Skycoin SKY

$3.70
Market Cap $ 36.978 MM (#138)
24h Volume $ 582.140 K
Chg. 24h: 2.55%
Algo. score 4.2/5  (#23)
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Skycoin project purpose and description

Skycoin clarity of purpose

Skycoin purpose and aspects

Skycoin is the cryptocurrency of Skywire. That means Skycoin has a practical application more than simply acting as another digital currency. The way Skycoin works is this: When you pass something along the Skywire network, you earn Skycoin.

Skycoin additional differentiation against competition

Skywire is the new internet. An incentivized mesh network poised to become the privacy protocol of the future.

Skycoin categories

Digital currencyCyber security

Short description

A currency for digital bandwidth, backed by the new internet. Fast transactions, no transaction fees, Skycoin is a third-generation cryptocurrency supporting a new free and open internet. Skycoin is the cryptocurrency of Skywire. That means Skycoin has a practical application more than simply acting as another digital currency. The way Skycoin works is this: When you pass something along the Skywire network, you earn Skycoin. When you need to access the bandwidth yourself, pay via Skycoin. It only takes seconds to send and receive, with thousands of transactions per second.

Abstract

The decentralized nature of P2P network increases robustness because it removes single points of failure, however, traditional Byzantine consensus does not work in P2P network due to Sybil attack while existing Sybil-proof consensus based on compute power can’t resist adversary with dominant compute power. We proposed the sky framework to apply opinion dynamics in P2P network for consensus, as well as the sky model to maximize performance. The sky framework is Sybilproof through trust relationships and with it consensus may emerge from local interactions of each node with its direct contacts without topology, global information or even sample of the network involved. The sky model has better performance of convergence than existing models in literatures, and its lower bound of fault tolerance performance is also analyzed and proved. Comparing to compute power based consensus, our approach enables disarming faulty or potentially malicious nodes by unfollowing them. To the best of our knowledge, it’s the first work to bring opinion dynamics to P2P network for consensus.

Link to Roadmap: https://www.skycoin.net/roadmap/
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