Question 1

What is the current Skycoin (SKY) price?

Accepted Answer

As of today, the current price of Skycoin (SKY) is XRP 0.0145857\u003cspan class='text-neutral-500 dark:text-neutral-400'\u003e0\u003c/span\u003e. This price has increased by +0.80% in the last 24 hours, reflecting the dynamic and volatile nature of cryptocurrency markets.

Question 2

What is Skycoin (SKY)?

Accepted Answer

Skycoin is a highly advanced blockchain platform combining speed, security, scalability, and independence from ISPs. Unlike many cryptocurrencies, it uses a unique distributed consensus algorithm known as Obelisk, rather than proof of work or proof of stake. Obelisk operates on the principle of 'web of trust dynamics', where the network's consensus decisions rely on the influence score of individual nodes.

Question 3

So, who created Skycoin?

Accepted Answer

Skycoin claims to have been developed by early contributors to both Bitcoin and Ethereum, leveraging their expertise in blockchain technology to create a wholly unique platform. These developers sought to overcome the limitations of Bitcoin and Ethereum by creating a scalable, fast, and eco-friendly cryptocurrency.

Question 4

How exactly does Skycoin work?

Accepted Answer

Skycoin operates incredibly fast, boasting transaction speeds of around 2 seconds and no transaction fees. It introduces Coin Hours as an alternative payment method to transaction costs, which rewards Skycoin holders for each hour they hold Skycoin. This approach eliminates the need for transaction costs and mining incentives which increase network costs. Skycoin's unique Obelisk consensus algorithm distributes influence over the network. Each node subscribes to a select number of other network nodes. The denser a node's network of subscribers, the greater its influence on the network.

Question 5

What makes Skycoin unique?

Accepted Answer

Skycoin is not only sought after for its speed and absence of transaction fees but also for its energy efficiency. This efficiency is achieved through the Web-of-Trust social proof mechanism, allowing it to operate even on a 30-watt cell phone processor. This makes Skycoin highly accessible and ideal for mobile payments. Skycoin also introduces Skywire, their flagship application, with the ambitious goal of decentralizing the internet at the hardware level. Fiber, their own ICO platform, their deterministic programming language, CX, a decentralized messenger system called Sky-Messenger, and a decentralized social media platform, BBS, are other tools part of the Skycoin ecosystem.

Question 6

Where can one purchase Skycoin (SKY)?

Accepted Answer

Currently, Skycoin (SKY) can be purchased on these exchanges: Binance, Hotbit, LBank. Cryptocurrency exchanges generally require user registration and adherence to their stipulated procedures for trading.

Question 7

How much Skycoin (SKY) is in circulation?

Accepted Answer

The circulating supply of Skycoin (SKY) as of today is 24.0M, out of a total supply of 100.0M.

Question 8

How is the value of Skycoin market assessed?

Accepted Answer

Skycoin (SKY)'s market capitalization is currently XRP 0.4M, making it one of the top cryptocurrencies by its market value, ranked as #3941 as of today. The 24-hour trading volume currently is 0.7, an important factor as it impacts the price volatility and liquidity.

Question 9

What is Skycoin's vision?

Accepted Answer

A major goal of Skycoin is to promote actual usage of cryptocurrency rather than speculation. They have a vision of decentralizing the internet, not only in terms of bandwidth but also storage and computation, making it a significant player in preparing for the new internet. Skycoin aims to be a community-owned, open-source hardware-based peer-to-peer internet leveraging a blockchain incentive system.

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