Skycoin distinguishes itself as an innovative peer-to-peer internet network that is both open-source and community-driven. The Skycoin project strives to merge blockchain technology with internet functionality, aiming to create a secure, scalable, and user-friendly network. The project, which uses the Go programming language, currently runs on the Obelisk consensus algorithm, designed to operate on trust dynamics among the nodes.
Understanding Skycoin’s Core Technology
Obelisk departs from traditional blockchain consensus methodologies by incorporating a “web of trust,” allowing nodes to reach consensus based on their influence scores rather than relying on mining or staking. This system fosters a different kind of network security and participation, standing apart from networks like Bitcoin and Ethereum.
A key initiative of Skycoin is Skywire, aiming to decentralize not only internet connectivity but also to provide decentralized solutions for storage and computing. Skywire represents a substantial step towards a decentralized internet infrastructure.
Trading and Financial Aspects of Skycoin
Financially, Skycoin carries a market capitalization of $51 million with its trading price at $2.59. It holds the 529th rank in the market with a finite supply of 100 million coins, of which 20 million are currently in circulation. The value of Skycoin peaked in 2018.
Purchasing Skycoin: A Step-by-Step Guide
Investors interested in purchasing Skycoin can utilize the Binance platform, starting by setting up an account and transferring the necessary funds. A step-by-step buying guide involves converting USD to BTC and then trading the BTC for Skycoin. The transaction is completed upon choosing the desired amount of Skycoin and confirming the purchase within the Binance interface.