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What is Skycoin?
Skycoin is a cryptocurrency built from scratch to address shortcomings its creators saw in Bitcoin and other popular cryptocurrencies. It uses neither Proof-of-Work nor Proof-of-Stake, but instead relies entirely on Obelisk, a unique and innovative Web-of-Trust consensus algorithm. Obelisk is provably secure, fast, and eliminates the possibility of a “51% attack”. Skycoin focuses on questions of basic functions, security, speed, and practicality, simplifying the Bitcoin model instead of creating marketing functions to promote the project. Skycoin is designed as a lighter, easier to use, faster and safer alternative to Bitcoin. Skycoin prioritizes speed, safety, and usability.
Transactions in the Skycoin system are free. Users receive “Coin Hours” for every hour they hold SKY in their crypto wallet. Coin Hours are used in place of transaction fees. Most transactions take only a few seconds.
Skycoin has its own mobile, desktop, and hardware wallet.
Where did Skycoin come from?
The Skycoin project began in 2013 while cryptocurrency was still relatively new. Experts in the nascent blockchain industry were involved in the work. New specialists periodically appeared in the team’s composition. The team is led by one of Skycoin’s founders and lead developers, Synth, and key advisors have included Michael Terpin, and John Otto Peters.
In 2018 the famous cryptocurrency enthusiast and businessman, John McAfee, tattooed the Skycoin logo on his back as a reflection of his enthusiasm for the Skycoin platform.
What are the advantages of Skycoin?
- Skycoin generates a parallel cryptocurrency called Coin Hours, which may be used to buy anything, including bandwidth on Skywire, Skycoin’s hardware-backed secure/decentralized Internet project.
- There is a Skywire VPN server and app that gives users access to a private, end-to-end encrypted global network called Skywire. Skywire is the Skycoin project’s decentralized and distributed new network.
- SKY transactions are extremely fast. Transactions are typically completed in less than 2 seconds.
What are the disadvantages of Skycoin?
- The only disadvantage, according to some, is the current lack of awareness.
How to buy Skycoin on SimpleSwap?
Buying Skycoin is as simple as using SimpleSwap. There are just a few steps that will take a moment of your time:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select Skycoin in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient’s Address. Skycoin will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
See? Nothing is easier than to use SimpleSwap to get some SKY!
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