Skycoin (SKY) can be described as an open-source, community-governed, hardware-based, and peer-to-peer internet network. Skycoin’s aim is to leverage the benefits of blockchain infrastructure to create a network that synthesizes blockchain and the internet. The Skycoin platform is described by the project team as “completely secure, infinitely scalable, and independent of ISP limitations.” Written in the Go programming language, Skycoin currently operates on the Obelisk consensus algorithm. Skycoin is a platform created with a focus on security, scalability, and ease of use.
Obelisk is a consensus structure created based on the “network of trust dynamics.” This essentially allows consensus decisions to be made based on the influence score of each network node, presenting a situation that is very different from both Bitcoin and Ethereum. Each network node selects a few other network nodes, and participants determine its effectiveness in the network based on network node density.
Skywire, the most important product of the Skycoin network, aims to decentralize the internet at least at the hardware level. Skywire’s goals go beyond simply providing decentralized bandwidth; it also aims to offer decentralized storage and computing services to users.
What is Skycoin (SKY)?
As of the writing of this article, SKYCoin has a market value of $51 million and is trading at $2.59. SKYCoin is ranked 529th and has a total maximum supply of 100 million. However, there are currently 20 million Skycoin Coins in circulation. Skycoin Coin reached its highest level in 2018.
Where to Buy SKY Coin?
To purchase SKYCoin Coin, Binance can be used. This requires first creating an account on the Binance exchange and then sending funds there. Alternatively, you can follow the steps below:
- First, send USD to the exchange to buy SKY Coin.
- In the opened tab, select how much USD you want to trade with, and mark Bitcoin, that is, BTC, in the Coin section.
- After buying BTC, preview the “Buy-Sell” option in the top left, click on the “Classic” tab.
- In the section that opens, select the BTC tab from the top right, type SKY in the search button, and select the SKY/BTC pair that opens below.
- Enter the amount you want and confirm the transaction to complete the purchase of SKY Coin.
