Skycoin is a platform designed in response to the shortcomings of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Skycoin’s resistance to centralization and manipulation is ensured through its innovative Obelisk consensus algorithm.
Skycoin functions as a currency that offers nearly free transactions, aims to provide absolute privacy in the near future, is backed by natural assets that are not based on speculation, and has speeds comparable to Visa.
Skycoin is more than just a cryptocurrency; it consists of four main components that address certain issues related to centralized network systems and offer solutions in Skycoin’s blockchain-supported web space: Skywire provides private web browsing services with a decentralized internet setup; Skyminer serves as an access point and energy-efficient dedicated hardware for Skywire; Fiber is an open, decentralized blockchain without mining rewards; and Skysuite is a collection of decentralized applications.
The main purpose of digital currency is to reinvent an economy where users can transact independently with each other without the interference of central powers. Skycoin strongly believes in this mission and has designed the blockchain to benefit not just a few, but everyone.
Since the Skycoin Blockchain does not use mining, user power cannot be concentrated in a few large mining pools as with Bitcoin. Thus, the production of cryptocurrency does not provide excessive control to certain users over the network. Moreover, it is stated that Skycoin has a fixed supply and transactions are completed securely within seconds.