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Distributed ledgers require constant evolutionary updates to keep up with the rapid scaling, usage and security issues. Historically, these distributed ledgers have been cumbersome to maintain and progress given their consensus-based nature despite widespread usage and utility. All Blockchains require operators in the form of miners who run complex computing equations in layers of cryptographic calculations to secure the ledger. There are several consensus protocols for achieving a consensus in a Blockchain network for verifying “blocks” of information. In short, due to the complexity and rigidity of the current Blockchains of the world today, the evolutionary process can take a backseat.
Bitcoin is often referred to as Blockchain 1.0 because it was the first system to successfully implement a decentralized ledger. Ethereum and other programmable Blockchains are generally regarded as Blockchain 2.0 because they created a programmable Blockchain that wasn’t plagued by the various shortcoming of Bitcoin. But where does the next wave of Blockchain 3.0 land us? SkyCoin is one of the more innovative Blockchain startups in the world and they are working on a groundbreaking Blockchain network called Fiber network that is built from the ground up. It is a stellar Blockchain with infinite customization and scalability embedded in it.
SkyCoin’s Fiber Network
The Fiber Network implemented by the SkyCoin team is nothing short of revolutionary within the Blockchain circles. It overcomes several challenges faced by current protocols by developing a new one called Obelisk. The Obelisk is a web of trust system that relies on certificate authority thus reducing the time and effort required for a secure, global consensus. Transactions are, therefore, almost instantaneous and due to the nature of the system, each new coin/company launched on the Fiber network get their personal Blockchain, thus removing the problems due to parent-chain/child-chain interactions as witnessed in Ethereum-based systems. Each new coin is a validated fork of the Skycoin and completely customizable. So, SkyCoin can succeed where Ethereum couldn’t.
SkyCoin’s Decentralized Internet
Due to the nature of the SkyCoin’s Fiber Network, SkyCoin team is also working on a completely decentralized internet of the future. In Fact, the very purpose behind the development of Blockchain 3.0 is to empower such a ground-breaking internet that is backed by bandwidth, storage, and computing power to fulfill Satoshi Nakamoto’s original dream.
SkyCoin can be bought directly from the official website and its a token of investment in the future. The skycoin team is adamant that an Initial Coin Offering is not in the cards because the purpose of the SkyCoin network is to empower the future where the true realization of the Blockchain Technology’s power is possible.
To learn more visit the Website: https://www.skycoin.net/.
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