Skycoin (SKY)

Skycoin is a peer-to-peer Internet protocol cryptocurrency that utilizes its own proprietary blockchain, referred to as the Obelisk consensus algorithm. It was developed mainly by early Bitcoin (BTC) contributor and software developer Synth, along with other developers. The goal of Skycoin is to offer businesses and users an alternative to Bitcoin, as well as to address Bitcoin’s flaws, such as mining centralization and lack of scalability. Skycoin was developed in 2013 and formally launched in 2017. It is designed to provide users and businesses with a much more robust and secure platform than the traditional blockchain. Skycoin’s blockchain utilizes a new consensus algorithm and decentralized network called Obelisk, which is designed to be highly resistant to 51% attacks, preventing any single node from dominating the network. To further ensure security and reliability, the Skycoin blockchain operates with a unique built-in hard fork system akin to Ethereum’s. Skycoin is unique in that it has an impressive list of features for a single blockchain protocol. The platform is highly secure, providing military-grade key protocols for users, and it also provides fast transaction times and low fees for trading. Skycoin comes with an integrated decentralized exchange where users can trade Skycoins and other cryptocurrencies directly from within the wallet, and the platform also has trustless escrow and atomic swap capabilities. On top of it being a robust protocol in its own right, Skycoin also offers developers a powerful toolkit to create their own dapps and services. Skycoin provides open-source development tools, allowing anyone to create new features and applications on top of the protocol. This set of tools also allows developers to build and deploy distributed applications with ease. Skycoin can be bought and sold on the majority of major cryptocurrency exchanges such as Binance, Bitfinex and Bittrex. The cryptocurrency is also supported by several popular wallets such as Atomic, Mycelium and Exodus. In conclusion, Skycoin makes for a very attractive cryptocurrency as it offers users and businesses a secure platform to perform financial transactions, as well as providing developers with the tools to create and deploy their own services and applications. Comment: Skycoin really seems like a great new project, I look forward to seeing what becomes of it over the long run.