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Decentralized Blockchain Project Skycoin Launches Mobile Wallet for Android

Skycoin, the third-generation blockchain project promoting the next era of decentralized web, has proudly announced the official launch of its mobile wallet for Android devices.

Understanding that full democratization of peer-to-peer monetary systems must be rooted in secure and functional storage, the Skycoin project has built a wallet that meets these requirements: ultra security and mobility with functionality on the go. Its initial mobile wallet release includes all of the basic wallet functions, as well as unique features for advanced users, without compromising the security of a standard blockchain wallet.

Secure cryptocurrency storage and management

Users of the mobile wallet can expect the typical features one would get from a wallet, such as:

– new wallet creation and recalling of existing wallets

– basic transaction history overview

– QR code scanner and generation

– new address generation

Catering to the advanced user

Experienced users can have even more control over their funds, with the ability to select specific UTXO (unspent outputs) within the wallet when sending Skycoin. This lets you customize your own Coin Hour usage to fit your requirements.

Those members of Skyfleet who are keen to ensure higher levels of security can even select their own nodes to prevent reading data from hijacked nodes or competing nodes. If that’s not enough, wallet seeds are hardware encrypted and will never leave the device.

Furthermore, despite the sentiments of the current market downtrend, Skycoin will continue to focus on even more development objectives, and is sure to be announcing future updates in the coming weeks and months.

The Skycoin mobile wallet is current available at https://www.skycoin.net/downloads/, with minimum requirements of Android v6.0 “Marshmallow”.

Experience the most advanced blockchain in existence

The Skycoin platform is built from the ground up by the earliest contributors to both Bitcoin and Ethereum, incorporating the best features of blockchain and learning from the lessons of the past.

Skycoin features the utmost in security, is able to scale infinitely and is independent of ISP. It aims to fulfil the original vision of Satoshi Nakamoto, using bandwidth, storage and computational power to build the Skycoin technology ecosystem of harmonious integration.

This ecosystem is made out of the following main components.

Skywire replaces the obsolete centralized protocols of the internet with a blockchain-based internet service held together by thousands of nodes to directly connect and route traffic in a mesh network. This results in a much more stable, faster and secure network superior to the world wide web of today.

In a step towards decentralization, PoW and PoS are discarded in favor of the Obelisk distributed consensus algorithm which distributes influences via a “web of trust”. Each node is subscribed to a list of other nodes, with its subscriber density determining influence. Every node has its own personal blockchain acting as a channel for public broadcasting, publicly recording every node’s action.

Skycoin works over the elegance of a robust, customizable and infinitely scalable Fiber network, which uses the Obelisk consensus protocol for cheaper and faster transactions.

To learn more about Skycoin, visit the website or read details in the Skycoin whitepaper. Find out about the Skycoin bounty program on Telegram or connect with them on Twitter.

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Image Courtesy: Skycoin

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3rd Gen Blockchain Project Skycoin Seeks South Korean Entry

Third-generation decentralized blockchain project Skycoin is now seeking to expand their influence by setting foot into the South Korean market.

The makers of Skycoin’s high-performance ecosystem seeks to introduce a new decentralized networking protocol to displace the inefficient blockchains and their flaws, resulting in a new internet that is faster, more secure, and totally decentralized.

Skycoin pays tribute to Bitcoin as the first generation of decentralized economics for its role in giving global users access to finances only they control, and to Ethereum as Blockchain 2.0, for giving a platform for thousands of Dapps and blockchain projects to launch easily.

But Skycoin is Blockchain 3.0, built from scratch to realize an incentivized ecosystem to promote decentralization and privacy, with an ability to scale indefinitely. It takes the best from Bitcoin and Ethereum, but addresses the persistent issues of speed, centralization and scaling, that have constantly plagued these early blockchain networks.

The full Skycoin suite of technologies form an ecosystem that works harmoniously together.

Skycoin acts as the native digital asset that generates network bandwidth via the production of Coin Hours. Skywire will be the wireless and decentralized mesh network to create a Web 3.0 that is as fast as it is secure. Obelisk is the new consensus algorithm distributing a “web of trust”. Fiber is the parallel network of blockchains that can scale infinitely.

