Skycoin is the next-gen cryptocurrency which addresses the limitations of Bitcoin and seeks to implement the original vision of its founder, Satoshi Nakamoto. The coin is also termed as building blocks for future internet i.e. "Decentralised Internet". The project is designed as a long-term infrastructure project and has started in 2012.
SKY is the token of Skycoin.
At present structure, Bitcoin has several limitations in terms of scalability, transaction speed and whether Bitcoin community is following the original vision of its founder.
Skycoin aims to return to the original vision of Satoshi Nakamoto, in context of higher speed and faster transaction time of only 10 seconds.
The Skycoin project is in making since 2012, and its development is divided into three phase. Phase 1 which started in 2012, was primarily a R&D and formulation of technical boundaries of the Skycoin platform. Phase 2 started in early 2017, focuses on building an active community, bootstrapping the Skycoin rich ecosystem aiming to solve various real-world problems. And, Phase 3 which is planned around Q2 of 2018 will focus on large-scale adoption and real-world integration.
Skycoin has several other features which make it different from any other cryptocurrencies. It doesn't use PoW or PoS algorithm which helps the system to prevent so-called 51% attacks and double expenditure.
In Bitcoin, the mining turned out to be a much-contested issue and mining turned out to be the primary failures and threat to the survival of Bitcoin and other crypto-asset mainly because of the centralized pool mining. The Skycoin ecosystem does not promote mining and performs in with its very own consensus algorithm, called Obelisk.
Three consumer application based Skycoin network protocol are VPN application, instant messaging application and a Distributed Content Management System based on Aether/CXO.
Faster Transactions: Unlike Bitcoin which is conflicted due to its slow network and huge energy consuming energy mining process, Skycoin is developed lot faster consensus algorithm called Obelisk which is 40 times faster than Bitcoin and is transaction time of only 10 seconds. The Skycoin protocol is built to compete with the traditional form of instant payment mechanism such as credit cards.
Secure: Skycoin protocol uses CoinJoin protocol, which blends transaction from multiple wallets leading to increased privacy and tracking transaction on Skycoin becomes impossible.
Mining Operation: Skycoin network does not promote mining of its token and the system is also secured from miner's intention. This also helps in preventing 51% attack and double expenditure problem.
Skycoin is a next-generation cryptocurrency and is the building block for future of the internet. It aims to establish the original vision of Bitcoin founder, Satoshi Nakamoto which is faster transaction speed and scalability.
White Paper: https://www.skycoin.net/whitepapers/