The internet on which all of blockchain works is still owned by colossal centralised giants. Bitcoin and Ethereum managed to decentralise various aspects of the payment and business solutions, but the team of Skycoin believes these two cryptos still don’t cover the most important aspect, the internet.
Skycoin aims to build a fast, scalable, and ‘truly’ decentralised blockchain using three components. Skywire, a privacy protocol used to provide users with cheaper, faster, and user-controlled internet; Fiber, to access and develop decentralised applications; and Skycoin, the cryptocurrency used within the network to facilitate transactions. Skycoin deploys a unique consensus mechanism called Obelisk which allows anyone even with a normal computer to contribute equally in the network’s decisions. Obelisk uses Web-of-trust which gives nodes with more subscribers more power within the network. Although, the subscribers can independently subscribe to any node they want, this model helps ensure more trusted nodes are given more command in the network in a democratic manner.
For each Skycoin ownership, users receive one Coin Hour every hour which can be used for transaction fees and other VPN services. Two of the three founders have been earlier contributors to Bitcoin and Ethereum. The third contributor has substantial experience in e-commerce and software development. The team already has the required capabilities to build a successful operational business. If they manage to build a large community base being in competition with giant ISP providers at the same time, the project can be of enormous success.