The latest generation of blockchain

Instead of the congestion experienced when multiple blockchain projects housed on one network work simultaneously, Fiber can scale as and when needed. It does so by using parallel blockchains, giving apps 100% customized implementations. In fact, the more projects Fiber hosts, the stronger the system is.

Ethereum’s security issues are also solved by Skycoin’s programming language, CX, which lets users code contractual agreements on blockchain while letting them change these contracts to fix any bugs found. CX looks at the average programmer’s premise of security, making it a general purpose programming language.

Skycoin is all about the real world, tackling actual issues and rewarding Skywire users with financial incentives.

A new horizon in South Korea

Skycoin recognizes South Korea as a country leading the pack in technological advancement. The Bloomberg innovation index puts them consistently in the top spot, while they hold a leading position in technical density.

Its embracement of blockchain is demonstrated by the implementation of classification standards and regulatory frameworks, where its largest conglomerates are already supporting some of the largest crypto exchanges.

This nurturing environment will only help to roll out decentralized technology, with a further advantage of the innate desire of South Koreans to develop products that are simple, fun and easy to use. Their progression from paid texting to free-text apps led to the development of smartphone apps like Kakao Talk have resulted in high user experiences that led them to overtake first movers, and is now the country’s most popular platform. This same philosophy of customer-centric tech is clear in their blockchain approach.

While Ethereum paved the way for a piloting of decentralized tech, Skycoin has built upon and perfected these ideas, resulting in an incentivized platform that can already be easily used. It hopes that this will be recognized and used to help blockchain adoption in the region.

To learn more, visit the Skycoin website and read the whitepaper. Join the Skycoin community on Telegram and on Twitter.

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Skywire Launches Testnet Service to Democratise The Internet

As we progress into a hyperconnected world, blockchain technology is continuing to revamp countless industries. Skywire is the most advanced blockchain application ecosystem in the world. With a vision to make the internet as transparent and accessible as possible, Skywire is restructuring how the world wide web connects people. Developed by early contributors to both Bitcoin and Ethereum, Skywire boasts a secure and scalable service, that is set to transform global connectivity.

Blockchain-based solutions are changing the modern world at an accelerating rate. The method of handling data packets on the internet, or TCP/IP,  is being revamped. TCP (Transmission Control Protocol and Internet Protocol) is a speed-handling system in which data packet loss is controlled and IP is a routing handling system for data transmission. These two protocols are outdated by more than 40 years and are another example of Skywire’s innovative solutions.  

The Power Of Skywire Mesh Networking

Skywire offers a decentralised solution that removes the aging protocols used for today’s internet. With a blockchain-based internet services, Skywire is a mesh network consisting of thousands of nodes that connect directly for forwarding and routing internet traffic. This creates a network that is more secure, stable and faster than the current web. The Skywire mesh functions more efficiently and differently from the conventional TCP/IP system, creating a decentralised and well-distributed network.

Skywire is meticulously designed, with an updated protocol called Multi-Protocol Label Switching. MPLS allows for scalability and high performance of data transfer across any medium. MPLS also empowers privacy functionality as each node on the network can only see the previous node and the next jump for the data packet. This is a far more transparent system with security and privacy at its core. An excellent improvement compared to IPV4 and IPV6 protocols, where anyone can view the origin and the destination of the data being sent.

Skywire Is Cost Effective

The Skywire network establishes a new internet for the world to benefit by utilising blockchain technology. It’s an internet built by the people, for the people, without the need for a centralised stronghold that legacy ISPs have on the world’s internet services. At present, most individuals have to choose from a limited number of internet service providers within their geographical location. This enables exploitation when ISPs are charging whatever they want at their users’ expense.

Skywire has the solution: with tens of thousands of nodes around the world in the Skywire network, users are empowered with the choice to connect to any of their preferred nodes.

This a notably cost effective solution, as users only pay for the bandwidth they use, and are paid for the bandwidth that they provide. As a result, internet costs will be driven down and control is put back into the hands of the users. For the first time, users will become their own internet service providers, by receiving payment for the services they provide and paying for the services they choose to use. Skywire is set to change the global connectivity of people, offering a significantly cheaper solution that is set to revamp traditional services.

