Skycoin FAQ for Beginners
20 frequently asked questions about Skycoin’s complex blockchain ecosystem
1. What is Skycoin?
Skycoin was founded in 2011 by early Bitcoin contributor and blockchain pioneer Brandon Synth. Skycoin is a global ISP, a technology and hardware company, plus all the other top-100 cryptocurrency projects rolled into one cohesive platform.
2. What is SkySuite?
SkySuite is a collection of integrated products and services developed by the Skycoin project. Together they form a comprehensive blockchain ecosystem and closed-loop economy.
3. What are the SkySuite components?
SkySuite components include the Skycoin and Coin Hours cryptocurrencies, Fiber, Skywire, CXO, CX and its libraries such as CXM and CXFX, Obelisk and other consensus algorithms, the SKY DEX, custom hardware products, plus various games and applications built using CX.
4. What is the Skycoin cryptocurrency?
The Skycoin cryptocurrency is a digital currency that enables fast, free, private transactions between Skycoin’s range of desktop, mobile and hardware wallets. Holding Skycoin in a wallet automatically generates Coin Hours.
5. What are Coin Hours?
Coin Hours is a parallel cryptocurrency earned by holding Skycoin. Each Skycoin held in a wallet generates one Coin Hour per hour. Holding 100 Skycoin for one day would generate 2400 Coin Hours. Coin Hours can also be earned by running a Skywire node (Skyminer). Coin Hours can be traded on exchanges, or spent on Skywire services and CX games/apps.
6. What is Skywire?
Skywire is an uncensorable global mesh network consisting of thousands of Skyminer nodes that can communicate using a range of media such as wireless and direct cable links, thus bypassing traditional ISPs and other centralized government-controlled infrastructure.
7. What is a Skyminer?
Skyminers are hardware nodes that form the backbone of the Skywire network. Each Skywire node provides bandwidth, storage and computing resources to other users of the network. Skyminer nodes earn Coin Hours for providing these services.
8. What are the other Skycoin hardware products?
In addition to Gen-1 and Gen-2 Skyminers, Skycoin designs and manufactures custom hardware wallets, Skywire antennas, VPN routers, chips and PCBs. Skycoin laptops and mobile phones are also under development.
9. What is Skycoin Fiber?
Fiber is an infinitely scalable and highly flexible plug-and-play blockchain platform that enables projects to quickly launch their own customized cryptocurrencies, ICOs, distributed games and applications. Each project launched on Fiber gets its own dedicated and customizable blockchain.
10. What is Skycoin CX?
CX is Skycoin’s powerful blockchain programming language. CX is fully featured, deterministic and Turing-complete, meaning it can be used to create any type of game, application, operating system or smart contract. Every CX app gets its own dedicated and customizable Skycoin Fiber blockchain.
11. What are the CX Libraries?
Skycoin CX libraries are collections of pre-written code that can be called upon by software developers to provide frequently needed functionality. They include the CXM math library, the CXFX gaming engine, and the OpenGL graphics library.
12. What is CX Labs?
CX Labs was established to incentivize programmers who develop games or apps using Skycoin CX. The CX Labs community provides advice and guidance to help new developers start creating on the platform. Right now there’s a special promotional reward for anyone who uses CX to create a retro arcade game like Space Invaders.
13. What is CXO?
CXO is Skycoin’s immutable objects system for content distribution. CXO vastly improves the speed, reliability and security of hypermedia storage and distribution, and will be used to create distributed versions of YouTube, Instagram, Dropbox, BitTorrent, Twitter, Reddit, Facebook and many other social sharing/networking platforms.
14. What is Obelisk?
Obelisk is Skycoin’s revolutionary new consensus algorithm due for release in early 2020. Skycoin Fiber blockchains can support a range of consensus algorithms including Obelisk, Masternode, and various other forms of consensus that are also in development by the Skycoin project.
15. What is the SKY DEX?
The SKY DEX is a decentralized cryptocurrency exchange currently under development by the Skycoin project. It will enable the trading of Skycoin, Coin Hours, Bitcoin, Ethereum and various other major currencies directly from within the Skycoin wallet.
16. What are the Skycoin Games and Applications?
The Skycoin project has developed a range of games and applications to showcase the power of the Skycoin ecosystem. Applications include the SKY BBS, DMSG, and the various Skywire software components. Games include KittyCash, PacMan, CrappyBall, Snake, Brick Breaker, Casino and more.
17. What is Skycoin’s Roadmap?
The Skycoin Roadmap sets out the project’s development objectives for the following year, along with a history of developments going back to the project’s launch in 2012. As with any complex project, the roadmap is a guide only, and the proposed dates may change.
18. Who are Skycoin’s Competitors?
Skycoin is a comprehensive ecosystem that incorporates a broad range of services. There’s no single challenger that competes with Skycoin across all aspects of the platform. As a hardware and technology company, Skycoin compete with companies like Cisco, Apple and IBM. As a global ISP, Skywire competes with traditional ISPs like Comcast. As a platform for launching blockchain games, apps, smart contracts and ICOs, Skycoin competes with platforms like Ethereum, EOS and NEO.
19. What is Skyfleet?
Skyfleet is the name given to the Skycoin community, one of the largest and most diverse cryptocurrency communities. Skyfleet has a strong presence on social media, especially on Twitter and Telegram. In fact, Skycoin has over 130 public Telegram groups each devoted to various countries and different aspects of the ecosystem.
20. What is the Skycoin Rewards Program?
The Skycoin Rewards Program was established to incentivize community members who write articles, create graphics, produce video/audio, design 3D images, or capture awesome photographs that can be used to promote the Skycoin project. Each month, SRP hands out thousands of dollars worth of Skycoin to many talented members of Skyfleet.
