from the delegates.

Indeed, in the delegated Proof of Stake the delegates that stations all over the world keep online a node (server) in which the blockchain client runs, validating the transactions coming from the user wallets and keep the network active.

This software permit, therefore, to maintain the network decentralized, to validate transactions, issue new coin in circulation and reward the delegates for their service.

5. Passphrase

What is a passphrase ?

The passphrase is the master password(key) for your SKP tokens. Every SKP address has its own unique passphrase. With the passphrase you can sign transactions to send your SKP or vote for a delegate. 
Do not lose it, and do not share it with others, or you could lose access to your SKP tokens. 
BACKUP YOUR PASSPHRASE!

What kind of words are used to generate 12 word default passphrase?

Skelpy follows the BIP39 proposal standards. You can find all of the English words used to randomly generate the passphrase here:
http://github.com/bitcoin/bips/blob/master/bip-0039/english.txt

What is a 2nd passphrase?

The second passphrases improves security by adding another 12 words that will be added to your address, making for 24 words total. Make sure you save this 2nd passphrase, as you will now need both passphrases to sign transactions — note that there is currently a 5 SKP transaction fee to create a second passphrase.

6. Fees

How much do the different SKELPY transactions cost?

  • Sending SKP: 0.1 SKP
  • Voting / Unvoting: 1 SKP
  • Registering 2nd passphrase: 5 SKP
  • Registering a delegate: 25 SKP

Do you have more questions?

We’ve got an awesome community who are always willing to help. Please get in contact and ask your question: