Skycoin Fiber Platform
For years the Skycoin team have been considering the future of blockchain technology with the goal of answering one question: What comes after blockchain?
Bitcoin demonstrated the feasibility of an internet-based peer-to-peer payment system that allows people to transfer value without trusting a third-party. The advent of Bitcoin established blockchain 1.0. Five years later, Ethereum pioneered the smart contract, ushering in blockchain 2.0. Since then, the promise of a more efficient, decentralized, and fair future, enabled by the blockchain has been envisioned but not yet realized.
Introducing Skycoin Fiber The Future Of Blockchain 3.0
“The infinitely-scalable and highly customizable parallel peer-chain architecture of the Skycoin platform.”
Skycoin’s Fiber architecture is a transformational, better-than-blockchain solution which solves existing problems using distributed ledger technology. Fiber is the foundation of blockchain 3.0 and can be best described as an infinitely scalable network of blockchains laid side by side, like strands. This is a technological feat that cryptocurrencies such as Bitcoin or Ethereum will never be able to achieve, as they were never engineered to scale infinitely.
Bitcoin’s single blockchain can handle 6 transactions per second (TPS) and Ethereum’s single blockchain can handle 30 TPS. With Fiber, each blockchain strand can currently handle 300 TPS with a target of 3000 TPS in future implementations. Fiber offers performance and reliability that are unmatched by the other blockchain solutions currently available.
Fiber achieves this high level of performance due to its elegance. Fiber is less than 5000 lines of code, compared to Bitcoin’s 100,000+ lines of code. Large and convoluted codebases introduce bugs, thus requiring band-aid patches of code, whereas Fiber is elegant and brilliant in its simplicity. This simplicity and elegant architecture is the driving force behind creating a performance blockchain platform for the next generation.
The Superiority of Parallel Peer-Chain Architecture
Parallel peer-chain architecture is unrivaled when it comes to reliability. With Ethereum, for example, the architecture is set up in a centralized manner. If the Ethereum blockchain goes down, all Plasma child-chains will go down with it. The same is true of network congestion — congesting the main Ethereum chain congests all child-chains. Parallel blockchain architecture solves this major problem. If one Fiber blockchain goes down, the rest of the strands are unaffected.
Skycoin is bringing transaction speeds and on-chain scalability to a new dimension with Fiber’s integrated parallel blockchain architecture. Fiber does not compete with first and second generation cryptocurrencies like Bitcoin and Ethereum, instead, it replaces them by providing each customer with their own dedicated, customizable, free and simple-to-implement blockchain strand.
Fiber is the foundation of blockchain 3.0. Each strand added to Fiber strengthens the whole network and constructs the fabric of the entire ecosystem. Each company and project hosted on Fiber gets its own fully customizable, private blockchain capable of Visa-like speeds. This enables blockchain solutions for businesses running private or private-public blockchains in a manner that allows them autonomy and full control.
Let’s explore a quick example…
Skycoin Fiber In Action
Delaware, the corporate capital of the US responsible for 83% of all new IPO incorporation, has stated recently that companies are legally able to incorporate in Delaware and put their stock shares on a blockchain. From day one, any company incorporating in Delaware can be a publicly traded company on a blockchain.
To do this, they will need their own private blockchain. Each blockchain will have its own requirements for computing power, storage capability, bandwidth, throughput, transaction speeds, and other factors depending on the company’s business sector.
On top of their individual operational requirements, they will also need features such as wallets, an exchange for the trade of tokens, a dedicated hardware platform for running their applications, and also “plug-and-play” functionality in order to scale their blockchains accordingly.
Furthermore, these companies may need to have a law firm to replicate their data in case their nodes go down and the data needs to be retrievable for legal purposes. Currently, this is a very messy process that is either done by paper or by slow and centralized SQL databases prone to data errors.
All of this is offered by Fiber and the Skycoin ecosystem. All of the typical problems that are experienced while setting up a blockchain-traded company goes away when using Fiber due to its well-developed architecture and comprehensive platform.
Skycoin Fiber Platform: The One-Stop Solution For Blockchain Projects
Since Fiber architecture allows the individual blockchain strands to come together, data sharing agreements can be easily put in place and executed flawlessly between any private blockchains in the larger Fiber ecosystem. This is one of many ways in which Fiber strives to build a faster and brighter future for us all.
Skycoin Fiber architecture is particularly useful for enterprise and government entities wishing to use blockchain to improve their efficiency and operation of their organization. These entities usually have very strict compliance requirements which must be met in regards to privacy, security, and customer obligations. Blockchain 3.0, and specifically Skycoin Fiber, offers a solution for these organizations.
By implementing a private singular blockchain (a single strand in Fiber), all privacy and security requirements for each individual customer can be achieved. Fiber is meant to be a one-stop solution for most blockchain projects, which will work effortlessly when you set up the base blockchain.
Benefits Of Skycoin Fiber Platform
From fledgling blockchain projects to enterprises looking for solutions, Fiber is the answer.
The benefits of running a blockchain project on Fiber are tremendous. Creation of a blockchain strand in Fiber is quick and easy. Each project starts off with a base blockchain that can be customized to the needs and desires of the project. The Skycoin Coin Hours mechanism comes built-in as well, if desired, offering free and fast transactions.
Cryptocurrency exchanges have grown to the point of wielding monopolistic power in the market. Getting a listing on an exchange can take months and millions of dollars, depending on the exchange you choose. When a project launches using Fiber, it will get listed on one of Skycoin’s decentralized exchanges (coming soon!) immediately upon launch, and at no cost.
Projects will never have to compete for bandwidth or suffer from fee bloat from other projects that get overrun with stray cats. Nor will they have to be beholden to the developers of the entire platform to make changes to their own blockchain. The power will be entirely in their hands.
On top of the benefits listed above, Fiber is going to offer the projects or companies running on the Skycoin platform the other necessary components to operate safely and securely. Components such as mobile and desktop wallets, hardware wallets, dedicated hardware nodes, and standardized deployment for applications will all be available.
These Fiber peer-chains will be simple to scale out because the dedicated hardware platforms allow operators of their individual blockchain to easily buy more of the resource type (storage, computation, bandwidth) they need and connect it to their existing hardware infrastructure. This will offer a true “plug-and-play” functionality, making Fiber’s entire platform extremely user-friendly.
Skycoin Fiber is destined to be the premier blockchain platform for the new generation, incorporating technical superiority, full customization, and a feature-rich environment for all who join Skycoin in building out Fiber and the new internet.