Skycoin The Ethereum Killer
A Platform That Fixes The Fatal Flaws In Ethereum
What Is The Skycoin Platform?
Skycoin is a third generation blockchain platform invented by Bitcoin and Ethereum developers to implement Satoshi’s original vision and solve the existing problems with the current blockchain platforms. By offering a completely decentralized consensus algorithm immune to 51% attacks and bad actors while providing with infinite lateral scalability and high level of security, Skycoin’s platform is able to cater towards companies looking to implement their own blockchain in a unique and revolutionary way.
With the power of Skycoin, built on the Fiber technology, customers have the ability to host a private, fully customizable blockchain, capable of over 300 transactions per second. With this flexibility, it grants users full control over their product with freedom from network congestion. Skycoin has branded itself as an elite blockchain platform that specializes in offering a fast, secure, customizable, and scalable service.
How Is Skycoin’s Platform Better Than Ethereum?
Ethereum currently leads the pack as the most used developer platform for blockchain applications. This second generation blockchain offers more power and utility than Bitcoin, but comes with inherent flaws such as a lack of decentralization, network congestion, low transaction speeds, inability to edit their own blockchain, and an allergy to cats. Skycoin’s platform solves Ethereum’s problems in elegant ways and provides a more user-friendly development platform that allows a company to custom design their own blockchain products and services to their own unique needs and specifications.
Even though the entire ecosystem of blockchain technology is based on the idea of decentralization, we ironically find that this not always the case due to flaws in PoW and PoS algorithms used by platforms like Ethereum. These consensus algorithms incentivise centralization of mining power, thus rendering the power of a decentralized blockchain moot. Skycoin has adopted a revolutionary consensus algorithm called Obelisk that distributes influence over the network in accordance to a “web of trust”. This allows Skycoin’s platform to be a truly decentralized network.
He Gets A Blockchain, She Gets A Blockchain, Everybody Gets A Blockchain!
Skycoin’s platform is built on the Fiber technology. Fiber is an endlessly scalable architecture of parallel strands of blockchains that are fast, interoperable, and customizable. This means every coin, company, and project that launches on Skycoin gets their own blockchain, and each blockchain strand adds to the overall strength and security of the entire network.
Since Skycoin allows all its users to have their own blockchain, each project being developed on the platform gets its own independent data storage. This allows projects to grow organically without all its data being stored on a single database like Ethereum. In order to be eco-conscious, Skycoin provides an energy efficient platform which does not cost billions of dollars a year to operate like Ethereum.
Furthermore, Skycoin has no transaction fees and executes split-second transactions, all thanks to Coin Hours. Simply hold your Skycoin tokens in the Sky Wallet to passively earn Coin Hours which can be used to confirm transactions. Even with the upgrades Ethereum has implemented in their network, it will take 5–7 years for them to fully come to fruition, and even then it still won’t compare to the power of Skycoin today. Worried about security? Since Skycoin is not based on mining, there is no such thing as 51% attacks or the reliance of decision making by a single stakeholder. They have taken into account some of Ethereum’s fatal flaws in order to make a safer and more efficient development environment.
We encourage you to dive deeper into the project and see all the exciting things they have in store. Thank you for your continued support.