Skywire Testnet Release

Skywire have offered a peek into what their ecosystem has to offer going forward. A testnet service was released on 22nd May, 2018. This initial software will allow users to test the capabilities of a decentralised internet.

The testnet phase will reward Skyminers (the hardware telecom backbone of the Skywire mesh internet). With stable nodes and an uptime of at least 75% per month will be rewarded with Skycoins as a gesture for their participation. Self-built DIY miners from the community are also eligible to participate.To find out more about Skywire and their exciting new chapter, visit their website. To learn more, read the whitepaper and connect on Telegram. Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

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Skycoin Announces Obelisk Protocol, Aiming to be what Bitcoin and Ethereum Should Be

Despite their massive popularity and continued influence on today’s emerging fields of blockchain and cryptocurrency, Bitcoin and Ethereum suffer from architectural flaws in their respective blockchains. And now, from the original developers of two of the world’s most used cryptocurrencies comes Skycoin, the blockchain that seeks to address these shortcomings.

Fault of our Fathers

When it first emerged, Bitcoin appealed to so many due to its promise of financial freedom from the disenfranchisement of the current traditional finance and banking system. For the first time, people saw the possibility of being in full ownership and control of their money, and thus the idea of cryptocurrency was born.

In the years following Bitcoin’s emergence, the very idea of cryptocurrency expanded rapidly, prompting hundreds of blockchain projects and cryptocurrency. Yet, while many sought to promote their own ideas of decentralization, the two major blockchains – Bitcoin and Ethereum -persisted with foundational faults at the very core of their architecture.

Both used the Proof-of-Work (PoW) consensus algorithm – requiring extremely complicated mathematical calculations to be made by machines to solve cryptographic puzzles. This meant that miners with more computational power were more likely to solve these puzzles, in the process verifying transactions and building blocks. As miners were rewarded with newly generated coins and their given transaction fees, the commercial incentive prompted a “processing power race” that continues to this day.

Why the Original Fault Must be Addressed

Skycoin believes that the economic incentive structure played out in the mining process was designed to be conducive to decentralization, yet fundamental miscalculations in early Bitcoin programming meant that its original purpose has not been achieved.

PoW algorithm has led to a hegemony of mining pools with cheap electricity and power-hungry machines at their disposal. Along with power has come influence, with these groups able to orchestrate sweeping network changes through hard forks. Bitcoin’s creator saw this as the largest non-cryptographic threat via so-called “51% attacks” – in which a majority of mining power is in the hands of a single controller.

Energy researcher Sebastiaan Deetman had once predicted that the ever-expanding network could require energy levels equivalent to the national consumption of Denmark by 2020:

The continuous consumption of electricity through the processing power required by mining incurs monthly costs in the tens of millions. There is little sustainability in this over the long-term.”

Obelisk: Deliverance

Tackling the heart of the problem is Skycoin blockchain’s Obelisk consensus algorithm, which distributes network influence via a web of trust. Instead of miners, nodes will maintain the network. These will be significantly cheaper to produce, obtain and operate. Obelisk was designed to be completely scalable and computationally economic, with budget hardware capable of running it. When node access has low entry barriers, centralization becomes near-impossible.

Without a reliance on mining incentives, Skycoin is safe from 51% attacks. Since there is no chance to take over the network, there will be no industrial-scale mining farms with an army of computers. Even if a group somehow pools together enough resources for a disruption, this takeover attempt would be discovered immediately and shut down, with little to no user impact.

For now, operating an Obelisk node is as easy as purchasing a Skywire Miner, or building your own custom version. While operating nodes do not produce monetary value, this secures the Skycoin network. Operators can choose to contribute resources or bandwidth and earn Skycoin (SKY) in return. This mechanism of incentivization gives Skycoin its inherent value. Bitcoin’s value is currently a speculation of future network value. Skycoin’s value is here and now, with the launching of Skywire testnet.

To learn more, visit the Skycoin website and read the Skycoin whitepaper.

 

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