Skycoin is a platform designed as a response to the shortcomings of both <a href="https://en.coin-turk.com/total-crypto-market-cap-and-bitcoin-btc-price-soared-yesterday-whats-next/”>Bitcoin (BTC) and Ethereum (ETH). According to statements, the Skycoin platform is designed to be immune to centralization and manipulation through its revolutionary Obelisk consensus algorithm.
Skycoin functions as a currency with nearly free transactions, absolute privacy soon to be implemented, value backed by natural assets not based on speculation, and speeds comparable to Visa.
What is Skycoin (SKY)?
Skycoin (SKY) is a fast and secure cryptocurrency with high bandwidth and high transaction speeds. However, Skycoin is more than just a cryptocurrency. It has four main components, each addressing a specific issue with the central web system and offering a solution in Skycoin’s blockchain-supported web space:
- Skywire: Termed as Skycoin’s solution to net neutrality, offering private web browsing services. This decentralized internet setup serves as an advanced alternative to the existing internet.
- Skyminer: Serves as hardware and an access point for Skywire, providing energy-efficient specialized hardware.
- Fiber: Appears as an open, decentralized blockchain network that eliminates mining rewards.
- Skysuite: Serves as a collection of decentralized applications.
On the other hand, according to the platform’s statements, the main purpose of the digital currency was to reinvent the economy, so that users could transact peer-to-peer independently without the interference of central powers. Skycoin strongly believes in this mission. Therefore, the Skycoin blockchain is designed to benefit not just a few users, but all users. Skycoin aims to solve the problems inherent in PoW and PoS based cryptocurrencies with Obelisk, providing a decentralized and democratic consensus network to users.
In addition, Skycoin Blockchain does not use mining, so user power cannot be concentrated in a few large mining pools as is the case with Bitcoin today. Therefore, creating cryptocurrency does not provide disproportionate control over the network to certain users.
It is also stated that the supply of Skycoin is fixed. Skycoin transactions occur within seconds and are stated to be securely conducted. In their statements, the platform mentions that they have created a immutable cryptocurrency with Skycoin, functioning as digital property rather than a political tool for controlling networks.
SKY Coin Commentary
We see that SKY Coin, especially due to its long presence in the market and the strong platform behind it, receives positive reviews. Investors consider Skycoin a reliable and promising platform and thus a cryptocurrency.
However, to more clearly assess the price views related to Sky coin, which investors started to show more interest in after the end of 2018, it would be useful to look at historical figures and current data.
At the time of writing, Skycoin is trading at $0.5082, and according to CoinMarketCap data, it ranks 529th in market value with a market cap of $9,551,560 USD. It is also useful to note that the SKY coin is trading at 0.00002723 BTC against Bitcoin in the BTC trading pair.
Additionally, Skycoin (SKY) saw a record high of $53.83 on December 3, 2017, and a record low of $0.1978 on March 13, 2020. It’s also worth mentioning that there are currently 19,000,000 SKY Coins in circulation and the total will reach 100,000,000 Skycoin.
How to Buy Skycoin?
SKY coin can be securely purchased through Binance, the largest cryptocurrency trading platform by market cap. Listed on Binance on May 24, 2018, users can conduct their transactions in SKY/BNB, SKY/BTC, and SKY/ETH trading pairs.
